Progress Software Profit Tops Street, Lifts FY Earnings Guidance; Stock Up 9%

(RTTNews) - Progress Software Corp (PRGS) Thursday reported third-quarter net earnings of $11 million or $0.22 per share compared with $24.8 million or $0.46 per share last year.

Excluding items, adjusted earnings for the quarter were $0.39 per share compared with $0.27 per share a year ago.

Revenues for the quarter were $79.3 million compared with $77.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.33 per share on revenues of $79.7 million for the quarter. Analysts' estimates typically exclude special items.

For the full year 2014, the company now expects adjusted earnings of $1.47 to $1.50 per share, up from prior guidance of $1.38 to $1.45 per share. The company cut the top end of its revenue guidance by $3 million, and now expects that in the range of $331 million to $335 million.

Analysts expect earnings of $1.42 per share on revenues of $331 million for the year.

For the fourth quarter, the company projects adjusted earnings of $0.44 to $0.47 per share on revenue of $96 million to $100 million. Analysts expect earnings of $0.44 per share on revenue of $96 million.