ManpowerGroup Inc ( MAN ) shares are trading higher after reporting first-quarter FY24 results.

Sales declined 7.3% year-on-year to $4.40 billion, missing the analyst consensus estimate of $4.42 billion.

Gross profit for the quarter declined 11.5% to $763.7 million, with a profit margin of 17.3%.

The operating income plunged 44.1% to $65.9 million, and the operating margin compressed 100 basis points to 1.5%.

Adjusted EPS of $0.94 beat the consensus estimate of $0.91.

The company held $604.8 million in cash and equivalents as of March 31, 2024. Cash provided by operating activities totaled $116 million in the quarter.

“Employers in North America and Europe remain cautious as they wait for signs that the economic environment is on a sustainable path of improvement,” said Chairman and CEO Jonas Prising.

Outlook: Manpower sees second quarter FY24 EPS of $1.24 – $1.34 versus an estimate of $1.23.

Price Action: MAN shares are trading higher by 6.66% at $74.74 on the last check Thursday.