Accenture Q2 2015 net revenues up 5%
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We delivered excellent new bookings of $9.4 billion.
Pierre Nanterme, chairman and CEO
New bookings for the quarter were $9.4 billion, with consulting bookings of $4.2 billion and outsourcing bookings of $5.1 billion.
Pierre Nanterme, Accenture's chairman and CEO, said, "We are extremely pleased with our very strong financial results for the second quarter and first half of fiscal 2015. Our revenue growth of 12 percent in the second quarter was again broad-based across the different dimensions of our business, and we gained significant market share.
"We delivered excellent new bookings of $9.4 billion, demonstrating that our services continue to be highly relevant to our clients. Based on our continued momentum and very strong performance in the first half, we are raising our business outlook for revenues for the full fiscal year."
Revenues before reimbursements (net revenues) for the second quarter of fiscal 2015 were $7.49 billion, compared with $7.13 billion for the second quarter of fiscal 2014, an increase of 5 percent in U.S. dollars and 12 percent in local currency.
Net revenues for the quarter reflect a foreign-exchange impact of negative 6.5 percent, compared with the negative 5 percent we had previously assumed. Adjusting for the actual foreign-exchange impact of negative 6.5 percent in the quarter, the company's guided range for quarterly net revenues was $7.15 billion to $7.40 billion.
Accenture's second quarter fiscal 2015 net revenues were $90 million above this adjusted range. Diluted EPS for the quarter were $1.08, compared with $1.03 for the second quarter last year.
Gross margin (gross profit as a percentage of net revenues) for the quarter was 29.9 percent, compared with 31.3 percent for the second quarter last year. Selling, general and administrative (SG&A) expenses for the quarter were $1.22 billion, or 16.3 percent of net revenues, compared with $1.28 billion, or 17.9 percent of net revenues, for the second quarter last year.
Operating income for the quarter increased 7 percent, to $1.02 billion, or 13.6 percent of net revenues, compared with $951 million, or 13.3 percent of net revenues, for the second quarter of fiscal 2014.
Net income for the quarter was $743 million, compared with $722 million for the second quarter last year, a 3 percent increase. Operating cash flow for the quarter was $301 million, and property and equipment additions were $82 million.
Free cash flow, defined as operating cash flow net of property and equipment additions, was $220 million. For the same period last year, operating cash flow was $292 million; property and equipment additions were $76 million; and free cash flow was $216 million. Accenture's total cash balance at February 28, 2015 was $4.1 billion, compared with $4.9 billion at August 31, 2014. â–