Accenture (NYSE: ACN) recently released its financial results for the third quarter of fiscal 2023
Accenture (NYSE: ACN), a global professional services company, recently released its financial results for the third quarter of fiscal 2023, showcasing strong performance and growth. Alongside the positive figures, the company also announced an increase in its quarterly dividend payment, reinforcing its commitment to shareholders. This article provides an overview of Accenture's financial performance and highlights the noteworthy dividend increase.
During the third quarter of fiscal 2023, Accenture achieved revenues of $16.6 billion, marking a 3% increase in U.S. dollars and a 5% increase in local currency compared to the same period last year. While the GAAP operating income and margin experienced a slight decrease, adjusted operating income and margin expanded by 20 basis points from the previous year. The company's adjusted earnings per share (EPS) demonstrated substantial growth, with a 14% increase from the third quarter of fiscal 2022.
Julie Sweet, Chair and CEO of Accenture, expressed satisfaction with the company's third-quarter results, emphasizing the robust bookings, revenue, and adjusted operating margin. She attributed these accomplishments to Accenture's strong business strategy and the talent of its workforce, which currently comprises over 730,000 skilled professionals. Sweet emphasized that Accenture's diverse markets, industries, and services enable the company to consistently deliver comprehensive value to its clients and stakeholders.
In line with its commitment to returning cash to shareholders, Accenture paid a quarterly cash dividend of $1.12 per share on May 15, 2023. This dividend amounted to $708 million. Furthermore, the company has recently declared another quarterly cash dividend of $1.12 per share for shareholders of record at the close of business on July 13, 2023. This upcoming dividend payment represents a substantial 15% increase over the previous quarterly dividend rate of $0.97 per share in fiscal 2022.
In addition to the dividend increase, Accenture has been actively repurchasing shares to maximize shareholder value. During the third quarter of fiscal 2023, the company repurchased or redeemed a total of 2.8 million shares, amounting to $789 million. This brings the total share repurchases and redemptions for the first three quarters of fiscal 2023 to 12.1 million shares, totaling $3.33 billion. As of May 31, 2023, Accenture still holds approximately $3.5 billion in remaining share repurchase authority.
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