World tech providers and consulting agency Accenture (ACN) on Thursday beat Wall Road’s estimates for its fiscal third quarter however its new bookings dissatisfied. ACN inventory fell in early buying and selling.
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The Dublin-based firm earned an adjusted $3.19 a share on gross sales of $16.56 billion within the quarter ended Might 31. Analysts polled by FactSet had anticipated Accenture earnings of $3.01 a share on gross sales of $16.49 billion. On a year-over-year foundation, Accenture gross sales rose 3% whereas earnings climbed 14%.
Nevertheless, Accenture reported new bookings of $17.2 billion, lacking Wall Road’s goal of $18.25 billion.
Accenture additionally trimmed its income development goal for the total fiscal yr to a spread of 8% to 9%. Three months in the past, it forecast income development of 8% to 10%.
ACN Inventory Sinks After Report
In premarket buying and selling on the inventory market right this moment, ACN inventory dropped 3.6% to 302.
“Our third-quarter outcomes mirror strong bookings and income and really robust adjusted working margin, earnings per share and free money circulate, which demonstrates the rigor and self-discipline with which we run our enterprise,” Chief Govt Julie Candy mentioned in a information launch.
Accenture ranks eighth out of 58 shares in IBD’s Pc-Tech Providers trade group, in accordance with IBD Inventory Checkup. ACN inventory has an IBD Composite Score of 88 out of 99.
Comply with Patrick Seitz on Twitter at @IBD_PSeitz for extra tales on client know-how, software program and semiconductor shares.
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