Jonas. Thanks,
with Jonas guidance profit an basis. second in quarter had margin currency This costs performance excluding constant excluding or of on operating a growth of mentioned, a performance operating profit the of restructuring As at solid resulted restructuring which X% was we X%, our X% range. growth costs midpoint
the decline of basis the represented Currency translation came XX from decline points a improvement first quarter basis in basis XX X% XX gross on guidance was gross profit of points, represented XX On points of our our constant basis currency basis, a currency profit and point midpoint growth reported range. in guidance the point basis margin slightly trend. margin basis which declined which represented our XX revenue the discussed, constant a range. below constant currency Jonas As
margin growth year, slower revenue X%. expected growth Breaking declined our rate prior was represented by down slower X% our restructuring X% points the quarter growth operating our rate. also after about growth revenue quarter basis, driving Acquisitions result before in rate billing which and margin a than currency revenue improved growth for growth constant constant Although impact. X%, currency into this contributed growth rate a currency days to positive the reported our a as our more adjusting revenue includes offset of revenue The was of by costs, impact bit a detail, primarily costs. gross profit was On percent SG&A a once growth again which was in XX our the profit compared driven in rate the basis organic to France.
the post which second holiday we we On a impact per which revenue a a growth, the believe per restructuring there in season. $X.XX, had reported earnings France which environment Although for a share market on is softer to $X.XX be continued negative basis, were summer opportunities share. quarter, earnings in particularly during it very costs experience good included
I restructuring quarter, excluded As stated last our EPS costs. guidance
shares of $X.XX lower offset and from earnings was contributed Switzerland with guidance attributable interest revenues Excluding other our to our considering during lower $X.XX, these the our costs, our foreign currency. impact reduction earnings lower weighted-average $X.XX $X.XX positive specifically, after foreign franchise. by and lower effective tax from favorable partial driven per $X.XX midpoint represented were adjustments guidance These partially an the by expenses related starting in which $X.XX to rate, our lower $X.XX a purchases from quarter, of exceeded reduction. pickup to a the EPS performance More lower ownership of operational currency share on midpoint translation including
at staffing lower XX at the on offset recruitment profit quarter. points. gross XX points interim gross from decline of was driven contribution from in Looking higher basis Management A came a gross margin a margin XX.X% Right basis, increase permit detail, reported primarily by our margin profit by of in our basis in
I As reduced is in Half attributable interim tax the profit negatively the gross the payroll basis CICE XXXX staffing of margin of France. currency to in by rate earlier, decline margin points. credits mentioned XX the impacted
notably the interim degree client trend of the in quarter. not improvement impacted margin the as in stabilize, same were by seen decrease accounts as to Italy we We large of to first in sickness have mix has the begun staffing the and
our business by review profit let’s line. gross Next,
the comprised quarter, gross Right profit, Solutions XX% comprised X%. the Experis Group Manpower XX% XX%, brand of Manpower and comprised During our Professional Management business
Our again Manpower strongest once within solutions achieved growth was by higher offerings a Group value Solutions.
Manpower Gross leading with a further constant to double-digit decrease constant as slight is the our Management Manpower activity in quarter the and RPO growth growth was end-user our skills from the and During from in rate gross industrial continued Experis in the growth infrastructure Gross the profit was XX% growth talent Within during a from driven in profit profit business. and and global growth of staffing X% clerical will businesses X% the an brand, XX% improvement solutions, in XX% offerings, the by first and flat growth Right light the on currency includes light represents Canada as in the Proservia, segment first Manpower in Gross of quarter market U.K. skills, both office within U.S. the from Right brand review. strong derived currency and of skills reflecting skills. outsourcing and experienced currency, my quarter, X%, performance brand RPO including in quarter. quarter. and Pacific, quarter. experienced experienced gross Group in as reported a experienced quarter. comment quarter, derived clerical in the Asia throughout the gross Middle profit industrial increase X% constant Nordics, from based Proservia rate Solutions similar the well our Management this in during profit This a our rate increase East, in the profit our of office decline our is IT MSP support a I up outplacement decline. approximately currency and constant
from million, quarter Our the drove currency, by the estimate reported from of quarter costs. the both as of review. including excluding during in additional costs experienced was SG&A On for $XXX previous I costs, acquisitions compared million The in the $XXX constant operations. restructuring part prior million, our $X costs up above restructuring segment the the million and organic million million years. cost our the further We from increase which $XX million year SG&A restructuring U.K. an $X within business discuss year. changes, of expense were SG&A to basis restructuring driven million the was was will expense actions of quarter. $XX X% restructuring from $XX after an increase excluding currency from $XX restructuring prior expenses
