BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Accenture's Q3 2024 Results: Highlights and Future Outlook
Accenture (NYSE: ACN) reported its third-quarter fiscal 2024 results, highlighting impressive achievements and a robust outlook. The company secured new bookings of $21.1 billion, marking a 22% increase in U.S. dollars and 26% in local currency. Generative AI bookings surpassed $900 million, contributing to a fiscal year-to-date total of $2 billion.
Key Financial Highlights:
- Revenues: $16.5 billion, a slight 1% decrease in U.S. dollars but a 1.4% increase in local currency. Consulting revenues reached $8.5 billion, while managed services revenues were $8.0 billion.
- Operating Margin: GAAP operating margin rose to 16.0%, a 180 basis point increase from Q3 FY23. Adjusted operating margin expanded to 16.4%.
- Earnings Per Share (EPS): GAAP EPS was $3.04, a 3% decrease from the previous year. Adjusted EPS was $3.13, a 2% decline.
- Dividends: A quarterly cash dividend of $1.29 per share, reflecting a 15% increase.
CEO Statement:
Julie Sweet, chair and CEO of Accenture, expressed satisfaction with the company’s performance, highlighting the $2 billion in Generative AI sales and the strategic acquisitions worth $5.2 billion year-to-date.
Outlook for Fiscal Year 2024:
- Revenue Growth: Expected to be between 1.5% and 2.5% in local currency.
- Operating Margin: GAAP operating margin anticipated at 14.8%, with an adjusted margin of 15.5%.
- EPS: GAAP EPS projected to be $11.29 to $11.44, and adjusted EPS between $11.85 and $12.00.
- Cash Flow: Operating cash flow expected to range from $9.3 billion to $9.9 billion, with free cash flow between $8.7 billion and $9.3 billion.
Geographic Performance:
- North America: $7.83 billion in revenues, a 1% increase.
- EMEA: $5.78 billion, a 2% decrease.
- Growth Markets: $2.86 billion, a 4% decrease in U.S. dollars but an 8% increase in local currency.
Industry Group Performance:
- Communications, Media & Technology: $2.76 billion, down 4%.
- Financial Services: $2.89 billion, down 8%.
- Health & Public Service: $3.52 billion, up 8%.
- Products: $4.98 billion, flat in U.S. dollars.
- Resources: $2.31 billion, flat in U.S. dollars.
Accenture's strategic focus and robust financial management are evident in its Q3 performance and optimistic outlook for FY24. The company continues to lead in innovation and value delivery for its clients and stakeholders.
Market Reaction:
In response to these results, Accenture's stock price has risen by 8.8% in premarket trading.
Source: Accenture
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