ManpowerGroup (MAN) 8-K ManpowerGroup Reports 1st Quarter 2024 Results

Exhibit 99.3

ManpowerGroup

Restated Operating Unit Results

(In millions)

Effective January 1, 2024, our segment reporting was realigned to include our Puerto Rico business within Other Americas. Accordingly, our reportable segment, United States, is now adjusted to exclude Puerto Rico. All previously reported results have been restated to conform to the current year presentation.

	Three Months Ended March 31
							% Variance
							Amount			Constant
	2023			2022			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States	$	741.6		$	854.2			-13.2	%		-13.2	%
Other Americas		388.6			397.0			-2.1	%		9.0	%
		1,130.2			1,251.2			-9.7	%		-6.1	%
Southern Europe:
France		1,169.3			1,192.4			-1.9	%		2.5	%
Italy		422.2			445.0			-5.1	%		-0.8	%
Other Southern Europe		476.4			556.5			-14.4	%		-10.3	%
		2,067.9			2,193.9			-5.7	%		-1.4	%
Northern Europe		967.6			1,094.5			-11.6	%		-3.9	%
APME		605.9			618.2			-2.0	%		7.3	%
		4,771.6			5,157.8
Intercompany Eliminations		(19.3	)		(14.5	)
	$	4,752.3		$	5,143.3			-7.6	%		-2.2	%
Operating Unit Profit:
Americas:
United States	$	30.0		$	53.6			-44.0	%		-44.0	%
Other Americas		18.6			19.2			-3.2	%		9.1	%
		48.6			72.8			-33.2	%		-30.0	%
Southern Europe:
France		44.9			49.6			-9.4	%		-5.7	%
Italy		30.7			29.0			5.9	%		10.6	%
Other Southern Europe		14.3			16.6			-14.3	%		-9.1	%
		89.9			95.2			-5.6	%		-1.3	%
Northern Europe		5.0			3.3			53.6	%		107.7	%
APME		21.1			19.0			11.5	%		23.9	%
		164.6			190.3
Corporate expenses		(37.9	)		(42.0	)
Intangible asset amortization expense		(8.8	)		(9.6	)
Operating profit		117.9			138.7			-15.0	%		-7.4	%
Interest and other expenses, net		(7.5	)		(2.7	)
Earnings before income taxes	$	110.4		$	136.0

	Three Months Ended June 30												Six Months Ended June 30
							% Variance												% Variance
							Amount			Constant									Amount			Constant
	2023			2022			Reported			Currency			2023			2022			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States	$	709.1		$	870.2			-18.5	%		-18.5	%	$	1,450.7		$	1,724.4			-15.9	%		-15.9	%
Other Americas		389.6			392.5			-0.7	%		11.3	%		778.2			789.5			-1.4	%		10.1	%
		1,098.7			1,262.7			-13.0	%		-9.3	%		2,228.9			2,513.9			-11.3	%		-7.7	%
Southern Europe:
France		1,278.2			1,238.2			3.2	%		0.9	%		2,447.5			2,430.6			0.7	%		1.7	%
Italy		457.8			454.3			0.8	%		-1.5	%		880.0			899.3			-2.1	%		-1.2	%
Other Southern Europe		490.9			508.9			-3.5	%		-4.7	%		967.3			1,065.4			-9.2	%		-7.6	%
		2,226.9			2,201.4			1.2	%		-0.9	%		4,294.8			4,395.3			-2.3	%		-1.2	%
Northern Europe		952.5			1,027.1			-7.3	%		-6.3	%		1,920.1			2,121.6			-9.5	%		-5.1	%
APME		599.4			603.7			-0.7	%		4.2	%		1,205.3			1,221.9			-1.4	%		5.8	%
		4,877.5			5,094.9									9,649.1			10,252.7
Intercompany Eliminations		(21.4	)		(20.8	)								(40.7	)		(35.3	)
	$	4,856.1		$	5,074.1			-4.3	%		-3.5	%	$	9,608.4		$	10,217.4			-6.0	%		-2.8	%
Operating Unit Profit (Loss):
Americas:
United States	$	23.1		$	60.6			-61.9	%		-61.9	%	$	53.1		$	114.2			-53.5	%		-53.5	%
Other Americas		20.1			20.3			-0.9	%		13.2	%		38.7			39.5			-2.0	%		11.2	%
		43.2			80.9			-46.6	%		-43.1	%		91.8			153.7			-40.3	%		-36.9	%
Southern Europe:
France		49.5			62.3			-20.5	%		-22.4	%		94.4			111.9			-15.6	%		-15.0	%
Italy		36.3			35.5			2.1	%		-0.3	%		67.0			64.5			3.8	%		4.6	%
Other Southern Europe		6.8			13.9			-50.4	%		-48.7	%		21.1			30.5			-30.7	%		-27.1	%
		92.6			111.7			-17.0	%		-18.6	%		182.5			206.9			-11.8	%		-10.6	%
Northern Europe		(9.7	)		10.8			-188.9	%		-190.4	%		(4.7	)		14.1			-133.0	%		-121.7	%
APME		25.7			22.5			13.9	%		20.0	%		46.8			41.5			12.8	%		21.8	%
		151.8			225.9									316.4			416.2
Corporate expenses		(35.5	)		(35.8	)								(73.4	)		(77.8	)
Intangible asset amortization expense		(8.7	)		(9.4	)								(17.5	)		(19.0	)
Operating (loss) profit		107.6			180.7			-40.4	%		-39.1	%		225.5			319.4			-29.4	%		-25.4	%
Interest and other expenses, net		(11.8	)		(6.7	)								(19.3	)		(9.4	)
Earnings before income taxes	$	95.8		$	174.0								$	206.2		$	310.0

