Perficient, Inc. (PRFT) Prelim. Q2 Revenue Misses Expectations

Perficient, Inc. (NASDAQ: PRFT) reported updated preliminary revenue estimates for the quarter ended June 30, 2015, and updated full year revenue and adjusted earnings per share guidance.

Financial Highlights

For the quarter ended June 30, 2015, revenue is expected to be in the range of $108.2 million to $109.2 million and comprised of:

• Services revenue, including reimbursed expenses, in the range of $100.8 million to $101.8 million; and
• Software and hardware revenue expected to be approximately $7.4 million.

The preliminary revenue results for the three months ended June 30, 2015, are below the previously announced revenue guidance range of $110.5 million to $120.9 million and services revenue guidance, including reimbursed expenses, of $104.5 million to $109.9 million. The reduction is primarily the result of unexepected customer delays in contract execution and project startups, including a delay in the ramp up of a large health care engagement.

*** The Street sees Q2 revenue of $116.4 million.

“While we are disappointed in the slower than anticipated start to 2015, we are encouraged by bookings and backlog that support improved results in the second half,” said Jeff Davis, Perficient CEO and President. “Given the preliminary second quarter results, we are updating full year revenue and adjusted earnings per share guidance.”

Perficient is also revising its full year 2015 revenue guidance range, from $470 million to $495 million to $455 million to $475 million, and its 2015 adjusted earnings per share guidance range, from $1.38 to $1.49 to $1.15 to $1.25.

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