Accenture Beats, Guides Favorably
Snapshot Report ) reported third quarter 2011 earnings per share (EPS) of 93 cents, beating the Zacks Consensus Estimate of 89 cents. Earnings increased 25.0% from the year-ago quarter, attributable to higher revenues and margins, lower share count and tax rate as well as favorable foreign-exchange rates. Shares jumped 3.07% in after-hour trade.Revenues
Accenture reported third quarter 2011 net revenue of $6.72 billion, up 20.6% from $5.57 billion reported in the year-ago quarter. Net revenue was well above the company’s guided range of $6.30 billion to $6.50 billion and the Zacks Consensus Estimate of $6.21 billion.
The results included a four percentage point positive impact from foreign currency. The meaningful growth in net revenue may be attributed to the significant increase in revenues across Accenture’s operating segments and healthy demand for its offerings across the industries served.
On a year-over-year basis, revenues increased 25.4% for Financial Services, 22.5% for Communications & High Tech and 20.4% for Product. Revenues from Resources were up 27.9%, while Health & Public Services Group revenues grew 4.8% from the year-ago quarter. Other revenues grew 11.8% year over year.
Consulting and Outsourcing revenues increased 23.0% and 17.4% from last year to $3.97 billion and $2.75 billion, respectively.
Geographically, year-over-year increases of 16.2%, 20.6% and 38.4% were seen in top-line contributions from the Americas, Europe Middle East and Africa (EMEA) and the Asia Pacific, respectively.
Bookings
Consulting bookings were $3.70 billion and outsourcing bookings were $3.40 billion. Net new bookings reflect a positive 6.0% foreign currency impact. According to management, bookings growth was attributable to growing demand for Accenture’s services.
Operating Results
The third quarter gross margin dropped 30 basis points year over year to 34.4%. The utilization rate dropped 100 basis points year over year to 86.0%. The decrease in gross margin was also attributable to higher subcontractor costs, recruiting and training costs as well as an increase in annual compensation.
Total operating expenses grew 20.9% year over year due to increases of 16.5% in sales and marketing expenses and 28.6% in general and administrative expenses. However, as a percentage of net revenue, operating expenses remained flat with the year-ago quarter. The operating margin was 14.1% compared to 14.5% in the year-ago quarter.
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Consulting bookings were $3.70 billion and outsourcing bookings were $3.40 billion. Net new bookings reflect a positive 6.0% foreign currency impact. According to management, bookings growth was attributable to growing demand for Accenture's services.
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The count has taken place every three years since 2002. While recognized as an “undercount,” the statistics, including demographics and trends, are used to advocate for housing and services for people living with extreme poverty and homelessness.
The numbers of homeless people counted in Burnaby have grown over the years from 17 in 2002, to 40 in 2005 and 87 in 2008.
While research consultant OrgCode Consulting Inc. continues to compile the data collected on March 16, outreach workers from Progressive Housing Society estimate there could be as many as 250 people in Burnaby dealing with homelessness, based on their contact with people accessing the society’s services.
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