Accenture, a global IT leader, has released its financial results for the third quarter of fiscal 2024, ending May 31, 2024. The company reported revenues of $16.5 billion, showing a slight decrease of 1% in U.S. dollars but a 1.4% increase in local currency. Consulting revenues totaled $8.5 billion, with managed services revenues at $8.0 billion.
Operating margins saw significant improvement compared to last year, with the GAAP margin up to 16% and the adjusted margin at 16.4%, an increase of 180 and 10 basis points respectively, according to their filing.
New bookings for the quarter reached $21.1 billion, with consulting bookings of $9.3 billion and managed services bookings of $11.8 billion, indicating strong demand for their services.
Accenture also announced an increased quarterly cash dividend of $1.29 per share, marking a 15% rise from the previous dividend. Shareholders of record by July 11, 2024, will receive the dividend on August 15, 2024.
Julie Sweet, Accenture’s chair and CEO, highlighted their strategic focus on client needs, noting, “We achieved strong new bookings of over $21 billion, up 22% over last year.”
Looking ahead to the fourth quarter of fiscal 2024, Accenture anticipates revenues in the range of $16.05 billion to $16.65 billion, with expected growth of 2% to 6% in local currency, factoring in a negative 2% foreign-exchange impact compared to last year.
For the full fiscal year 2024, Accenture adjusted its revenue growth forecast to between 1.5% and 2.5% in local currency, reflecting a slightly negative foreign-exchange impact compared to fiscal 2023.
The company also adjusted its annual effective tax rate projection to be between 23.5% and 24.5%, excluding business optimization costs, compared to the previous range of 22.5% to 24.5%.
Accenture’s robust financial performance and strategic outlook underscore its resilience and agility in navigating global economic conditions while continuing to meet client demands effectively.
