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April 1, 2009

Accenture adjusts guidance after weak Q2

Consulting revenue fell 10% to $3.03 billion

By CBR Staff Writer

Accenture has adjusted its 09 earnings guidance after reporting a 1% increase in net income to $411.43m for the second quarter 2009, compared to $406.55m in the year-ago quarter, on revenue down 6% at $5.27 billion.

Operating income grew 6% to $677.46m, while diluted EPS fell 2% to $0.63. The company had new bookings of $5.98 billion, with consulting bookings of $3.14 billion and outsourcing bookings of $2.84 billion. It repurchased 11 million shares for $357m and generated operating cash flow of $631m.

Consulting revenue fell 10% to $3.03 billion, while outsourcing revenue fell 1% to $2.24 billion. Geographically, Asia Pacific revenue grew 10% to $553m, while Americas revenue fell 1% to $2.29 billion, and EMEA revenue fell 13% to $2.41 billion.

For the third quarter, the company expects revenue between $5.1 billion and $5.3 billion. For fiscal 2009, it reduced its guidance and now expects revenue growth of 0% to 4% in local currency against revenue growth of 6% to 10% and diluted EPS in the range of $2.60 to $2.67 from its previous range of $2.78 to $2.85. It now expects new bookings in the range of $23 billion to $25 billion from previous range of $24 billion to $27 billion.

William Green, chairman and chief executive at Accenture, said: Against a weak economic backdrop, we grew revenues in local currency, grew operating income, expanded operating margin by 150 basis points and delivered solid EPS. We are revising our business outlook for the rest of the year to reflect the continued uncertainty in the global marketplace.

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