Accenture (NYSE:ACN) reported financial results for the fourth quarter and full 2013 fiscal year, ended Aug. 31, 2013, with record annual revenues, earnings per share, operating margin and new bookings.
For the fourth quarter, net revenues were $7.1 billion, an increase of 4 percent in both U.S. dollars and local currency compared with the fourth quarter of fiscal 2012, and above the company’s guided range of $6.7 billion to $7.0 billion. Diluted earnings per share were $1.01. Operating margin was 13.9 percent. Operating cash flow was $1.3 billion and free cash flow was $1.2 billion. New bookings were $8.4 billion.
For the full fiscal year, net revenues were $28.6 billion, an increase of 3 percent in U.S. dollars and 4 percent in local currency compared with fiscal 2012. Diluted earnings per share were $4.93, including benefits of $274 million, or $0.38 per share, from reductions in reorganization liabilities in the second and third quarters, and $243 million, or $0.34 per share, from final determinations of prior-year tax liabilities in the second quarter. Excluding these benefits, diluted earnings per share for the year were $4.21, an increase of 10 percent from fiscal 2012. Operating margin was 15.2 percent, including a benefit of 100 basis points from the reductions in reorganization liabilities; excluding the benefit, operating margin was 14.2 percent. Operating cash flow was $3.3 billion and free cash flow was $2.9 billion. New bookings were $33.3 billion, an annual record.
In addition, Accenture’s Board of Directors has declared a semi-annual cash dividend of $0.93 per share, an increase of $0.12 per share, or 15 percent, over its previous semi-annual dividend, declared in March. The Board also approved $5 billion in additional share repurchase authority.Pierre Nanterme, Accenture’s chairman and CEO, said, “We are pleased with our financial results for the fourth quarter and full-year fiscal 2013. Quarterly revenues were above our guided range, and we are particularly pleased with double-digit revenue growth in our Health & Public Service operating group, as well as improved performance in both Resources and Communications, Media & Technology. For the full fiscal year we once again increased market share, delivered record new bookings, achieved double-digit EPS growth, expanded operating margin and generated strong free cash flow. These results demonstrate our continued ability to manage our business with discipline while driving a strong return to our shareholders in a volatile and fast-changing market environment.