Accenture reports financial results for second quarter, lowers forecast

by Editor 3/27/2009 4:48:00 PM
it consulting jobs,uk consultants
Accenture has reported financial results for the second quarter of fiscal 2009, ended Feb. 28, 2009, with net revenues of $5.27 billion, a decrease of 6 percent in U.S. dollars and an increase of 3 percent in local currency over the second quarter last year. Diluted earnings per share were $0.63.

Operating income grew 6 percent, to $677 million, and operating margin expanded 150 basis points, to 12.9 percent.

New bookings for the quarter were $5.98 billion, with consulting bookings of $3.14 billion and outsourcing bookings of $2.84 billion.

“We delivered a solid quarter, given an economic environment that is as challenging as any we have ever experienced,” said Willian Green, Accenture’s chairman and CEO. “This increasingly uncertain environment is affecting business broadly and has had a dramatic impact on some of our clients. Against that backdrop, we grew revenues in local currency, grew operating income, expanded operating margin by 150 basis points and delivered solid earnings per share. We also generated significant cash flow, and our balance sheet remains exceptionally strong.

“We continue to stay relevant and responsive to our clients to help them adapt to their changing needs. We are revising our business outlook for the rest of the year to reflect the continued uncertainty in the global marketplace. That said, we continued to grow market share, and our results in the second quarter reflect our intense focus on the disciplined management of our business. We believe we are well-positioned to continue to deliver significant value to our clients and shareholders.”

While speaking to analysts later, Green said: "People came back to work after the holiday in January and things just slowed down. If you look at what happened from mid-December through the beginning of January as it relates to the economy, it was very profound."

He added that the consultancy lowered its full-year revenue forecast to flat to 4 percent growth, compared with its previous estimate of 6 to 10 percent gain.

Eugene Zakharov, an analyst at Technology Business Research, commented: "Even a bellwether can succumb to pressure, and Accenture is showing that it is not immune to the challenging economic environment."

Accenture’s Second-Quarter Fiscal report is available here: http://newsroom.accenture.com/article_download.cfm?article_id=4815

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