Accenture Announces Outcome of Q2 Fiscal Year 2013 Financials

Accenture plc, a leading global professional services company, has announced its financial results for the second quarter of fiscal 2013, along with a semi-annual cash dividend for shareholders.

The company has declared a semi-annual cash dividend of $0.81 per share for shareholders of record at the close of business on April 12, 2013. This dividend is payable on May 10, 2013.

In terms of financial performance, Accenture's net revenues for the second quarter of fiscal 2013 stand at $7.1 billion, marking an increase of 4% in both U.S. dollars and local currency compared to the same period last year.

The company's operating income for the quarter rose to $1.16 billion, representing a 20 basis points expansion of operating margin to 13.3%. This growth was underpinned by strong performances in key regions such as North America, Europe, Middle East, and APAC regions.

Accenture achieved its highest revenues in the second quarter of fiscal year 2013 primarily in the United States, Canada, the United Kingdom, France, Germany, and other major European countries, as well as in regions of the Middle East and Asia-Pacific, including India and Australia.

The company's net revenues by geographic region for the quarter are as follows:

North America: $3.7 billion, up 4% year-on-year
Europe: $2.2 billion, up 5% year-on-year
Middle East: $343 million, up 11% year-on-year
Africa: $108 million, up 1% year-on-year
Asia-Pacific: $927 million, up 7% year-on-year

In terms of business segments, consulting net revenues for the quarter decreased approximately 1% in both U.S. dollars and local currency from the second quarter of fiscal 2012. However, outsourcing net revenues increased 9% in U.S. dollars and 10% in local currency over the same period.

Accenture's gross margin for the quarter was 31.6%, while selling, general and administrative (SG&A) expenses for the second quarter were $1.3 billion, or approximately 18.3% of net revenues.

New bookings for the quarter are $9.1 billion, with record consulting bookings of $4.4 billion and outsourcing bookings of $4.7 billion.

Diluted earnings per share (EPS) for the second quarter of fiscal 2013 are $1.65, including benefits from final determinations of prior-year tax liabilities and a reduction in reorganization liabilities. Excluding these benefits, EPS are $1.00.

Accenture's total share repurchases and redemptions for the first half of fiscal 2013 are 12.1 million shares, including 6.1 million shares repurchased in the open market, for a total of $830 million. During the second quarter alone, Accenture repurchased or redeemed 8.8 million shares, including 5.5 million shares repurchased in the open market, for a total of $609 million.

Looking ahead, Accenture expects net revenues for the third quarter of fiscal 2013 to be in the range of $7.25 billion to $7.50 billion. For fiscal 2013, the company now expects net revenue growth to be in the lower half of its previously guided range of 5% to 8% in local currency.

Accenture continues to expect to return at least $3.3 billion to its shareholders in fiscal 2013 through dividends and share repurchases. The company also expects operating margin for the full fiscal year to be in the range of 14.9% to 15.0%.

Accenture SCA, the French subsidiary of Accenture plc, will declare a semi-annual cash dividend of $0.81 per share for shareholders of record at the close of business on April 9, 2013.

As of Feb. 28, 2013, Accenture's total remaining share repurchase authority was approximately $3.6 billion.