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Accenture (ACN) early Thursday reported fiscal fourth-quarter earnings that topped Wall Street targets while revenue missed amid weak bookings. The company’s fiscal 2024 revenue outlook for ACN stock came in below expectations.
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Accenture earnings for the quarter ended Aug. 31 rose 4% to $2.71 per share on an adjusted basis, said the Dublin-based global tech services and consulting firm. Including acquisitions, revenue climbed 4% to $16 billion, Accenture said.
Analysts expected Accenture earnings of $2.65 a share on sales of $16.07 billion. A year earlier, Accenture earned $2.60 a share on sales of $15.42 billion.
Fiscal Q4 bookings fell 10% to $16.6 billion.
ACN Stock: 2024 Sales Outlook Light
For its fiscal first quarter, which ends in November, Accenture said it expects revenue in a range of $15.85 billion to $16.45 billion. Analysts had projected revenue of $16.44 billion, up 4%.
For full-year, fiscal 2024, Accenture forecast 2%-5% revenue growth vs. analyst estimates of $67.15 billion, up 4.6%.
Accenture hiked its quarterly dividend by 15% to $1.29 a share. It also added $4 billion to a stock buyback program.
On the stock market today, ACN stock fell 3.3% to 304 in trading before the market open. ACN stock has advanced 16% in 2023 heading into the Accenture earnings report.
Also, Accenture continues to make acquisitions to move into digital marketing, cloud computing services and cybersecurity products. Further, it has increased investments in artificial intelligence and blockchain technology.
Further, ACN stock had a Relative Strength Rating of 83 out of a best-possible 99, according to IBD Stock Check Up.
Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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