Progress Software Q2 Adj. Profit Tops View; Lifts FY14 EPS Outlook - Quick Facts

(RTTNews) - Progress Software Corp. (PRGS) reported second-quarter net income of $12.8 million, or $0.25 per share, compared to $3.9 million, or $0.07 per share in the year-ago quarter.

Income from continuing operations for the latest second quarter was $12.8 million or $0.25 per share, compared to $8.1 million or $0.15 per share in the comparable quarter last year.

Excluding items, adjusted income from continuing operations for the second quarter rose to $19.2 million, or $0.37 per share from $15.0 million, or $0.27 per share in the prior year period. On average, four analysts polled by Thomson Reuters expected the company to earn $0.34 per share. Analysts' estimates typically exclude special items.

Meanwhile, total revenue for the quarter declined to $80.83 million from $81.71 million in the comparable quarter last year, while four analysts had a consensus revenue estimate of $78.46 million for the quarter.

Looking ahead to the third quarter, the company expects non-GAAP earnings to be between $0.32 per share and $0.35 per share and revenue to be in the range of $78 million to $81 million. Analysts expect earnings of $0.33 per share on revenues of $79.61 million for the third quarter.

For the fiscal year 2014, the company raised its non-GAAP earnings to a range of $1.38 per share to $1.45 per share from its prior range of $1.37 per share to $1.43 per share. Analysts currently expect fiscal year 2014 earnings of $1.38 per share.

The company continues to expect its revenue to be in the range of $331 million to $338 million. Analysts now expect revenues of $326.28 million in fiscal year 2014.