Progress Software Corp Q3 Profit Decreases, but beats estimates

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

The company's earnings came in at $19.10 million, or $0.42 per share. This compares with $21.80 million, or $0.50 per share, in last year's third quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $48.75 million or $1.08 per share for the period.

Analysts on average had expected the company to earn $1.00 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 15.7% to $174.99 million from $151.22 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q3): $19.10 Mln. vs. $21.80 Mln. last year. -EPS (Q3): $0.42 vs. $0.50 last year. -Analyst Estimates: $1.00 -Revenue (Q3): $174.99 Mln vs. $151.22 Mln last year.

-Guidance: Next quarter EPS guidance: $0.87 - $0.93 Next quarter revenue guidance: $171 - $177 Mln Full year EPS guidance: $4.20 - $4.26 Full year revenue guidance: $692 - $698 Mln