Progress Software Corp Q2 Profit Increases, beats estimates

(RTTNews) - Progress Software Corp (PRGS) announced earnings for its second quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $29.11 million, or $0.66 per share. This compares with $13.56 million, or $0.30 per share, in last year's second quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $45.89 million or $1.04 per share for the period.

Analysts on average had expected the company to earn $0.95 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 21.4% to $148.75 million from $122.49 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q2): $29.11 Mln. vs. $13.56 Mln. last year. -EPS (Q2): $0.66 vs. $0.30 last year. -Analyst Estimate: $0.95 -Revenue (Q2): $148.75 Mln vs. $122.49 Mln last year.

-Guidance: Next quarter EPS guidance: Adj: $0.96 - $0.98 Next quarter revenue guidance: $147 - $150 Mln Full year EPS guidance: Adj: $4.05 - $4.11 Full year revenue guidance: $609 - $617 Mln