ST. LOUIS - Perficient , Inc. (NASDAQ:PRFT), a leading global digital consultancy, disclosed its first-quarter financial results, revealing a 7% decline in revenue to $215.3 million from the previous year's $231.4 million. The company's net income also saw a significant decrease of 57% to $11.6 million compared to $26.8 million in the first quarter of 2023. Adjusted earnings per share (EPS) fell 26% to $0.77 from $1.04 year-over-year (YoY), aligning with the analyst consensus of $0.77. The adjusted EBITDA dropped 27% to $36.5 million from $50.1 million YoY.
Despite the downturn in financial metrics, the company's President and CEO, Tom Hogan, expressed confidence in the business's steady improvement and robust pipeline, anticipating momentum to continue building throughout 2024. Hogan also highlighted the definitive agreement for Perficient to be acquired by EQT (ST:EQTAB) for approximately $3 billion, a move that promises stockholders a compelling cash value for their shares.
The acquisition news comes as Perficient experiences a challenging quarter, marked by declines in key financial figures. The company has decided not to host an earnings conference call, provide financial guidance, or update its previously announced financial guidance for 2024 due to the pending transaction with EQT. This strategic shift underscores the transitional phase Perficient is undergoing as it navigates its acquisition and aims to bolster its future positioning.
Perficient's achievements in the first quarter, such as being named a 2024 Top Workplace by USA Today and receiving recognition for innovation in philanthropy, reflect its commitment to corporate social responsibility and excellence in delivery. Despite these accolades, the company's financial performance has not met its prior year's benchmarks, leading to a withdrawal of its financial guidance for the remainder of the year as it proceeds with the EQT transaction.
The company's stock movement was not mentioned, indicating that the market response was not significant enough to warrant major conclusions. However, the financial results and the pending acquisition by EQT are likely to remain focal points for investors and stakeholders as they assess Perficient's future trajectory.
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