Accenture Profit Jumps on Improved Demand for Consulting
Accenture shares, which lost 1.44% of their value during regular trading hours Tuesday , saw an uptick of more than 2% in post-market trading.
Net income in the company's fiscal second quarter increased to $296.7 million, or 47 cents a share, from $69.7 million, or 11 cents a share a year earlier, when it booked a $450 million provision for future taxes.
Net revenue, which excludes reimbursements, rose to $4.75 billion from $4.1 billion.
The New York-based company in December had forecast second-quarter net revenue of $4.6 billion to $4.8 billion.
Accenture in December also had forecast net earnings per share of $1.80 to $1.85 for its fiscal 2007, which ends in August.
Accenture reported new bookings, an indicator of future revenue, of $5.33 billion, including a record $3.08 billion of consulting bookings. Revenue from financial services clients, one of the company's largest segments, jumped 26% to $1.05 billion. Communications and high-technology-related revenue rose 6% to $1.09 billion.
For the second quarter, analysts, on average, expected net income per share of 42 cents and net revenue of $4.68 billion, according to Reuters Estimates. Wall Street is expecting full-year earnings per share of $1.87 and net revenue of $18.8 billion.