Progress Software Corp Q3 Profit Decreases, but beats estimates

(RTTNews) - Progress Software Corp (PRGS) released earnings for third quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $21.80 million, or $0.50 per share. This compares with $30.98 million, or $0.70 per share, in last year's third quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $44.09 million or $1.00 per share for the period.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.6% to $151.22 million from $147.42 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q3): $21.80 Mln. vs. $30.98 Mln. last year. -EPS (Q3): $0.50 vs. $0.70 last year. -Analyst Estimates: $0.97 -Revenue (Q3): $151.22 Mln vs. $147.42 Mln last year.

-Guidance: Next quarter EPS guidance: $1.06 - $1.10 Next quarter revenue guidance: $158 - $166 Full year EPS guidance: $4.08 - $4.12 Full year revenue guidance: $609 - $617 Mln