	Three Months Ended September 30												Nine Months Ended September 30
							% Variance												% Variance
							Amount			Constant									Amount			Constant
	2023			2022			Reported			Currency			2023			2022			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States	$	730.2		$	854.3			-14.5	%		-14.5	%	$	2,180.9		$	2,578.8			-15.4	%		-15.4	%
Other Americas		381.1			385.5			-1.1	%		9.6	%		1,159.3			1,174.9			-1.3	%		10.0	%
		1,111.3			1,239.8			-10.4	%		-7.0	%		3,340.2			3,753.7			-11.0	%		-7.5	%
Southern Europe:
France		1,209.9			1,159.5			4.4	%		-3.4	%		3,657.4			3,590.1			1.9	%		0.0	%
Italy		413.7			395.1			4.7	%		-3.1	%		1,293.7			1,294.4			-0.1	%		-1.8	%
Other Southern Europe		485.1			485.2			0.0	%		-3.7	%		1,452.4			1,550.6			-6.3	%		-6.4	%
		2,108.7			2,039.8			3.4	%		-3.4	%		6,403.5			6,435.1			-0.5	%		-1.9	%
Northern Europe		914.2			954.1			-4.2	%		-9.5	%		2,834.3			3,075.7			-7.8	%		-6.5	%
APME		564.8			586.9			-3.8	%		-1.6	%		1,770.1			1,808.8			-2.1	%		3.4	%
		4,699.0			4,820.6									14,348.1			15,073.3
Intercompany Eliminations		(23.4	)		(19.7	)								(64.1	)		(55.0	)
	$	4,675.6		$	4,800.9			-2.6	%		-5.4	%	$	14,284.0		$	15,018.3			-4.9	%		-3.6	%
Operating Unit Profit (Loss):
Americas:
United States	$	24.5		$	52.0			-52.9	%		-52.9	%	$	77.6		$	166.3			-53.3	%		-53.3	%
Other Americas		13.4			19.1			-29.9	%		-21.1	%		52.1			58.5			-11.1	%		0.7	%
		37.9			71.1			-46.7	%		-44.4	%		129.7			224.8			-42.3	%		-39.3	%
Southern Europe:
France		47.9			56.6			-15.5	%		-21.8	%		142.3			168.5			-15.6	%		-17.3	%
Italy		27.0			29.0			-6.5	%		-13.5	%		94.0			93.5			0.6	%		-1.0	%
Other Southern Europe		9.5			14.7			-36.1	%		-35.8	%		30.6			45.2			-32.5	%		-29.9	%
		84.4			100.3			-15.9	%		-21.5	%		266.9			307.2			-13.1	%		-14.2	%
Northern Europe		(30.6	)		12.8			-341.0	%		-332.1	%		(35.3	)		26.9			-231.5	%		-221.3	%
APME		24.2			23.4			3.4	%		7.3	%		71.0			64.9			9.4	%		16.5	%
		115.9			207.6									432.3			623.8
Corporate expenses		(37.4	)		(37.0	)								(110.8	)		(114.8	)
Intangible asset amortization expense		(8.7	)		(9.1	)								(26.2	)		(28.1	)
Operating (loss) profit		69.8			161.5			-56.8	%		-57.9	%		295.3			480.9			-38.6	%		-36.3	%
Interest and other expenses, net		(15.1	)		(4.7	)								(34.4	)		(14.1	)
Earnings before income taxes	$	54.7		$	156.8								$	260.9		$	466.8

