Accenture (ACN) said it continues to expect fiscal 2024 GAAP EPS to be in the range of $11.41 to $11.76, an increase of 6% to 9% over fiscal 2023. Adjusted EPS is projected to be in the range of $11.97 to $12.32, an increase of 3% to 6%. This excludes $0.56 for business optimization costs in fiscal 2024, the company noted.

The company continues to expect fiscal 2024 revenue growth to be in the range of 2% to 5% in local currency. Also, the company continues to expect to return at least $7.7 billion in cash to shareholders through dividends and share repurchases.

Accenture projects revenues for the second quarter to be in the range of $15.40 billion to $16.00 billion.

First quarter GAAP net income was $2.01 billion, compared with $2.00 billion for the first quarter of prior year. GAAP EPS was $3.10 compared to $3.08. Excluding a $0.17 decrease for business optimization costs, adjusted EPS was $3.27, an increase of 6%. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $3.14, for the quarter. Analysts’ estimates typically exclude special items.

First quarter revenues were $16.2 billion, an increase of 3% in U.S. dollars and 1% in local currency from a year ago. Analysts on average had estimated $16.2 billion in revenue. New bookings were $18.45 billion, a 14% increase in U.S. dollars and a 12% increase in local currency from last year.

Julie Sweet, chair and CEO, Accenture, said, “Our deep and trusted client relationships are again reflected in the 30 clients with quarterly bookings of more than $100 million. And we continue to lead our industry in Gen AI with over $450 million in new bookings.”

Accenture’s total cash balance at November 30, 2023 was $7.1 billion.

Shares of Accenture are down 1% in pre-market trade on Tuesday.

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Original: RTT – Earnings: Accenture Confirms Business Outlook For FY24