Accenture misses by $0.09, reports revs in-line; guides Q2 revs below consensus; lowers FY17 EPS and revs below consensus due to strong dollar; reaffirms sales ex-FX :
- Reports Q1 (Nov) earnings of $1.40 per share, ex$0.18 positive imapact from a lower tac rate, $0.09 worse than the Capital IQ Consensus of $1.49; revenues rose 6.3% year/year to $8.52 bln vs the $8.59 bln Capital IQ Consensus.
- New bookings for the first quarter were $8.3 billion and reflect a -1% foreign-currency impact compared with new bookings in the first quarter last year. Consulting new bookings were $4.9 billion, or 59 percent of total new bookings. Outsourcing new bookings were $3.4 billion, or 41 percent of total new bookings.
- Co issues downside guidance for Q2, sees Q2 revs of $8.15-8.40 bln vs. $8.49 bln Capital IQ Consensus Estimate.
- Co issues downside guidance for FY17, lowers EPS to $5.64-5.87 from $5.75-5.98 vs. $5.90 Capital IQ Consensus due to FX headwind; sees FY17 revs +3-6% to ~$33.87-34.86 bln vs. $35.08 bln Capital IQ Consensus. Accenture's business outlook for the full 2017 fiscal year now assumes that the FX impact on its results in U.S. dollars will be negative 2 percent compared with fiscal 2016; the company previously expected a flat foreign-exchange impact. For fiscal 2017, the company continues to expect net revenue growth to be in the range of 5 percent to 8 percent in local currency. Accenture continues to expect operating margin for the full fiscal year to be in the range of 14.7 percent to 14.9 percent, an expansion of 10 to 30 basis points from fiscal 2016. For fiscal 2017, the company continues to expect operating cash flow to be in the range of $4.6 billion to $4.9 billion; property and equipment additions to be $600 million; and free cash flow to be in the range of $4.0 billion to $4.3 billion.
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