Accenture Shares Decline Despite Earnings Beat By Investing.com
Stock Markets 15 minutes ago (Sep 22, 2022 01:05PM ET)
(C) Reuters Accenture (ACN) Shares Decline Despite Earnings Beat
By Sam Boughedda
Accenture (NYSE:ACN) reported earnings for its fiscal fourth-quarter posting a better-than-expected quarterly profit, however, its forecast was weaker-than-expected.
The company reported Q4 EPS of $2.60, $0.02 better than the analyst estimate of $2.58, while revenue for the quarter came in at $15.42 billion versus the consensus estimate of $15.44 billion.
Despite an initial rise in its share price earlier in the session, Accenture is down 0.7% at the time of writing.
Furthermore, Accenture approved $3 billion in additional share repurchase authority, bringing its total outstanding to approximately $6.1 billion.
The company sees FY2023 EPS between $11.09 and $11.41, compared to the consensus of $12.
Following the report, Cowen released a note to clients, maintaining an Outperform rating and a $325 price target on the stock.
“4Q revenue in line while EPS beat by 1% w/ broad-based performance. FY23 outlook mixed w/ 8-11% CC growth & +10-30 bps margin meeting Street, but EPS below consensus by -6%, FCF forecasted -10% y/y & 1Q growth below Street. Attrition held flat q/q vs. expected rise, though headcount growth moderated for 2nd consecutive Q at 1.5% q/q with flat utilization,” wrote a Cowen analyst.
Accenture Shares Decline Despite Earnings Beat
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