Progress Software Posts Upbeat Q3 Earnings, But Revenue Misses Views

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Progress Software Corporation
PRGS
reported stronger-than-expected earnings for its fiscal third quarter. However, the company reported downbeat quarterly revenue and lowered its revenue forecast for the full year. The Bedford, Massachusetts-based company posted a quarterly net loss of $4.1 million, or $0.08 per share, versus net income of $11.1 million, or $0.22 per share, in the year-ago quarter. On a non-GAAP basis, the company's earnings came in at 0.39 per share in the latest quarter. Its revenue in the quarter surged to $94.6 million from $79.3 million, while revenue on a non-GAAP basis climbed to $100.7 million from $79.3 million. Analysts were expecting earnings of $0.37 per share on revenue of $104.29 million. The average estimate among 16 Estimize users was for earnings of $0.36 per share and revenue of $102.96 billion. Cash flows from operations for the latest quarter declined to $19.3 million, versus $25.9 million in the year-ago quarter. "We achieved continued positive momentum in key areas of our business in the third quarter," said Phil Pead, President and CEO of Progress. "OpenEdge continued to grow, with significant strength in enterprise sales. We achieved growth in our data business, and several of our Telerik solutions achieved record bookings for the quarter." For the full year, the company now projects adjusted revenue of $410 million to $415 million, versus its prior forecast of $415 million to $425 million. The company now expects adjusted earnings of $1.51 to $1.55 per share, versus earlier outlook of $1.45 to $1.52 per share. For the fiscal fourth quarter, Progress Software expects adjusted earnings of $0.47 and $0.51 per share, on adjusted revenue of $113 million and $118 million. The company also announced a new $100 million buyback program. Progress Software shares dipped 15.80 percent to $21.58 in the after-hours trading session.
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Posted In: EarningsNewsGuidanceloss
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