ManpowerGroup (MAN) 8-K ManpowerGroup Reports 4th Quarter and Full Year 2019 Results

Exhibit 99.3

ManpowerGroup

Restated Operating Unit Results

(In millions)

Effective January 1, 2020, our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation.

	Three Months Ended March 31
						% Variance
						Amount	Constant
		2019		2018		Reported	Currency
Revenues from Services:	(Unaudited)
Americas:
United States	$	623.2	$	637.8	-2.3%		-2.3%
Other Americas		407.0		409.8	-0.7%		10.6%
Southern Europe:		1,030.2		1,047.6		-1.7%	2.8%
France		1,306.1		1,428.6	-8.6%		-1.0%
Italy		356.4		414.5	-14.0%		-6.9%
Other Southern Europe		446.3		476.1	-6.3%		1.5%
		2,108.8		2,319.2		-9.1%	-1.6%
Northern Europe		1,200.5		1,429.5	-16.0%		-8.8%
APME		705.4		726.1	-2.8%		1.9%
	$	5,044.9	$	5,522.4		-8.6%	-2.2%
Operating Unit Profit:
Americas:
United States	$	16.6	$	31.1	-46.6%		-46.6%
Other Americas		15.2		16.8	-10.0%		-7.1%
Southern Europe:		31.8		47.9		-33.7%	-32.7%
France		55.3		57.7	-4.2%		3.7%
Italy		20.3		25.2	-19.3%		-12.7%
Other Southern Europe		11.0		15.1	-27.1%		-21.9%
		86.6		98.0		-11.6%	-4.4%
Northern Europe		1.9		17.5	-89.3%		-88.0%
APME		20.6		26.1	-20.9%		-17.6%
		140.9		189.5
Corporate expenses		(27.9)		(26.8)
Intangible asset amortization expense		(7.5)		(8.9)
Operating profit		105.5		153.8		-31.4%	-26.0%
Interest and other (expenses) income, net		(11.9)		(16.1)
Earnings before income taxes	$	93.6	$	137.7
	Three Months Ended June 30								Six Months Ended June 30
						% Variance								% Variance
						Amount	Constant							Amount	Constant
		2019		2018		Reported	Currency			2019		2018		Reported	Currency
Revenues from Services:	(Unaudited)								(Unaudited)
Americas:
United States	$	652.7	$	663.4	-1.6%		-1.6%	$		1,275.9	$	1,301.2	-1.9%		-1.9%
Other Americas		415.5		415.2	0.1%		8.7%			822.5		825.0	-0.3%		9.7%
Southern Europe:		1,068.2		1,078.6		-1.0%	2.4%			2,098.4		2,126.2		-1.3%	2.6%
France		1,425.3		1,517.2	-6.1%		-0.3%			2,731.4		2,945.8	-7.3%		-0.7%
Italy		394.4		444.1	-11.2%		-5.8%			750.8		858.6	-12.6%		-6.4%
Other Southern Europe		574.6		480.1	19.7%		25.2%			1,020.9		956.2	6.8%		13.4%
		2,394.3		2,441.4		-1.9%	3.7%			4,503.1		4,760.6		-5.4%	1.1%
Northern Europe		1,194.1		1,405.6	-15.0%		-9.6%			2,394.6		2,835.1	-15.5%		-9.2%
APME		716.5		731.3	-2.0%		1.5%			1,421.9		1,457.4	-2.4%		1.7%
	$	5,373.1	$	5,656.9		-5.0%	-0.1%		$	10,418.0	$	11,179.3		-6.8%	-1.1%
Operating Unit Profit:
Americas:
United States	$	37.7	$	44.0	-14.2%		-14.2%	$		54.3	$	75.1	-27.6%		-27.6%
Other Americas		17.8		19.1	-6.4%		0.4%			33.0		35.9	-8.1%		-3.1%
Southern Europe:		55.5		63.1		-11.9%	-9.8%			87.3		111.0		-21.3%	-19.7%
France		75.7		73.5	3.0%		9.0%			131.0		131.2	-0.2%		6.7%
Italy		29.8		32.1	-7.1%		-1.6%			50.1		57.3	-12.5%		-6.5%
Other Southern Europe		18.1		16.9	6.9%		11.1%			29.1		32.0	-9.1%		-4.4%
		123.6		122.5		0.9%	6.5%			210.2		220.5		-4.7%	1.6%
Northern Europe		25.6		26.7	-3.8%		2.3%			27.5		44.2	-37.7%		-33.4%
APME		29.7		30.5	-3.3%		-0.2%			50.3		56.6	-11.4%		-8.2%
		234.4		242.8						375.3		432.3
Corporate expenses		(31.9)		(25.9)						(59.8)		(52.7)
Goodwill impairment charge		(64.0)		-						(64.0)		-
Intangible asset amortization expense		(7.7)		(8.6)						(15.2)		(17.5)
Operating profit		130.8		208.3		-37.2%	-33.2%			236.3		362.1		-34.8%	-30.2%
Interest and other income (expenses), net		70.2		(10.5)						58.3		(26.6)
Earnings before income taxes	$	201.0	$	197.8					$	294.6	$	335.5

ManpowerGroup

Restated Operating Unit Results

(In millions)

