Accenture (ACN) falls after soft results, guidance

Accenture (NYSE: ACN) reported a mixed set of FQ4 results and outlook for its full fiscal year, sending its shares 3.5% lower in pre-open Thursday.

The company reported an FQ4 EPS of $2.71, which is $0.05 higher than the analyst estimate of $2.66. The revenue for the quarter amounted to $15.99 billion, slightly below the consensus estimate of $16.07 billion. On an annual basis, revenue rose 3.6%.

Julie Sweet, chair and CEO, Accenture, said, “I am extremely proud that we have achieved another strong year of financial performance in fiscal year 2023. Our ability to remain laser-focused on meeting the needs of our clients is reflected in new bookings of $72 billion in fiscal 2023; 106 clients with quarterly bookings of more than $100 million; and reaching a record 300 Diamond clients, our largest relationships.”

“Our clients’ generative AI bookings of $300 million in the last six months position us at the heart of the beginning of AI-fueled reinvention. I would like to thank our extraordinary 733,000 people who made these results possible and focus every day on creating 360° value for all of our stakeholders.”

Looking ahead, Accenture provided guidance for FY2024 with an EPS range of $11.97 to $12.32, as opposed to the consensus forecast of $12.46. Furthermore, for fiscal year 2024, Accenture anticipates revenue growth in the range of 2% to 5% in local currency.

Accenture expects revenues for the first quarter of fiscal 2024 to be in the range of $15.85 billion to $16.45 billion, or -2% to 2% in local currency.

By Senad Karaahmetovic

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