Accenture Expects First-Quarter Results to Exceed Analysts' Estimates
NEW YORK; December 20, 2001 – Accenture (NYSE: ACN) expects its results for the first quarter ended November 30, 2001, to exceed analysts’ current consensus estimates.
Revenues before reimbursements are expected to rise to approximately $2.99 billion, exceeding analysts’ current consensus estimates of $2.80 billion. Operating income is expected to be $405 million to $415 million, exceeding analysts’ current consensus estimates of $379 million.
Excluding investment writedowns and the related tax effect, net income before minority interest is expected to be between $250 million and $260 million, exceeding analysts’ consensus estimate of $226 million. Diluted earnings per share on the same basis are expected to be $0.24 to $0.25, exceeding the analysts’ consensus estimate of $0.22. Reported net income before minority interest, including investment writedowns and the related tax effect, is expected to be between $195 million and $205 million. Reported diluted earnings per share on the same basis are expected to be $0.19 to $0.20.
“Our strong performance demonstrates our ongoing ability to provide clients with the services and solutions they require, especially in challenging times like these,” said Joe W. Forehand, Accenture chairman and CEO. “The resilience and responsiveness of our more than 75,000 professionals around the world was key to our ability to achieve this performance.”
Accenture’s loss on investments in the first quarter includes a $90 million charge related to the company’s venture and investment portfolio. With respect to its previously reported plan to reposition its venture and investment portfolio, Accenture intends to present potential alternatives to its Board for consideration, and it expects to finalize an alternative by the end of the second quarter of fiscal year 2002.
In addition, Accenture said it is accounting for costs associated with the September 11 tragedy in the United States in ongoing operating expenses.
These preliminary results are subject to quarterly review procedures and final reconciliations and adjustments. The company expects to issue its full first-quarter earnings release on January 9, 2002.
Accenture will host a conference call at 8:30 a.m. EST today, Thursday, Dec. 20, to discuss its preliminary first-quarter fiscal 2002 financial results. To participate, please dial +1 (800) 230-1074 [+1 (612) 332-0725 outside the United States, Canada and Puerto Rico] approximately 15 minutes before the scheduled start of the call.
A replay of the conference call will be available at http://www.accenture.com, or by dialing +1 (800) 475-6701 [+1 (320) 365-3844 outside the United States, Canada and Puerto Rico] and entering access code 618943 from 1:15 p.m. (EST) Thursday, Dec. 20 through 11:59 p.m. (EST) Thursday, Jan. 3.
About Accenture
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, ventures and other capabilities -- Accenture delivers innovations that help clients across all industries quickly realize their visions. With more than 75,000 people in 47 countries, the company generated net revenues of $11.44 billion for the fiscal year ended August 31, 2001. Its home page is http://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 our most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
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Roxanne Taylor
+1 (917) 452 5106