Accenture Tops Estimates

Author:: Michael Dunn
Publish date:: Apr 11, 2002 7:39 AM EDT

Management consulting and technology services firm

Accenture

beat analysts' second-quarter earnings expectations on modest revenue growth and improved operating margins.

The company posted pro forma second-quarter net income of $236 million, or 23 cents a share, up 9% from $216 million, or 21 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial/First Call had been expecting 22 cents for the quarter.

Under generally accepted accounting principles, reported net income including special charges was $11 million, or 2 cents a share.

Second-quarter revenue totaled $2.91 billion, a 1% increase from the year-ago period and slightly above the consensus analyst estimate of $2.90 billion.

In a press release, the company said that its resilience in the difficult economic climate was due in part to an estimated $9.8 billion in new bookings in the first half of 2002.

For the third quarter, Accenture said it is comfortable with the current consensus analyst earnings estimate of 26 cents a share, although the company will end its direct venture-capital investing business, as it previously announced in March.