Progress Software Corp Q1 Profit Decreases, but beats estimates

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

The company's bottom line totaled $22.64 million, or $0.51 per share. This compares with $23.67 million, or $0.53 per share, in last year's first quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $55.93 million or $1.25 per share for the period.

Analysts on average had expected the company to earn $1.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 11.5% to $184.68 million from $165.61 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q1): $22.64 Mln. vs. $23.67 Mln. last year. -EPS (Q1): $0.51 vs. $0.53 last year. -Revenue (Q1): $184.68 Mln vs. $165.61 Mln last year.

-Guidance: Full year EPS guidance: $4.65 – $4.75 Full year revenue guidance: $722 – $732 Million