Accenture Q1 Profit Beats Estimates, Revenues Up 27%; Raises FY22 Guidance

(RTTNews) - Accenture (ACN) said its first-quarter earnings per share increased 28% year-on-year, excluding prior year period pre-tax gains. Revenues came in more than $600 million above the company's guided range. Looking forward, Accenture increased its business outlook for fiscal 2022.

First quarter earnings per share was $2.78, a 20% increase from $2.32, last year, which included $0.15 in gains on an investment. On an adjusted basis, EPS increased $0.61 reflecting: a $0.64 increase from higher revenue and operating results; and a $0.01 increase from a lower share count. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $2.36, for the quarter. Analysts' estimates typically exclude special items.

Net income was $1.82 billion, compared to $1.52 billion, last year. Excluding after-tax investment gains of $97 million, net income was $1.43 billion, prior year.

First quarter revenues were $14.97 billion, compared to $11.76 billion, prior year, an increase of 27% in both U.S. dollars and local currency. New bookings were $16.8 billion, a 30% increase in both U.S. dollars and local currency. Analysts on average had estimated $12.61 billion in revenue.

For fiscal 2022, the company now expects GAAP EPS to be in the range of $10.32 to $10.60, compared with $9.90 to $10.18 previously. The company now expects revenue growth to be in the range of 19% to 22% in local currency, compared with 12% to 15% previously. Analysts expect the company to report profit per share of $9.01.

Accenture expects revenues for the second quarter to be in the range of $14.30 billion to $14.75 billion.

Shares of Accenture were up 7% in pre-market trade on Thursday.