Benzinga | Apr 29, 2021 02:55PM EDT

Perficient Reports Q1 Beat, Extends Share Buyback, Issues Robust Q2 Guidance

* Perficient Inc (NASDAQ: PRFT) reported first-quarter FY21 revenue growth of 16% year on year to $169.3 million, exceeding the consensus of $166.62 million.

* Services revenues excluding reimbursable expenses rose 18% to $166.5 million. The offshore revenue grew 130%, with 42% organic growth.

* Adjusted EPS stood at $0.75, beating the analyst estimate of $0.67.

* Adjusted EBITDA rose 46% to $34.6 million.

* The company extended Perficient's stock repurchase program on April 27, 2021, by an additional $50 million for a total repurchase of $315 million.

* The company held $72 million in cash and equivalents.

* Guidance: Perficient Q2 revenue guidance lies between $173 million to $179 million, above the analyst consensus of $170.22 million. The adjusted EPS outlook lies between $0.77 to $0.80, above the consensus estimate of $0.72.

* Price action: PRFT shares traded higher by 1.39% at $64.78 on the last check Thursday.