Perficient (PRFT) Q4 Earnings Beat Estimates, Revenues Up Y/Y (revised)

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efficient PRFT reported earnings of $1.00 per share in the fourth quarter of 2021, up from $0.76 reported in the prior year quarter.

Revenue grew 32.1% year-over-year to $214.7 million, beating Zacks’ consensus estimate of 3.72%.

The earnings consensus mark was set at 93 cents per share.

Perficient, Inc. Price, Consensus, and EPS Surprise

Perficient, Inc. price-consensus-eps-surprise-chart | Quote from Perficient, Inc.

Front line details

Total services revenue increased 32.3% year-over-year to $213.8 million, primarily due to increased demand for our services and 2020 acquisitions becoming part of the base business in the second half of 2021.

Software and hardware revenue fell 3.3% year over year to $0.9 million.

Total offshore revenue increased 124% year over year. The company’s organic offshore revenue saw a 54% year-over-year increase in the quarter under review.

Operation details

In the fourth quarter, total selling, general and administrative (SG&A) expenses jumped 29.7% from year-ago quarter levels to $41.7 million.

Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased 36.4% over year-ago quarter levels to $47.72 million from $35 million in the fourth quarter of 2020.

In the fourth quarter, operating profit increased 105.1% year-on-year to $31.6 million, compared to $15.4 million in the corresponding quarter of the previous year.

Balance sheet

As of December 31, 2021, cash and cash equivalents and net receivables were $202 million, compared to $221.4 million as of September 30, 2021.

Advice

For the first quarter of fiscal 2022, Perficient expects earnings of between 92 cents and 95 cents per share.

For fiscal 2022, the company expects earnings between $4.18 and $4.33 per share.

Zacks Ranking and Stocks to Consider

Currently, Perficient carries Zacks Rank #3 (Hold).

Some top-ranked stocks in the Zacks Computer and Technology sector are Model N MODN, CommScope COMM and Paycor HCM PYCR, each wearing a Zacks rank #2 (purchase). You can see the full list of today’s Zacks #1 Rank stocks here.

Model N has an ESP on gains of +5.0% and a Zacks rank of #2.

MODN is down 15.9% in the past year compared to the 31.1% drop in the Internet – Software industry from Zacks and the 14% drop in the IT and IT sector. technology over the past year.

CommScope has a +13.04% win ESP and a #2 Zacks rank.

COMM is down 19.6% in the past year compared to the 16.8% drop in the Zacks Communication – Infrastructure industry and the 14% drop in the IT & Technology sector .

Paycor HCM has an Earnings ESP of +9.82% and a Zacks Rank #2.

PYCR is down 20.6% over the past year compared to the 12.2% drop in the Internet and Zacks software industry and the 14% drop in the IT and of technology.

(NOTE: We are re-editing this article to correct an error. The original version, published earlier today, February 25, 2022, should no longer be relied upon.)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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