ACN reported earnings for the fiscal fourth quarter that exceeded Wall Street expectations, but revenue fell short due to weak bookings. ACN's revenue forecast for fiscal 2024 was below expectations.
The global tech consulting and services firm Accenture reported that its earnings for the quarter ending August 31 increased 4% on an adjusted basis to $2.71 a share. Accenture reported that revenue, including acquisitions, grew 4% to reach $16 billion.
Analysts predicted Accenture to earn $2.65 per share on sales of $15.07 billion. Accenture had earned $2.60 per share in sales of $15.42 Billion a year ago.
Bookings for the fiscal Q4 fell 10% to $16.6 Billion.
ACN Stock: 2024 Sales Outlook Light
Accenture expects revenues in the range of $15.85 to $16.45 Billion for its first fiscal quarter that ends in November. Analysts projected revenue at $16.44 billion (up 4%).
Accenture expects a 2%-5% growth in revenue for the full fiscal year 2024, compared to analyst estimates of $67.15 Billion, an increase of 4.6%.
Accenture increased its quarterly dividend to $1.29 per share, a 15% increase. The company also increased its stock-buyback program by $4 billion.
ACN shares fell by 3.3% in early trading today to 304. ACN's stock price has risen 16% since 2023, just before Accenture releases its earnings report.
Accenture also continues to acquire to expand into digital marketing, cloud services, and cybersecurity products. Accenture has also increased its investments in artificial-intelligence and blockchain technologies.
According to IBD StockCheck Up, ACN had a relative strength rating of 83, out of the maximum possible 99.