Progress Software Posts Upbeat Q2 Earnings, Lifts FY15 Forecast

reported better-than-expected earnings for its fiscal second quarter and lifted its FY15 earnings outlook on Wednesday. The Bedford, Massachusetts-based company posted a quarterly profit of $5.8 million, or $0.11 per share, versus a year-ago profit of $12.8 million, or $0.25 per share. Excluding items, the company's profit slipped to $0.35 per share from $0.37 per share. Its revenue surged 10 percent to $88.8 million from $80.8 million, while revenue excluding currency impacts jumped 19 percent to $100.9 million. Analysts were expecting earnings of $0.31 per share on revenue of $99.15 million. Loss from operations came in at $2.7 million in the quarter, versus income from operations of $20.3 million. During the quarter, the company repurchased 1.0 million shares for $25.0 million. "Our FY15 momentum continues with a strong performance in Q2 as we continue to execute on our strategy," said Phil Pead, President and CEO of Progress Software. "All business units contributed solid results with some key technology releases during the quarter." For the fiscal year, Progress now expects adjusted earnings of $1.45 to $1.52 per share, versus its earlier forecast of $1.35 to $1.45 per share. The company affirmed its revenue forecast of $415 million to $425 million for the year. For the current, Progress projects adjusted earnings of $0.35 to $0.38 per share, on revenue of $101 million to $104 million. Analysts expected earnings of $0.35 per share on revenue of $103.15 million. The company appointed Jerry Rulli as COO. Progress Software shares surged 7.32 percent to $30.21 in the after-hours trading session.