Shares Rise 15% as Company Exceeds Expectations
Perficient, a leading digital consultancy services provider, experienced a significant boost in its shares, rising by 15% to $59.37, following the announcement of better-than-anticipated revenue for the latest quarter. Despite a 15% decrease in stock value over the year thus far, the company remains optimistic about its financial performance going forward.
In the third quarter, which concluded on September 30, Perficient reported a net income of $22.6 million, equivalent to 63 cents per share. This represents a slight decline from the previous year’s figures of $23 million, or 64 cents per share. However, adjusted earnings matched analysts’ estimates at 92 cents per share.
While revenue declined by 2% to $223.2 million compared to $227.6 million last year, analysts’ expectations were surpassed with a slight margin. The general consensus among analysts predicted revenue of $222 million, according to FactSet.
Chief Executive Tom Hogan expressed his confidence in Perficient’s performance during the third quarter, stating, “Our business momentum and performance began to improve during the third quarter, and we expect a solid close to the year.”
Looking ahead to the fourth quarter, Perficient projects revenue ranging from $221 million to $226 million, and adjusted earnings per share between 98 cents and $1.03. These figures align with analysts’ estimates.
In terms of long-term guidance for 2023, Perficient has updated its forecast. The company now expects revenue between $907 million and $912 million and adjusted earnings per share ranging from $3.94 to $3.99. Previously, Perficient had predicted revenue between $900 million and $916 million, with adjusted earnings per share projected to fall between $3.93 and $4.05.
Conclusion
Perficient’s latest financial report showcases its resilience and ability to adapt to changing market conditions. With better-than-expected revenues in Q3 and a positive outlook for the remainder of the year, Perficient is well-positioned for continued growth and success.
