Progress Software Corp Q1 Profit Decreases, But Beats Estimates

(RTTNews) - Progress Software Corp (PRGS) announced earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $10.95 million, or $0.24 per share. This compares with $22.64 million, or $0.51 per share, last year.

Excluding items, Progress Software Corp reported adjusted earnings of $58.995 million or $1.31 per share for the period.

Analysts on average had expected the company to earn $1.06 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 28.9% to $238.015 million from $184.685 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings: $10.95 Mln. vs. $22.64 Mln. last year. -EPS: $0.24 vs. $0.51 last year. -Revenue: $238.015 Mln vs. $184.685 Mln last year.

-Guidance: Next quarter EPS guidance: $1.28 - $1.34 Next quarter revenue guidance: $235 - $241 Mln Full year EPS guidance: $5.25 - $5.37 Full year revenue guidance: $958 - $970 Mln