Accenture beats estimates with 3% revenue growth
DUBLIN, IRELAND — Global consulting firm Accenture reported steady financial performance in the first quarter of fiscal 2024, which ended November 30th.
In its latest financial report, the firm revealed that its revenues rose 3% year-over-year to $16.2 billion, surpassing expectations.
Earnings per share also beat analyst estimates, climbing 6% to $3.27 on an adjusted basis
“I am pleased that we delivered on our commitments this quarter while strategically investing for future growth,” said Chair and CEO Julie Sweet.
The company saw particular strength in Europe, the Middle East, and Africa, where revenues grew 9% to $5.8 billion. Growth markets revenues also rose 5% to $2.86 billion. However, North America revenues dipped 1% to $7.56 billion.
By industry, products and resources led the way with 4-7% revenue growth, while communications and media fell 11%. New bookings increased 14% to $18.4 billion, reflecting robust ongoing demand.
Accenture reaffirmed its full-year fiscal 2024 guidance, projecting 2-5% revenue growth in local currency. The company also announced a 15% dividend increase to $1.29 per share and repurchased $1.2 billion of its shares in the quarter.
“Our deep client relationships are again reflected in the 30 clients with quarterly bookings above $100 million,” said Sweet. “We continue to lead our industry in generative AI, with over $450 million in new bookings this quarter.”
The results indicate Accenture’s resilience amidst economic uncertainty, driven by strategic investments in high-growth areas like cloud, security, and industry-specific solutions. The company also appears poised for continued gains with a robust pipeline and prudent capital allocation.
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