Perficient raises 2007 revenue guidance

Alex Alexandrov | Jan 09, 2008 3:47pm EST | Comment

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Shares of Perficient Inc. (Nasdaq: PRFT) are rising on news before the start of trading that the information technology consulting firm is raising its revenue guidance for the fourth quarter of 2007.

The Austin, Texas-based company announced that it expects fourth-quarter revenue to be between $61.2 million and $62.7 million, the majority coming from sales of services. Software sales are projected at between $4.6 million and $4.9 million.

The forecast is well above the $60 million projected by six analysts polled by Thomson Financial.

“The fourth quarter was another record for Perficient,” said chairman and CEO Jack McDonald in a statement. “We posted strong revenues that were bolstered by a reacceleration of organic growth and continued to see positive operating leverage enhance profitability.”

Perficient’s previous guidance, announced on Nov. 10, 2007, called for revenue of between $56.3 million and $62.1 million.

“The upward revision is consistent with our expectations for improved organic growth and gives us confidence that PRFT can improve its organic growth to double digits as soon as [the first quarter of 2008],” wrote Tim Brown, a senior analyst with investment bank Roth Capital Partners, in a research note.

Brown is reiterating his “buy” rating on the stock.

At 3:47 p.m. ET shares of Perficient Inc. (PRFT) had added $2.04, or 14%, to $16.89. The 52-week high of $25.19 was reached on Aug. 10, 2007, while the 52-week low of $14.55 was established on Jan. 4.