Progress Software Corp Q1 Profit Increases, beats estimates

(RTTNews) - Progress Software Corp (PRGS) reported a profit for its first quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $23.67 million, or $0.53 per share. This compares with $20.45 million, or $0.46 per share, in last year's first quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $52.76 million or $1.19 per share for the period.

Analysts on average had expected the company to earn $1.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 13.3% to $164.23 million from $144.92 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q1): $23.67 Mln. vs. $20.45 Mln. last year. -EPS (Q1): $0.53 vs. $0.46 last year. -Analyst Estimate: $1.05 -Revenue (Q1): $164.23 Mln vs. $144.92 Mln last year.

-Guidance: Full year EPS guidance: $4.09 - $4.17 Full year revenue guidance: $680 - $688 Mln