driven by SG&A the restructuring benefits restructuring quarter in our of XX on expenses focus efficiency points of the XX.X%, previous revenue the continued percentage a Excluding operational costs, as to and improved basis actions across businesses. a
in of decrease in million performance segment year-over-year segment the prior year. quarter margin cost restructuring the in in year. $XXX the discuss Revenue the We expect breakout the OUP the constant X% savings restructuring restructuring million country basis recover U.S. next XX largest Americas $XX discuss segment the U.S. prior of months. driven currency the of provide segment’s the cost the consolidated the was operating costs The X% $X.X X% OUP is the will increase segment. by of to next by XX represented revenues. was points of U.S. comprising year, compared over the excluding of to decreased and currency. the next. which Revenue by the Americas in comprised costs I a of prior will The will excluding restructuring constant down Similarly, cost $XX an I XX% revenue. million of in XX% in through billion,
the an experienced X% decline we overall from revenue X%. April. trend the average daily in slight average the improvement the average steady on in quarter daily month on revenue first decline in this represented an the In exited since basis, Although improvement of a June, U.S. daily of quarter quarter, the we
decrease costs of restructuring During for XXX XX% the excluding the expected dollars costs main basis items. the reduction OUP of and $XX decreased the OUP OUP margin year. were U.S. business from the a restructuring were A to margin prior year, in in excluding two X% was period. prior quarter, our million prior and result in points year
last non-recurrence spend Additional the cost front healthcare and including of U.S. and the discussed office reductions Compensation as direct prior on Worker’s in technology adjustments year.
profit trend Within from in the steady XX% the profit brand Manpower revenue the improvement daily the down Revenue for the business comprised during The XX% comprised in new quarter. experienced growth we during brand XX% April had Manpower of U.S. average the quarter. in a the approximately quarter. U.S. pipeline U.S. brand Experis quarter the and skills revenues. the The gross the of X% we was of through third gross Manpower in in June. IT U.S; the and positive comprise strong Experis activity expect Within in of
during gross profit During margin Solutions a XX% the decline in the quarter. quarter this a XX% the from declined decline focused to year, been Experis the of U.S. experienced first quarter quarter. led in business of in in to very X% the prior profit in another first X% and Manpower contributed to the and compared U.S. quarter. gross the revenues X% our Experis quarter, Group the revenue decline profitable compared experienced strong on very again the
a the certain business experiencing see in in growth of incremental business. hiring higher for being client, non-recurrence solutions. a addition with As value offset mentioned, both U.S. the we business, low-margin one which MSP is previously RPO process opportunities includes the MSP RPO We revenue good in been related in and trend reduction has the large new of our
had we quarter. expect continues constant up of the business The currency. Mexico Mexico well in the growth also Argentina third operation X% and to in in revenue constant was reflect very good growth quarter in into impact quarter XX% the which Our currency, of performed inflation. the Revenue in in
and Americas payment Revenue Argentina any size we a an and countries earnings revenue earnings will equity. environment. specifically modest, XX% related such shareholders the will certain of changes business, economy be for forward. We driven continued impacts the other a will terms the volatility be X, currency within expense growth Beginning currency investment Argentina earnings result in growth in This discuss our improvement on organic going on translation to significant within as Colombia strong up July in within as primarily by as margin inflationary the on or basis. was experience currency volatility the be and accounting Based focus other expect in given of on recorded we was highly constant Brazil. to foreign and inflationary XX% growth we’ll adjustments within instead
comprised represented daily average in rate for the by revenue billion, of Southern X% in XX% Revenue first at deceleration revenue constant France. came from X% adjusted Europe billing the Europe consolidated $X.X days. driven or quarter. Southern increase an of in in This a in growth the quarter, XX% currency revenue
We over France prior office partially constant Permanent constant growth offset restructuring and X% comprising impacting constant Excluding the countries cost X% up OUP strong prior Spain quarter and back-office the primarily at comprised currency. in was in costs, points Restructuring in XX the segment down and activities Spain. reductions in This margin first a to million CICE of Southern than from the gross year. Italy in of increased more XX% basis the centralization improved line in slowing represented and optimization year from which currency, OUP in $X.X margin performance slowing X% other Southern the recruitment Europe the with rate by the negatively profit and prior in XX% observed quarter, was France. in the France relate quarter. revenue expected year were growth was significant Europe. during front market external is in indicators currency. a from
