Forrester (FORR) Tops Q4 EPS by 4c, Revenues Beat; 1Q & FY21 EPS Guidance Below Consensus

Forrester (NASDAQ: FORR) reported Q4 EPS of $0.35, $0.04 better than the analyst estimate of $0.31. Revenue for the quarter came in at $120.5 million versus the consensus estimate of $113.04 million.

"Forrester had a strong finish to the year despite challenging macroeconomic conditions. We helped our clients find new ways to win and retain customers during the pandemic, shift their workforces to virtual, and prepare themselves for a post-pandemic digital world," said George F. Colony, Forrester's chairman and chief executive officer. "After the uncertainty of Q2, company momentum built in Q3 and Q4, with rising engagement across our research, consulting, and events businesses. We exceeded revenue and EPS guidance for the quarter and head into 2021 with healthy cash flow and a solid balance sheet.

"In 2021, the company is laser-focused on increasing research contract value bookings at double-digit rates — that is job number one."

GUIDANCE:

Forrester sees Q1 2021 EPS of $0.15-$0.21, versus the consensus of $0.28.

Forrester sees FY2021 EPS of $1.50-$1.60, versus the consensus of $1.87.

Adjusted financial guidance for the first quarter of 2021 excludes stock-based compensation expense of $2.4 million to $2.6 million, amortization of acquisition-related intangible assets of approximately $3.8 million, integration costs of approximately $0.1 million, and any investment gains or losses.

• Adjusted operating margin of approximately 5.0% to 7.0%.
• Adjusted effective tax rate of 31%.
• Adjusted diluted earnings per share of approximately $0.15 to $0.21.

Adjusted financial guidance for full-year 2021 excludes stock-based compensation expense of $10.2 million to $10.7 million, amortization of acquisition-related intangible assets of approximately $15.2 million, integration costs of $0.3 million to $0.5 million, and any investment gains or losses.

• Adjusted operating margin of approximately 10.0% to 11.0%.
• Adjusted effective tax rate of 31%.
• Adjusted diluted earnings per share of approximately $1.50 to $1.60.

For earnings history and earnings-related data on Forrester (FORR) click here.

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