DivestmentMay 8, 2026, 05:26 PM
ManpowerGroup Sells Jefferson Wells U.S. Business for $100M; Q1 Net Earnings Down
AI Summary
ManpowerGroup Inc. completed the sale of its Jefferson Wells U.S. business on April 30, 2026, for a transaction value of $100 million, resulting in approximately $88 million net cash proceeds. For the first quarter ended March 31, 2026, the company reported an increase in revenues from services to $4,510.4 million, up from $4,090.3 million in the prior year. However, net earnings decreased to $2.5 million from $5.6 million, and diluted EPS fell to $0.05 from $0.12 in the same period last year, unfavorably impacted by the overall mix of earnings and a higher effective tax rate.
Key Highlights
- Sale of Jefferson Wells U.S. business completed April 30, 2026, for $100 million.
- Net cash proceeds from Jefferson Wells sale approximated $88 million.
- Q1 2026 revenues from services increased 10.3% to $4,510.4 million.
- Q1 2026 net earnings decreased 55.4% to $2.5 million.
- Q1 2026 diluted EPS was $0.05, down from $0.12 in Q1 2025.
- Cash and cash equivalents fell to $224.9 million from $871.0 million.
- Short-term borrowings and current maturities of long-term debt decreased to $112.4 million from $625.0 million.
- Restructuring costs were $15.9 million in Q1 2026.