Progress Software Corp Q1 Profit Increases, beats estimates

(RTTNews) - Progress Software Corp (PRGS) released earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company's earnings totaled $20.45 million, or $0.46 per share. This compares with $18.96 million, or $0.42 per share, in last year's first quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $43.56 million or $0.97 per share for the period.

Analysts on average had expected the company to earn $0.85 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 19.5% to $144.92 million from $121.28 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q1): $20.45 Mln. vs. $18.96 Mln. last year. -EPS (Q1): $0.46 vs. $0.42 last year. -Analyst Estimate: $0.85 -Revenue (Q1): $144.92 Mln vs. $121.28 Mln last year.

-Guidance: Next quarter EPS guidance: $0.94 - $0.96 Next quarter revenue guidance: $145 - $148 Mln Full year EPS guidance: $4.01 - $4.09 Full year revenue guidance: $609 - $617 Mln