Progress Software Corp Q2 Profit Decreases, but beats estimates

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

The company's bottom line came in at $12.09 million, or $0.27 per share. This compares with $29.11 million, or $0.66 per share, in last year's second quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $46.94 million or $1.06 per share for the period.

Analysts on average had expected the company to earn $0.90 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 19.8% to $178.25 million from $148.75 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q2): $12.09 Mln. vs. $29.11 Mln. last year. -EPS (Q2): $0.27 vs. $0.66 last year. -Analyst Estimates: $0.90 -Revenue (Q2): $178.25 Mln vs. $148.75 Mln last year.

-Guidance: Next quarter EPS guidance: $0.27 - $0.31 Next quarter revenue guidance: $171 - $175 Mln Full year EPS guidance: $4.24 Full year revenue guidance: $690 - $698 Mln