Perficient Q4 Adj. Profit Declines

(RTTNews) - Perficient, Inc. (PRFT) reported that its fourth quarter net income decreased 12% to $23.2 million, compared to $26.5 million in the fourth quarter of 2022. GAAP earnings per share decreased 12% to $0.65 from $0.74. Adjusted earnings per share decreased 13% to $0.99 from $1.14 in the fourth quarter of 2022. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $1.01, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter revenues decreased 5% to $221 million from $233 million in the fourth quarter of 2022. Analysts on average had estimated $223.71 million in revenue.

Perficient expects first quarter revenue to be in the range of $212 million to $218 million. First quarter GAAP earnings per share is expected to be in the range of $0.31 to $0.35. Adjusted earnings per share is expected to be in the range of $0.74 to $0.79.

Perficient expects full year 2024 revenue in the range of $925 million to $965 million, GAAP earnings per share in the range of $2.64 to $2.77 and adjusted earnings per share in the range of $4.05 to $4.20.

Shares of Perficient are down 5% in pre-market trade on Tuesday.

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