Accenture raises 2008 forecast

Accenture posted a first-quarter profit that surpassed analysts' estimates and raised its earnings forecast for the year.

Revenues for the quarter ended Nov. 30 reached $5.67 billion, up 19% year-on-year in US dollars, and up 12% in local currency.

Net income in the quarter ended Nov. 30 rose 34 percent to $381.3 million, or a record 60 cents a share, from $284.2 million, or 46 cents, a year earlier. On average, analysts were expecting 56 cents a share.

Outsourcing revenue during the quarter grew 14%, while consulting revenue saw a 12% increase.

Accenture raised its profit forecast for its full 2008 fiscal year by 15 cents per share, to a range of $2.36 to $2.41 per share. The company expects sales to rise to between $5.5 billion and $5.7 billion in the second quarter.

New bookings in the quarter, an indicator of future revenue, were $5.92 billion, with consulting bookings of $3.37 billion and outsourcing bookings of $2.54 billion. Accenture said it continues to target new bookings for fiscal 2008 in the range of $24 billion to $26 billion.

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