Global tech services and consulting firm Accenture (ACN) on Thursday beat Wall Street’s estimates for its fiscal third quarter but its new bookings disappointed. ACN stock fell in early trading.
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The Dublin-based company earned an adjusted $3.19 a share on sales of $16.56 billion in the quarter ended May 31. Analysts polled by FactSet had expected Accenture earnings of $3.01 a share on sales of $16.49 billion. On a year-over-year basis, Accenture sales rose 3% while earnings climbed 14%.
However, Accenture reported new bookings of $17.2 billion, missing Wall Street’s target of $18.25 billion.
Accenture also trimmed its revenue growth target for the full fiscal year to a range of 8% to 9%. Three months ago, it forecast revenue growth of 8% to 10%.
ACN Stock Sinks After Report
In premarket trading on the stock market today, ACN stock dropped 3.6% to 302.
“Our third-quarter results reflect solid bookings and revenue and very strong adjusted operating margin, earnings per share and free cash flow, which demonstrates the rigor and discipline with which we run our business,” Chief Executive Julie Sweet said in a news release.
Accenture ranks eighth out of 58 stocks in IBD’s Computer-Tech Services industry group, according to IBD Stock Checkup. ACN stock has an IBD Composite Rating of 88 out of 99.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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