FX.co ★ Perficient Q1 Profit Drops; Agrees To Be Taken Private By EQT In $3.0 Bln Deal

Perficient Inc. has reported a 57% dip in its net income from last year during its first quarter. Moreover, the firm is entering into an agreement to go private, with BPEA Private Equity Fund VIII, which is linked to EQT AB, at a business value roughly around $3 billion.

The deal involves each Perficient shareholder receiving $76.00 for each share of common stock they hold when the transaction wraps up. This deal price hints at a 75% premium over the firm's closing stock price on April 29, 2024, just before the transaction was announced. It is anticipated the sale will be complete before 2024 ends.

When the deal does conclude, Perficient shares will not be traded on NASDAQ any longer and the firm will transition into a private entity. The company's headquarters will still be situated in St. Louis, Tom Hogan will persevere in his role as CEO, and the present management team will continue guiding Perficient.

Simultaneously, Perficient disclosed that during the first quarter, its net income plummeted by 57% to $11.56 million, as compared to $26.80 million from the previous year. Earnings per share also fell to $0.33 from last year's $0.75.

Adjusted earnings per share saw a 26% fall to $0.77 from last year's $1.04. On average, projections by nine analysts from Thomson Reuters had anticipated the firm would report quarterly earnings per share of $0.77. These estimates ordinarily don't factor in unique items.

Revenues for the first quarter also slid around 7% to $215.30 million, as opposed to last year's $231.41 million. Predictions by analysts foresaw the quarter's revenue reaching $215.69 million.