Accenture (ACN) Delivered Strong Results for Q2

Accenture Plc (NYSE:ACN) started as a business and technology consulting unit of accounting company Arthur Andersen in the 1950s. It initially built its reputation mainly as a tech consultant and system integrator. Over the years, it expanded its offerings and benefitted from the evolving management trends in the industry. Accenture became an independent company in 2001 and went public later that year by pricing its shares at $14.50 apiece. Today, it is a dominant player in consulting services, helping notable firms streamline their operations and save costs.

The company recently announced strong financial results for the second quarter. Accenture reported earnings of $1.44 billion, or $2.23 per share for the three months ended February 28, well above $1.24 billion, or $1.91 per share in the comparable period of 2020. Excluding items, the adjusted profit of $2.03 per share easily surpassed the consensus forecast of $1.89 per share.

Revenue came in at $12.09 billion, up 8.5 percent from the year-ago quarter. Analysts on average were looking for revenue of $11.80 billion. The company’s revenue was mainly driven by record new bookings, which surged13 percent to $16.0 billion in the quarter.

CEO Julie Sweet expressed her satisfaction over the results. She said in a statement, “With our outstanding second-quarter financial results, we have returned to overall pre-pandemic growth ahead of expectations while continuing to take market share faster than before the pandemic. We have seen another quarter of strong, broad-based demand for our services across geographic markets and industries and delivered record new bookings as well as excellent profitability and free cash flow.”

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Accenture also raised its financial outlook for fiscal 2021. It now expects to report an adjusted profit in the range of $8.32 per share to $8.50 per share, up from its previous guidance between $8.02-$8.25 per share.

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