Perficient, Inc. (NASDAQ: PRFT) reported Q3 EPS of $0.67, $0.07 better than the analyst estimate of $0.60. Revenue for the quarter came in at $157.7 million versus the consensus estimate of $156.05 million.

For the quarter ended September 30, 2020:

• Services revenues net of reimbursed expenses increased 11% to $155.2 million from $140.2 million in the third quarter of 2019;
• Total revenues increased 9% to $157.7 million from $144.7 million in the third quarter of 2019;
• Net income decreased 37% to $6.2 million from $9.8 million in the third quarter of 2019, reflecting a nonrecurring loss on debt extinguishment and an adjustment to fair value of contingent consideration;
• GAAP earnings per share results on a fully diluted basis decreased 37% to $0.19 from $0.30 in the third quarter of 2019, reflecting a nonrecurring loss on debt extinguishment and an adjustment to fair value of contingent consideration;
• 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 20% to $0.67 from $0.56 in the third quarter of 2019; and
• Adjusted EBITDA (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased 23% to $31.1 million from $25.3 million in the third quarter of 2019.

“During the pandemic, Perficient has proven to be nimble, agile and capable of continuing to thrive by landing new and expanding existing customer relationships with the world's leading enterprises,” said Jeffrey Davis, chairman and CEO. “Now more than ever, Fortune 1000 clients must invest to become fully digital, and they need a trusted, knowledgeable partner with a global presence capable of delivering the right solutions at the right time. Heading into 2021, Perficient is well-positioned to continue building momentum, generating growth, and increasing profitability.”

GUIDANCE:

Perficient, Inc. sees Q4 2020 EPS of $0.68-$0.71, versus the consensus of $0.62. Perficient, Inc. sees Q4 2020 revenue of $156-161 million, versus the consensus of $158.5 million.

Perficient, Inc. sees FY2020 EPS of $2.42-$2.45, versus the consensus of $2.28. Perficient, Inc. sees FY2020 revenue of $606-611 million, versus the consensus of $606.7 million.

• Perficient expects its fourth quarter 2020 revenue to be in the range of $156 million to $161 million. Fourth quarter GAAP earnings per share is expected to be in the range of $0.36 to $0.39. Fourth 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 $0.68 to $0.71.
• Perficient is providing full year 2020 revenue guidance in the range of $606 million to $611 million, 2020 GAAP earnings per share guidance in the range of $1.02 to $1.05 and 2020 adjusted earnings per share (a non-GAAP measure; see attached schedule which reconciles to GAAP earnings per share guidance) guidance in the range of $2.42 to $2.45.

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