Perficient, Inc. (PRFT) Tops Q3 EPS by 2c, Revenues Miss; Raises FY18 EPS Outlook Above Consensus, Narrows FY18 Revenue Outlook

Perficient, Inc. (NASDAQ: PRFT) reported Q3 EPS of $0.41, $0.02 better than the analyst estimate of $0.39. Revenue for the quarter came in at $123.9 million versus the consensus estimate of $125.22 million.

• Services revenue increased 5% to $122.9 million from $117.4 million in the third quarter of 2017;
• Total revenue increased to $123.9 million from $123.7 million in the third quarter of 2017;
• Net income decreased 10% to $6.3 million from $7.0 million in the third quarter of 2017 primarily due to adjustments to contingent consideration liabilities related to acquisitions;
• GAAP earnings per share results on a fully diluted basis decreased to $0.19 from $0.21 in the third quarter of 2017 primarily due to adjustments to contingent consideration liabilities related to acquisitions;
• 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 21% to $0.41 from $0.34 in the third quarter of 2017; and
• EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $19.5 million from $19.2 million in the third quarter of 2017.

“Solid performance across several key metrics resulted in strong services gross margin and profitability,” said Jeffrey Davis, chairman and CEO. “Those results, coupled with very strong third quarter bookings, enable us to raise our full-year earnings estimate and have us well-positioned for a great start to 2019.”

GUIDANCE:

Perficient, Inc. sees FY2018 EPS of $1.52-$1.55, versus the consensus of $1.50. Perficient, Inc. sees FY2018 revenue of $492-498 million versus the consensus of $497.75 million.

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

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