	Three Months Ended September 30							Nine Months Ended September 30
					% Variance								% Variance
					Amount	Constant							Amount	Constant
		2019		2018	Reported	Currency			2019		2018		Reported	Currency
Revenues from Services:	(Unaudited)							(Unaudited)
Americas:
United States	$	666.4	$	654.5	1.8%	1.8%	$		1,942.3	$	1,955.7	-0.7%		-0.7%
Other Americas		428.1		409.6	4.5%	11.1%			1,250.6		1,234.6	1.3%		10.1%
Southern Europe:		1,094.5		1,064.1	2.9%	5.4%			3,192.9		3,190.3		0.1%	3.5%
France		1,386.4		1,464.5	-5.3%	-0.9%			4,117.8		4,410.3	-6.6%		-0.8%
Italy		376.9		411.1	-8.3%	-4.0%			1,127.7		1,269.7	-11.2%		-5.6%
Other Southern Europe		594.5		462.1	28.7%	31.8%			1,615.4		1,418.3	13.9%		19.4%
		2,357.8		2,337.7	0.9%	5.0%			6,860.9		7,098.3		-3.3%	2.4%
Northern Europe		1,166.8		1,297.6	-10.1%	-5.2%			3,561.4		4,132.7	-13.8%		-7.9%
APME		629.8		719.3	-12.5%	-12.3%			2,051.7		2,176.7	-5.7%		-2.9%
	$	5,248.9	$	5,418.7	-3.1%	0.3%		$	15,666.9	$	16,598.0		-5.6%	-0.7%
Operating Unit Profit:
Americas:
United States	$	39.8	$	37.7	5.4%	5.4%	$		94.1	$	112.8	-16.6%		-16.6%
Other Americas		19.5		18.4	6.1%	11.2%			52.5		54.3	-3.3%		1.7%
Southern Europe:		59.3		56.1	5.6%	7.3%			146.6		167.1		-12.3%	-10.6%
France		70.3		78.3	-10.2%	-5.9%			201.3		209.5	-3.9%		2.0%
Italy		23.3		25.7	-9.6%	-5.2%			73.4		83.0	-11.6%		-6.1%
Other Southern Europe		22.8		17.2	33.1%	35.8%			51.9		49.2	5.7%		9.7%
		116.4		121.2	-3.9%	0.2%			326.6		341.7		-4.4%	1.1%
Northern Europe		22.8		41.6	-45.2%	-42.1%			50.3		85.8	-41.3%		-37.7%
APME		54.9		33.4	64.9%	63.9%			105.2		90.0	16.8%		18.5%
		253.4		252.3					628.7		684.6
Corporate expenses		(29.2)		(26.3)					(89.0)		(79.0)
Goodwill impairment charge		-		-					(64.0)		-
Intangible asset amortization expense		(7.2)		(9.3)					(22.4)		(26.8)
Operating profit		217.0		216.7	0.2%	3.3%			453.3		578.8		-21.7%	-17.7%
Interest and other (expenses) income, net		(12.2)		(11.8)					46.1		(38.4)
Earnings before income taxes	$	204.8	$	204.9				$	499.4	$	540.4
	Three Months Ended December 31							Year Ended December 31
					% Variance								% Variance
					Amount	Constant							Amount	Constant
		2019		2018	Reported	Currency			2019		2018		Reported	Currency
Revenues from Services:	(Unaudited)							(Unaudited)
Americas:
United States	$	648.3	$	653.2	-0.7%	-0.7%	$		2,590.6	$	2,608.9	-0.7%		-0.7%
Other Americas		437.4		415.4	5.3%	9.4%			1,688.0		1,650.0	2.3%		9.9%
Southern Europe:		1,085.7		1,068.6	1.6%	3.2%			4,278.6		4,258.9		0.5%	3.4%
France		1,361.8		1,436.1	-5.2%	-2.3%			5,479.6		5,846.4	-6.3%		-1.1%
Italy		380.6		404.2	-5.9%	-3.0%			1,508.3		1,673.9	-9.9%		-5.0%
Other Southern Europe		591.1		461.3	28.1%	29.2%			2,206.5		1,879.6	17.4%		21.8%
		2,333.5		2,301.6	1.4%	3.9%			9,194.4		9,399.9		-2.2%	2.8%
Northern Europe		1,174.1		1,284.8	-8.6%	-6.3%			4,735.5		5,417.5	-12.6%		-7.6%
APME		603.3		738.2	-18.3%	-19.1%			2,655.0		2,914.9	-8.9%		-7.0%
	$	5,196.6	$	5,393.2	-3.6%	-1.8%		$	20,863.5	$	21,991.2		-5.1%	-0.9%
Operating Unit Profit:
Americas:
United States	$	33.9	$	37.1	-8.5%	-8.5%	$		128.0	$	149.9	-14.6%		-14.6%
Other Americas		22.9		20.7	10.5%	15.5%			75.4		75.0	0.5%		5.5%
Southern Europe:		56.8		57.8	-1.7%	0.1%			203.4		224.9		-9.5%	-7.9%
France		83.6		81.4	2.7%	5.9%			284.9		290.9	-2.1%		3.1%
Italy		29.1		28.3	2.8%	5.9%			102.5		111.3	-7.9%		-3.0%
Other Southern Europe		16.0		17.3	-7.8%	-7.9%			67.9		66.5	2.1%		5.1%
		128.7		127.0	1.3%	4.0%			455.3		468.7		-2.9%	1.9%
Northern Europe		24.1		44.1	-45.3%	-43.8%			74.4		129.9	-42.7%		-39.7%
APME		22.3		28.3	-21.5%	-23.7%			127.5		118.3	7.6%		8.4%
		231.9		257.2					860.6		941.8
Corporate expenses		(32.9)		(31.0)					(121.9)		(110.0)
Goodwill impairment charge		-		-					(64.0)		-
Intangible asset amortization expense		(7.4)		(8.3)					(29.8)		(35.1)
Operating profit		191.6		217.9	-12.1%	-10.0%			644.9		796.7		-19.1%	-15.6%
Interest and other income (expenses), net		(5.5)		(3.6)					40.6		(42.0)
Earnings before income taxes	$	186.1	$	214.3				$	685.5	$	754.7