SPS Commerce hit a milestone with its fourth quarter: its 80th consecutive three-month stretch of revenue growth.
The Minneapolis-based provider of cloud-based software that helps companies connect their supply chains saw its fourth-quarter revenue increase 15% to $83.3 million for the quarter and 12% for the year to $312.6 million. Revenue for the quarter and the year both finished slightly higher than analyst expectations.
SPS earned $13.5 million, or 37 cents per share, in the quarter, compared to $9.2 million, or 27 cents per share, in the same quarter last year. Adjusted earnings per share were 40 cents; analysts were expecting 34 cents.
"Throughout 2020, SPS Commerce was instrumental in driving efficiency in the retail supply chain," said Archie Black, president and CEO of SPS Commerce.
Companies have rushed to make digital transformations this year, connecting more partners through the types of electronic data interchanges that makes sharing information on where products are in the supply chain more efficient.
SPS Commerce's new customer count grew 27%, and that doesn't include the addition of more than 500 customers from the company's $100 million cash acquisition of Data Masons in December. Data Masons is a Florida-based provider of electronic data interchange integration services and has been a partner of SPS since 2011.
SPS released its fourth-quarter and annual results after the market closed on Thursday. Shares of the company closed Friday at $110.10, down 22 cents.
Patrick Kennedy • 612-673-7926