SAN FRANCISCO -- Consulting and tech services bellwether
Accenture showed its resilience amid
uncertain times by topping first-quarter earnings estimates and
raising its full-year target.
Net income rose to $381 million, or 60 cents a share, up 34% from the same quarter last year when it reported $284 in net income, or 46 cents a share. That
topped analysts' average estimate of 56 cents a share, according to
Thomson Financial.
Revenue jumped 19% to $5.67 billion and 12% in local currency terms, also beating analysts' consensus forecast, helped by strong growth in Europe, the Middle East and Africa. Revenue in this region rose 14% in constant current terms,
and accounted for 51% of total revenue.
Revenue from the America's rose 9%, and accounted for 41% of total revenue.
Revenue from Accenture's largest customer base, communications and
high-tech clients, grew 13% in local currency terms.
Despite turmoil in the credit and mortgage markets, revenue from
financial services firms, Accenture's second largest set of customers,
rose 9% in local currency terms.
Higher margin consulting work accounted for 61% of revenue, while
outsourcing made up the remainder. Accenture's gross margin held
steady at 30.1% compared to a year earlier.
"Maintaining the momentum we established in fiscal 2007, we
generated record revenues and grew across every dimension of our
business," said Chief Executive William Green in a statement. "With
$5.9 billion in new bookings, we are seeing strong demand for our
services in both consulting and outsourcing."
Daniel Del'Re
Get Cramer's portfolio stock picks at Action Alerts PLUS — 
RSS
