Accenture's Profit Rises 25% To $1.57 Billion, Raises Business Outlook

The global information technology firm Accenture reported strong third quarter earnings helped by higher demand for digital transformation amid the ongoing Covid-19 pandemic. Accenture's net profit for the quarter jumped 25 per cent to $1.57 billion compared with $1.25 billion in the same quarter last year, the company said in a press release..Revenues for the third quarter of current financial year advanced 21 per cent to $13.26 billion, compared with $10.99 billion for the third quarter of fiscal 2020. "Revenues were approximately $300 million above the top end of the company's guided range of $12.55 billion to $12.95 billion. The foreign-exchange impact for the quarter was approximately positive 5%, in line with the assumption provided in the company's second-quarter earnings release," Accenture said.."Accenture expects revenues for the fourth quarter of fiscal 2021 to be in the range of $13.1 billion to $13.5 billion, 17% to 21% growth in local currency, reflecting the company's assumption of a positive 4% foreign-exchange impact compared with the fourth quarter of fiscal 2020," Accenture added..For fiscal 2021, the company now expects revenue growth to be in the range of 10% to 11% in local currency, compared with 6.5% to 8.5% previously. Fiscal 2021 revenues include a reduction of approximately 1 percentage point from a decline in revenues from reimbursable travel costs.."Our outstanding financial results reflect our continued momentum driven by the demand for digital transformation, the depth and breadth of our client relationships with the world's leading companies, our talented people and the strength of our business across geographic markets, industries and services.."We are particularly pleased with our ability to continue to invest significantly in our business and our people. This includes acquisitions of 39 innovative companies that we have announced for the fiscal year to date, bringing us scale and new or expanded capabilities. To continue to provide vibrant career paths, we have promoted a record 117,000 people, including almost 1,200 managing directors so far this fiscal year in recognition of their leadership, excellence and commitment to creating value for our clients, people, shareholders, partners and communities," Julie Sweet, Accenture's chief executive officer, said in a statement..During the third quarter of fiscal 2021, Accenture repurchased or redeemed 3 million shares for a total of $835 million, including approximately 2.8 million shares repurchased in the open market. This brings Accenture's total share repurchases and redemptions for the first three quarters of fiscal 2021 to 11.0 million shares for a total of $2.79 billion, including approximately 8.4 million shares repurchased in the open market.

Accenture's Profit Rises 25% To $1.57 Billion, Raises Business Outlook

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