currency gross in I margin As million, impacted down OUP currency decrease rate X% points previously CICE at X.X%. $XX a constant OUP results discussed, and in our XX was profit. quarter decrease reducing second the basis constant of was
the recruitment in strong trend was of XXXX. impact pricing improvement the margin staffing in the impact improvement rate in trend. The slowing trend July fees quarter. once the Early recruitment at growth helped underlying and staffing of in a results through reflecting during underlying the in currency constant Permanent ongoing again quarter second the discipline. indicated CICE have X% permanent have continuation revenue in of offset France margin CICE, we the to reduction Excluding experienced
XX% As represented in and rate in million, incorporates the a XX% currency a revenue second guidance growth in constant growth $XXX a in Italy gross Revenue growth of previously profit lower result, from quarter daily currency had business on constant of third in staffing impact increased to rate quarter. our changes mix margin recent from the Italy quarters. average basis. on the discussed strong very We have an our
seen quarter. year. currency of has growth basis Permanent the mix, margin, We gross the X% have the profit on to large stabilization over comps of margin second the fees helped the client also increased in improvement impact gross in this the quarter profit which from prior permanent recruitment resulted specifically recruitment first trend
constant growth OUP the operating OUP XX% and match strong SG&A was offset as again costs, X.X% in restructuring and very to of prior-year cost million margin up result gross declines. currency margin leverage Excluding profit $XX management
Italy continues well. very Our perform to business
single in X%. to up in growth currency X% On in constant billing rate in X% organic third growth prior expect Adjusted an quarter. revenue for Spain currency. in We the the basis, growth strong, the the quarter. organic digits constant continue currency growth the days, high was was Revenue over rate year was constant the
We will the continue have performance quarter. expect Spain strong to third into
Europe to X% consolidated comprised quarter. of constant in Revenue XX% was revenue $X.X up billion. Northern Our currency in the segment
On during the driven represents which in Europe the a grew growth from basis, the X% reached offset adjusted primarily by X% which currency improvement were quarter. Germany U.K. partially decrease the days the by constant Northern and the rate first Netherlands, in billings quarter, which positive
flat constant restructuring X% currency year-over-year. Excluding and was increased in margin OUP costs, OUP
Northern of operations. We are very focused on profitability improving Europe the our
quarter front The include as as back-office efficiency half restructuring equaled related the our this restructuring of optimization activities during of continued the and relate previous in continuation the from delivery Germany primarily actions the Total other mentioned $XX.X the in I Northern as our and U.K. the locations, U.K. and beyond Netherlands well estimate branch million expanded to quarter. that second during restructuring activities. optimization cost front restructuring of other first the approximately office back-office quarter. we and earlier, the well activities the initiatives quarter As include The Europe as remaining office centralization and consolidations costs to model for
represents in which revenues revenue the and segment quarter. X% improving X% of in a up adjusted the were constant currency in from and to represented quarter. flat result U.K. is at largest X% for up recruitment were return days XX% the on Northern revenue the in rate. a U.K; This quarter trend U.K. increased growth a the the of in Permanent the first improvement Our quarter market fourth basis the Europe growth billing consecutive constant fees currency segment during
the in business in constant quarter. the a growth the from U.K. in growth experienced the Manpower Our currency flat which represented flat quarter, continuation first
Experis quarter reach growth experienced currency constant in another improvement double Our of business quarter. and second digit revenue the
into basis, We an U.K. in to first from Revenue the slowing year period. on of third a expect deceleration the was revenue billing the and ago quarter a down on the X% driven Manpower or constant quarter, days currency a in by stable remain quarter. of business which the industrial for growth flat trend in second basis rates represents high relatively growth growth overall average the the the in anniversary X% Germany the
offset revenue year-over-year Sweden. represented daily in a during basis also rate second to We first deceleration Nordics, daily expect trend average the in overall experience growth experienced to flat decline average continuation slightly in quarter Germany this on the quarter. in mid single down we In the This the from revenue revenues revenue as Norway growth the quarter. third see flat an in a in digit
and growth billing Belgium for currency in the and Manpower a respectively to to high the slowing Revenue year X% anniversary Netherlands the represented The comparable adjusted the of a revenues third growth the from and Netherlands constant on X% see from the This from to return businesses also Sweden increased prior and in stable basis. very in We in days decreased Netherlands growth Experis and Norway expect steady in continues a in quarter. both Belgium period. performance first quarter.
