Progress Software Results Top Estimate; Stock Falls On Weak Earnings Outlook

(RTTNews) - Progress Software Corp (PRGS) on Tuesday reported fourth-quarter net earnings of $14.5 million or $0.28 per share compared with $15 million or $0.29 per share last year.

Excluding items, adjusted earnings for the quarter were $0.47 per share compared with $0.43 per share a year ago.

Revenues for the quarter were $97.9 million compared with $91 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.44 per share on revenues of $96.2 million for the quarter. Analysts' estimates typically exclude special items.

For the first quarter, the company expects adjusted earnings of $0.22 to $0.24 per share on revenues of $79.5 million to $82.5 million. Analysts expect earnings of $0.32 per share on revenues of $80.4 million.

For the full year 2015, Progress expects adjusted earnings of $1.37 to $1.47 per share on revenues of $390 million to $400 million. Analysts expect earnings of $1.52 per share on revenue of $351.4 million for the year.

PRGS closed Tuesday at $26.40, up $0.21 or 0.80%, on a volume of 451k shares on the Nasdaq. In after hours, the stock dropped $2.40 or 9.09% at $24.00.