NEW YORK (TheStreet) -- Accenture (ACN) - Get Report shares are climbing 5.6% to $93.15 in early market trading on Thursday after the management consulting, technology and outsourcing services provider raised its own revenue forecasts for the second time and beat analysts' quarterly financial forecast before the opening bell today.
The company raised its full year revenue growth expectations for the second time this fiscal year to between 8% to 10% growth from its previous view of between 5% to 8% growth. Late last year the company originally guided revenue growth between 4% and 7%.
However, currency headwinds overseas caused the company to lower the topline of its earnings forecast for the year to $4.76 from its previous $4.80 expectations.
The company reported second quarter net income of $731.8 million, or $1.08 per share on revenue of $7.49 billion. Analysts on average were expecting the company to report earnings of $1.07 per share on revenue of $7.35 billion.
For the current quarter the company provided revenue guidance between $7.35 billion and $7.6 billion. Analysts are expecting the company to earn $7.62 billion during the period.
TheStreet Ratings team rates ACCENTURE PLC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate ACCENTURE PLC (ACN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, increase in stock price during the past year and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: ACN Ratings Report