St. Louis-based IT consultancy Perficient had good news to report during its fourth quarter earnings call: its revenue during the last three months of 2022 grew 8% year-over-year to $232.6 million.

Perficient generates its revenue by bringing engineering muscle to big companies’ tech projects. The consultancy can help a company’s IT department adopt new software products, build custom applications from scratch and move existing workloads to the cloud.

Perficient got its start in 1997 as a small reseller of CMS software. It listed on the Nasdaq two years later, successfully navigated its way out of the the dot-com bubble and subsequently began expanding into new parts of the IT services segment by acquiring other companies.

Two decades and many dozens of acquisitions later, Precinct has clients in every major vertical. 

During the fourth quarter, 22% of the company’s revenue came from the financial services industry, while the healthcare and manufacturing sectors accounted for 21% and 10% of sales, respectively. The other industries where Perficient has a presence each accounted for less 10% of its total fee income.

The fact that Perficient’s contacts are spread across many different markets strengthens its financial position in certain respects. A major IT spending decrease in one specific sector is not likely to significantly impact the firm’s revenue.

Perficient’s profit, meanwhile, jumped to $26.5 million in the fourth quarter from $4.5 million a year earlier. Adjusted earnings per share worked out to $1.14, up from $1 during the year-ago period.

“The fourth quarter capped another year of solid growth and increasing profitability for Perficient,” remarked Perficient chair and CEO Jeffrey Davis. “Perficient is as well-regarded and well-positioned as we’ve ever been, and we’re confident that 2023 will prove to be another year of strong revenue and earnings growth.”

For the first quarter, Perficient is guiding adjusted earnings of $0.67 to $0.73 per share on between $227 million and $233 million in revenue. The company earned $222.1 million in revenue during the first quarter of 2022.

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