	Three Months Ended December 31												Year Ended December 31
							% Variance												% Variance
							Amount			Constant									Amount			Constant
	2023			2022			Reported			Currency			2023			2022			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States	$	685.2		$	789.3			-13.2	%		-13.2	%	$	2,866.2		$	3,368.1			-14.9	%		-14.9	%
Other Americas		389.4			392.7			-0.8	%		13.1	%		1,548.6			1,567.6			-1.2	%		10.7	%
		1,074.6			1,182.0			-9.1	%		-4.5	%		4,414.8			4,935.7			-10.6	%		-6.8	%
Southern Europe:
France		1,209.7			1,194.9			1.2	%		-4.1	%		4,867.1			4,785.0			1.7	%		-1.0	%
Italy		415.1			412.5			0.6	%		-4.6	%		1,708.8			1,706.9			0.1	%		-2.5	%
Other Southern Europe		487.0			493.8			-1.4	%		-3.7	%		1,939.4			2,044.4			-5.1	%		-5.7	%
		2,111.8			2,101.2			0.5	%		-4.1	%		8,515.3			8,536.3			-0.2	%		-2.4	%
Northern Europe		913.7			972.6			-6.1	%		-10.1	%		3,748.0			4,048.3			-7.4	%		-7.3	%
APME		552.2			578.5			-4.5	%		-2.7	%		2,322.3			2,387.3			-2.7	%		1.9	%
		4,652.3			4,834.3									19,000.4			19,907.6
Intercompany Eliminations		(21.8	)		(25.1	)								(85.9	)		(80.1	)
	$	4,630.5		$	4,809.2			-3.7	%		-5.2	%	$	18,914.5		$	19,827.5			-4.6	%		-4.0	%
Operating Unit Profit (Loss):
Americas:
United States	$	16.8		$	38.1			-56.1	%		-56.1	%	$	94.4		$	204.4			-53.8	%		-53.8	%
Other Americas		19.1			19.7			-2.5	%		18.9	%		71.2			78.2			-8.9	%		5.2	%
		35.9			57.8			-37.9	%		-30.6	%		165.6			282.6			-41.4	%		-37.5	%
Southern Europe:
France		46.0			58.2			-21.0	%		-25.4	%		188.3			226.7			-17.0	%		-19.3	%
Italy		30.7			29.4			4.1	%		-1.5	%		124.7			122.9			1.5	%		-1.1	%
Other Southern Europe		14.1			18.2			-21.8	%		-22.1	%		44.7			63.4			-29.4	%		-27.7	%
		90.8			105.8			-14.1	%		-18.2	%		357.7			413.0			-13.4	%		-15.2	%
Northern Europe		(81.4	)		15.5			-622.3	%		-609.2	%		(116.7	)		42.4			-375.0	%		-363.8	%
APME		21.6			22.9			-5.4	%		-2.3	%		92.6			87.8			5.6	%		11.6	%
		66.9			202.0									499.2			825.8
Corporate expenses		(42.9	)		(42.2	)								(153.7	)		(157.0	)
Goodwill impairment charges		(55.1	)		(50.0	)								(55.1	)		(50.0	)
Intangible asset amortization expense		(8.4	)		(9.0	)								(34.6	)		(37.1	)
Operating (loss) profit		(39.5	)		100.8			-139.2	%		-134.8	%		255.8			581.7			-56.0	%		-53.3	%
Interest and other expenses, net		(15.5	)		(10.5	)								(49.9	)		(24.6	)
(Loss) earnings before income taxes	$	(55.0	)	$	90.3								$	205.9		$	557.1