Perficient, Inc. (PRFT) Tops Q4 EPS by 7c, Revenues Beat; Offers Q1 & FY19 EPS/Revenue Mid-Point Views Above Consensus

Perficient, Inc. (NASDAQ: PRFT) reported Q4 EPS of $0.47, $0.07 better than the analyst estimate of $0.40. Revenue for the quarter came in at $131.7 million versus the consensus estimate of $128.35 million.

• Services revenue increased 11% to $130.0 million from $117.4 million in the fourth quarter of 2017;
• Total revenue decreased to $131.7 million from $133.5 million in the fourth quarter of 2017 primarily as a result of the net presentation of third party software and hardware sales upon adoption of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers in 2018;
• Net income increased 16% to $7.5 million from $6.4 million in the fourth quarter of 2017;
• GAAP earnings per share results on a fully diluted basis increased 21% to $0.23 from $0.19 in the fourth 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 27% to $0.47 from $0.37 in the fourth quarter of 2017; and
• EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $21.7 million from $20.7 million in the fourth quarter of 2017.

“Perficient fired on all cylinders during the fourth quarter, delivering strong margins and profitability that exceeded our forecast,” said Jeffrey Davis, chairman and CEO. “That momentum has carried into the first quarter of 2019. Bookings are solid, the pipeline is the largest it has ever been and the key performance indicators we monitor are all trending in the right direction. I\'ve never been more excited about what we\'re building at Perficient.”

GUIDANCE:

Perficient, Inc. sees Q1 2019 EPS of $0.38-$0.41, versus the consensus of $0.38. Perficient, Inc. sees Q1 2019 revenue of $129-133 million, versus the consensus of $1.3 million.

Perficient, Inc. sees FY2019 EPS of $1.65-$1.77, versus the consensus of $1.65. Perficient, Inc. sees FY2019 revenue of $515-545 million, versus the consensus of $524.25 million.

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

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