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Feb 28, 2023
Accenture Q2 2023 Earnings Report
Accenture reported strong revenues and record new bookings.
Key Takeaways
Accenture's Q2 2023 revenues reached $15.8 billion, a 5% increase, with record new bookings of $22.1 billion, up 13%. GAAP EPS was $2.39, while adjusted EPS increased by 6% to $2.69. The company updated its fiscal 2023 outlook, expecting revenue growth of 8% to 10% in local currency.
Revenues increased by 5% to $15.8 billion, and 9% in local currency.
New bookings reached a record $22.1 billion, a 13% increase.
GAAP EPS was $2.39, while adjusted EPS rose by 6% to $2.69.
Accenture updated its fiscal 2023 business outlook, anticipating revenue growth of 8% to 10% in local currency.
Forward Guidance
Accenture expects Q3 2023 revenues to be in the range of $16.1 billion to $16.7 billion, reflecting a 3% to 7% increase in local currency. For fiscal year 2023, revenue growth is expected to be 8% to 10% in local currency, with GAAP EPS of $10.84 to $11.06 and adjusted EPS of $11.41 to $11.63.
Positive Outlook
- Revenue growth of 3% to 7% in local currency is expected for Q3 2023.
- Fiscal year 2023 revenue growth is projected at 8% to 10% in local currency.
- GAAP operating margin for fiscal 2023 is expected to be in the range of 14.1% to 14.3%.
- Operating cash flow is projected to be in the range of $8.7 billion to $9.2 billion.
- Free cash flow is expected to be in the range of $8.0 billion to $8.5 billion.
Challenges Ahead
- Foreign-exchange impact is expected to be approximately negative 3.5% for Q3 2023.
- GAAP EPS for fiscal 2023 is projected to be $10.84 to $11.06, lower than previously expected.
- The company recorded $244 million in business optimization costs during the second quarter and expects to record total costs of approximately $1.5 billion through fiscal 2024.
Historical Earnings Impact
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