NEW YORK (Bloomberg) ? Bermuda-based Accenture Ltd., the world's second- largest consultant, on Friday said fourth-quarter profit rose 51 percent on a tax gain. Sales missed the company's forecast after Accenture withdrew from a money-losing contract.

Net income increased to $346.4 million, or 56 cents a share, from $229.1 million, or 38 cents, a year earlier, Accenture said today in a statement. Sales, before reimbursements from clients, rose 1.1 percent to $3.97 billion in the period ended August 31. Accenture had forecast sales of $4.20 billion to $4.35 billion.

Accenture is transferring a $3.73 billion contract with the UK's National Health Service to Computer Sciences Corp. after $450 million in losses. That reduced fourth-quarter sales. Accenture said withdrawing from the work will boost fiscal 2007 profit by two cents, less than analyst Jamie Friedman expected.

"There was a slight revenue miss and there was a slight guidance miss," said Friedman, a Susquehanna International Group analyst in New York who rates Accenture "neutral". Friedman said Accenture's 2007 profit forecast should be higher because it is exiting the contract. "You can't explain why the reduction didn't create a larger earnings estimate.

Accenture shares fell 46 cents, or 1.5 percent, to $30.81 in extended trading, after rising 7.9 percent at 4 p.m. in New York Stock Exchange composite trading.

Accenture said on Friday it will lose $125 million on the contract in fiscal 2007, less than previously thought.

Profit at Accenture, which does computer work for the US Marines and AT&T Inc., was lifted by a $143 million tax benefit.

Outsourcing sales rose 14 percent to $1.77 billion as Accenture handled more human resources, accounting and purchasing duties for its customers. It's also performing more work in low- cost locations like India, where its workforce rose by 3,500 to 23,000 in the fourth quarter.

"As we make progress we have opportunities to turn things up a bit," chief executive officer William Green said in an interview.

Net income per share topped a company forecast of as much as 54 cents. Excluding the tax benefit costs, the company earned 39 cents, matching Friedman's estimate.

Accenture said it expects first-quarter net revenue of $4.45 to $4.65 billion. That compares with the average estimate of $4.55 billion by fourteen analysts in a Thomson Financial survey. The company expects profit of $1.77 to $1.82 a share in fiscal 2007 on a sales gain of 9 to 12 percent.

Accenture said it had $4.92 billion in new bookings, an indicator of future growth. It expects bookings to rise for fiscal 2007 to $22 billion to $24 billion, from $20.4 billion the previous fiscal year.

Accenture raised its annual dividend to 35 cents a share from 30 cents. It's employment rose 14 percent to more than 140,000 and it expects hiring this fiscal year will match the pace of 2006.