Manpower 3Q16 Earnings Call Notes

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ManpowerGroup’s (MAN) CEO Jonas Prising on Q3 2016 Results

Modestly improved growth rates in European businesses

“We have witnessed the continued slow growth environment with stable year-over-year growth trends during the quarter in many markets, such as the U.S. and France, with modestly improved growth rates in some of our European businesses. ”

Some uncertainty for UK, but not seen a significant impact on client behavior

“As discussed on the last quarter call, the UK Brexit decision has added some uncertainty, economic and employment growth prospects in the UK. And while this decision will play out over the next 2 years, it is safe to say that we have not yet seen a significant impact on UK growth or client behavior through the third quarter. Only time will tell what the effect will be for the UK as the final terms of the exit will not be known for number of years. ”

Saw Experis weaken slightly in teh US, but still reasonable demand

“So starting with Experis in the U.S., we saw the performance weakened slightly quarter-over-quarter, but we think that the overall demand in the U.S. is still reasonable, although we have seen it come down through the course of 2016. So we know that the Experis U.S. business still has some ground to make up to close the gap to market, but the market has also softened during the course of this year”

Slight acceleration in Northern Europe

“So in Northern Europe, there is some slight acceleration on an organic constant currency basis into the fourth quarter. It’s just you have this acquisition overlapping that makes it look like maybe the growth rate comes down, but in fact at the midpoint of our guidance, we are anticipating underlying growth to pickup [indiscernible].”