Benzinga | Jul 29, 2021 02:15PM EDT

Perficient Stock Jumps On Strong Q2 Earnings, Raised FY21 Outlook

* Perficient Inc (NASDAQ:PRFT) reported second-quarter FY21 revenue growth of 26% year-on-year to $184.1 million, beating the analyst consensus of $176.24 million.

* Services revenue excluding reimbursable expenses increased 25.6% Y/Y to $181.2 million. Software and hardware revenue declined 28.2% to $0.36 million.

* Net income increased 151% Y/Y to $16.6 million. Non-GAAP EPS of $0.84 beat the analyst consensus of $0.77.

* Adjusted EBITDA increased 48% to $39.0 million, while the adjusted EBITDA margin expanded around 320 bps to 21.2%.

* It held $86.7 million in cash and equivalents.

* Outlook: Perficient sees Q3 revenue of $186 million - $191 million, above the analyst consensus of $178.3 million. The adjusted EPS guidanceis $0.83 - $0.86, above the analyst consensus of $0.79.

* It raised FY21 revenue guidance to $723 million - $738 million from the prior view of $685 million - $710 million, versus the consensus of $704.86 million.

* It also raised the adjusted EPS forecast to $3.20 - $3.30 from $3.00 - $3.15, compared to the consensus of $3.11.

* Price action: PRFT shares traded higher by 10% at $95.15 on the last check Thursday.