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Accenture Gains On Revised Guidance, Strong Quarter    

Stock MarketsJun 24, 2021 21:22
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By Dhirendra Tripathi

Investing.com – Accenture (NYSE:ACN) shares rose more than 4% in Thursday’s premarket trading after the company raised its guidance, backed by a strong performance in the third quarter ended May 31.

This is the Accenture’s second revision of the guidance after its first in March. The pace of digital transformation and the optimism around it are driving the IT consulting giant.

For fiscal 2021, the company now expects revenue growth to be in the range of 10% to 11% in local currency, compared with 6.5% to 8.5% previously.

Operating margin for the full fiscal year is seen at 15.1%, an expansion of 40 basis points from fiscal 2020. The company previously expected operating margin to expand 30 basis points to 40 basis points.

One basis point is one-hundredth of a percentage point.

Revenue in the company’s third quarter rose 16% in local currency to $13.3 billion. It was approximately $300 million above the top end of the company’s guided range of $12.55 billion to $12.95 billion.

Net income for the quarter was $1.57 billion, a 25% increase from the third quarter last year.

 

Accenture Gains On Revised Guidance, Strong Quarter    
 

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