NEW YORK; July 24, 2002 – Accenture today confirmed its earlier guidance that it expects diluted earnings per share for the fourth quarter of fiscal 2002 to be approximately $0.16, consistent with the analysts’ consensus estimate, and that it expects diluted earnings per share to be $0.65 on a reported basis, or $0.91 when adjusted to exclude net gains or losses on investments, for the full fiscal year ending August 31, 2002. The company also confirmed that it continues to target earnings per share of $1.05 for the fiscal year ending August 31, 2003.
While Accenture typically gives formal guidance for revenue growth when it releases quarterly financial results, the company plans to confirm at its Investor and Analyst Meeting today that it expects a single-digit percentage decline year-over-year in top-line revenue growth for the fourth quarter of fiscal 2002. The company reiterated that, with respect to revenues, the fourth quarter is its most volatile due to the seasonality of its business.
Accenture also plans to announce at the meeting that it expects revenue growth for fiscal year 2003 to be in the 0 percent to plus 2 percent range. The company said that this estimate is based on assumptions about a variety of factors, including difficult global economic conditions, volatility around the earnings performance of its clients, the need for companies to address corporate accounting and governance issues, and uncertainty related to the rebound in IT spending. The company is using this estimate to plan its costs for fiscal year 2003. It is also planning resource requirements should demand and revenue be stronger.
Accenture is the world’s leading management consulting and technology services organization. Through its network of businesses approach -- in which the company enhances its consulting and outsourcing expertise through alliances, affiliated companies and other capabilities -- Accenture delivers innovations that help clients across all industries quickly realize their visions. With approximately 75,000 people in 47 countries, the company generated net revenues of US $11.44 billion for the fiscal year ended August 31, 2001. Its home page is www.accenture.com.
This press release contains forward-looking statements, the accuracy of which is necessarily subject to risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed under the heading "Forward-Looking Statements and Certain Factors That May Affect Our Business" in the reports and other documents that we file with the Securities and Exchange Commission, including our most recent annual report on Form 10-K filed with the Securities and Exchange Commission.