Revenues before reimbursements (“net revenues”) for the second quarter of fiscal 2013 were $7.1 billion, compared with $6.8 billion for the second quarter of fiscal 2012, an increase of 4 percent in both U.S. dollars and local currency. Net revenues for the quarter were within the company’s guided range of $6.9 billion to $7.15 billion, which assumed a foreign-exchange impact of negative 1 percent. Adjusting for the actual foreign-exchange impact of approximately 0 percent in the quarter, the company’s guided range for quarterly net revenues would have been $6.96 billion to $7.21 billion.
- Consulting net revenues for the quarter were $3.8 billion, a decrease of approximately 1 percent in both U.S. dollars and local currency from the second quarter of fiscal 2012.
- Outsourcing net revenues were $3.3 billion, an increase of 9 percent in U.S. dollars and 10 percent in local currency over the second quarter of fiscal 2012.
Diluted EPS for the quarter were $1.65, compared with $0.97 for the second quarter last year, an increase of $0.68. The reorganization benefit and final determinations of prior-year tax liabilities had a positive $0.65 impact on EPS in the second quarter of fiscal 2013. Excluding these benefits, EPS for the quarter were $1.00, an increase of $0.03 from the second quarter last year.
The $0.68 increase in GAAP EPS reflects:
- $0.06 from higher revenue and operating results;
- $0.01 from higher non-operating income;
- $0.02 from a lower share count;
- $0.34 from final determinations of prior-year tax liabilities; and
- $0.31 from a reduction in reorganization liabilities;partially offset by:
- $0.06 from a higher effective tax rate excluding the impact of final determinations of prior-year tax liabilities and the reduction in reorganization liabilities.
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