Perficient, Inc. (NASDAQ: PRFT) reported Q1 EPS of $0.35, $0.01 better than the analyst estimate of $0.34. Revenue for the quarter came in at $120.9 million versus the consensus estimate of $115.9 million.

Financial Highlights

For the quarter ended March 31, 2018:

• Revenue increased 9% to $120.9 million from $111.0 million for the first quarter of 2017;
• Services revenue increased 16% to $120.2 million from $104.0 million for the first quarter of 2017;
• Net income increased 82% to $4.9 million from $2.7 million for the first quarter of 2017;
• GAAP earnings per share results on a fully diluted basis increased to $0.15 from $0.08 for the first quarter of 2017;
• Adjusted earnings per share results (a non-GAAP measure; see attached schedule, which reconciles to GAAP earnings per share) on a fully diluted basis increased to $0.35 from $0.24 for the first quarter of 2017; and
• EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $16.9 million from $14.1 million for the first quarter of 2017.

“Perficient delivered one of the strongest performances in its history during the first quarter,” said Jeffrey Davis, chairman and chief executive. “Our momentum entering the second quarter is solid and our confidence for the remainder of the year, coupled with results to date, enables us to raise both our revenue and adjusted earnings guidance ranges.”

Business Outlook

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. See “Safe Harbor Statement” below.

Perficient expects its second quarter 2018 revenue to be in the range of $123.0 million to $127.0 million. Second quarter adjusted earnings per share (a non-GAAP measure; see attached schedule which reconciles to GAAP earnings per share guidance) is expected to be in the range of $0.36 to $0.39.

Perficient is raising its previously provided full year 2018 revenue guidance range to $485.0 million to $510.0 million, narrowing its 2018 GAAP earnings per share guidance range to $0.67 to $0.79, and raising its 2018 adjusted earnings per share (a non-GAAP measure; see attached schedule which reconciles to GAAP earnings per share guidance) guidance range to $1.44 to $1.54.

GUIDANCE:

Perficient, Inc. sees FY2018 EPS of $1.44-$1.54, versus the consensus of $1.51. Perficient, Inc. sees FY2018 revenue of $485-510 million, versus the consensus of $491.88 million.

For earnings history and earnings-related data on Perficient, Inc. (PRFT) click here.