ManpowerGroup Inc (MAN)

Operating profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	255,800	396,100	487,800	560,900	581,700	647,500	636,500	625,700	585,400	557,100	468,200	248,300	187,600	240,900	396,300	577,100	644,900	671,200	670,900	748,400
Revenue (ttm)	US$ in thousands	18,813,000	18,997,000	19,134,800	19,366,000	19,762,200	20,347,600	20,690,800	20,895,400	20,680,400	20,363,000	19,806,800	18,271,300	17,964,500	18,106,200	18,765,700	20,396,800	20,823,700	21,020,300	26,617,800	32,562,200
Operating profit margin		1.36%	2.09%	2.55%	2.90%	2.94%	3.18%	3.08%	2.99%	2.83%	2.74%	2.36%	1.36%	1.04%	1.33%	2.11%	2.83%	3.10%	3.19%	2.52%	2.30%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $255,800K ÷ $18,813,000K
= 1.36%

The operating profit margin of ManpowerGroup has shown a declining trend over the past few quarters, starting at 2.93% in Q4 2022 and decreasing to 1.64% in Q4 2023. This indicates that the company's ability to generate profit from its core operations has deteriorated. Despite a slight increase in Q3 2023 to 3.17%, the trend reversed with subsequent decreases. The margins were relatively stable in the 3% range during Q2 and Q1 2022, but have been steadily decreasing since then. It is important for the company to closely monitor and address the factors contributing to this decline in order to improve its operational efficiency and profitability in the future.