Accenture (ACN) Q2 Earnings Surpass Estimates, FY19 View Up
Zacks Investment Research | Mar 27, 2019 11:26PM ET
Accenture plc (NYSE:ACN) reported impressive second-quarter fiscal 2019 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate.
The stock gained significantly in the pre-market trading, courtesy of the company’s bullish guidance for fiscal 2019. Management raised anticipated EPS range to $7.18-$7.32 from 7.01-$7.25 anticipated earlier. The mid-point of the raised guidance ($7.25) is above the Zacks Consensus Estimate of $7.21 for the period. Revenues are expected to register 6.5-8.5% growth, in terms of local currency, compared with 6-8% growth rate as expected previously.
Earnings of $1.73 per share surpassed the consensus estimate by 16 cents and came ahead of the year-ago figure by 15 cents. The bottom line benefited from higher revenues and operating results, lower non-operating expense and lower share count. These were, however, partially offset by a higher effective tax rate.
Net revenues of $10.45 billion outpaced the consensus mark by $167.4 million and increased 5% year over year on a reported basis and 9% in terms of local currency. Net revenues came above the management’s guided range of $10.10-$10.40 billion.
Over the past year, shares of Accenture have gained 13% compared with 15% rise of the Zacks Investment Research
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