Perficient, Inc. (NASDAQ: PRFT) reported Q2 EPS of $0.38, $0.01 better than the analyst estimate of $0.37. Revenue for the quarter came in at $121.8 million versus the consensus estimate of $125.22 million.

Financial Highlights

For the quarter ended June 30, 2018:

• Services revenue increased 12% to $120.9 million from $107.8 million in the second quarter of 2017;
• Total revenue increased 4% to $121.8 million from $117.0 million in the second quarter of 2017;
• Net income increased 143% to $5.8 million from $2.4 million in the second quarter of 2017;
• GAAP earnings per share results on a fully diluted basis increased to $0.17 from $0.07 in the second 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 $0.38 from $0.29 in the second quarter of 2017; and
• EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $18.4 million from $16.9 million in the second quarter of 2017.

“The second quarter represented the third consecutive quarter that Perficient has delivered double-digit services revenue growth. Momentum entering the second half remains solid,” said Jeffrey Davis, chairman and CEO. “Our unique and compelling value proposition, comprehensive portfolio, strong partnerships, nimble structure and depth of expertise are leading to share gains as enterprises increasingly turn to Perficient for their digital transformation needs.”

Perficient expects its third quarter 2018 revenue to be in the range of $122 million to $127 million. Third quarter GAAP earnings per share is expected to be in the range of $0.18 to $0.21. Third 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 $0.38 to $0.41.

Perficient is narrowing its previously provided full year 2018 revenue guidance range to $490 million to $505 million, adjusting its 2018 GAAP earnings per share guidance range to $0.65 to $0.75 as a result of transactional costs and additional amortization for the recent acquisition, 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 $1.45 to $1.55.

GUIDANCE:

Perficient, Inc. sees FY2018 EPS of $1.45-$1.55, versus the consensus of $1.51. Perficient, Inc. sees FY2018 revenue of $490-505 million, versus the consensus of $500.44 million.

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