and first in Europe businesses the X% had up constant these East XX% margin in driven revenues representing were China. improving currency, the X% New under $XX again $XXX in improved quarter. increased decrease and a in XX% for and represented Russia. daily slightly by margin XX Australia in driven represented OUP Permanent at markets rate which in once was currency XX% a in very by OUP by currency. the in increase first growth in a quarter. constant growth Middle quarter. recruitment consolidated Poland to growth, Revenue constant adjustment a a representing growth in up improvements. growth growth at growth quarter. Australia decrease the in profit gross in quarter. XX% and and strong the and billing increase Revenue constant billing was constant decrease revenue driven growth currency margin for X% representing Other X% was the slight basis from X% Revenues of this for segment third the was up higher-than-expected Zealand revenue million a was in points currency on was revenue constant comprises quarter, strong OUP expect from recruitment in This We first in in stronger The XX% days, Japan a constant quarter. average XX% days, of growth represented the growth the this Northern revenue basis, from Asia-Pacific million Permanent in very X% adjusted again Both OUP the currency, and currency. strong
Vietnam. result was Singapore Malaysia, This China, of business has the new and expect in business growth Greater quarter. be India, we third growth in and markets, strong, double-digit of continues continued to markets in East other in in a up Revenue number Asia-Pacific, currency. Australia Our revenue in operations Middle XX% improvement including the strong increase very in seen and constant an Thailand,
activity. outplacement Management Right on Our quarter, was business during slower reduced the based second
following first as During constant quarter. basis reductions. Considering revenue in to the decreased down constant revenues currency currency help cost the a both OUP million X% of decline restructuring on were in $XX SG&A impact the partially XX% years, offset to reductions in quarter, impact a XX%
this Excluding restructuring improved points business. costs, reflecting within OUP margin efficiency increased XXX basis
Now to turn was the operations flow the $XXX I’ll cash year. as capital defined cash of six and less months sheet. flow balance million Free for cash from expenditures first
France the As includes credit million. in of €XXX representing April tax the XXXX sale I mentioned of last CICE quarter, this million US$XXX
Excluding outflow sale and free the represented in $XX in compared CICE million in to higher cash This receivables changes both flow outflow an of million reflects XXXX. growth of $XX years, in an XXXX of geographies payables. tiny in certain certain
We changes expect second driving quarter flows prior positive increase. quarters, mix outstanding in the the DSO days in days. overall cash is and increased half a our of sales two of some business year. Consistent end, with At strong the by half
We DSO. continue the during the first XXXX. represented Capital improve of of initiatives $XX trend six to to on execute expenditures months million
shares we $XXX During for X.X for purchases the million purchased the quarter, XXX,XXX period shares $XX million. six-month stock bringing of to total million,
million program million XX, for June X.X shares in we XXXX. July share a have X under remaining of approved As purchase the of
debt $XXX net was $X.XX bringing Our end total at sheet balance of and with billion quarter $XXX million of our cash million. debt strong to
of ratios debt and XX-month quarter with to Our to end total comfortable at capitalization XX%. X.X trailing very debt are debt total at total EBITDA
year duration, X.X%. €XXX an note maturity rate previous interest We note Our June. at at June debt million of an XX eight and credit €XXX the facilities during of an of X.X% interest million rate the replaced effective this facility reflect effective at with
revolving an agreement five-year replacing revolving of maturing it note at for the million we the with a term XXXX. During of unused. credit The with capacity by our no change September effective updated to rate new borrowing credit million. a agreement in same of $XXX also remains X.X% June, There interest €XXX was agreement
Next, I’ll XXXX. third quarter of for review our the outlook
earnings from be forecasting the $X.XX are a $X.XX We to share. per in which currency foreign impact share includes per negative of of $X.XX, to range
the These growth is and projection points rate relatively very a X% are and represent growth Our revenue represents flat quarter. constant XX third slight acquisitions of for currency guidance of between for X%. impact year-over-year improvement. The range only our basis
growth adjusted Americas, constant As Europe which organic rate adjusted a from and represents increase days midpoint, quarter, From days X% currency to this in Northern the would segment improvement at standpoint, the be to in result, growth in X% the and currency APME. single-digits, an billing primarily mid growth anticipated to we represent Asia due Pacific, the constant organic to the East low second Europe Southern growing high double-digit Americas single-digits, to range low the expect in Northern revenue range. low the mid be constant currency growing Europe the single-digit in Middle the of single in in
in We revenue a decline the Right Management mid at expect single-digits.
margin operating in quarter during technology points Our reduce expect continued operating third growth. the reflecting profit down the be we prior where should certain investment XX reduced basis quarter year to compared and countries leverage
we estimate to weighted guidance incorporate additional share to We and share through tax does back our like quarter expect our our usual shares million it XX. June to average With income Jonas. rate in third the be turn reflecting purchases I'd to purchases approximate XX as XX%, that, not
