Progress Software Corp Q2 Profit Increases, Beats Estimates

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

The company's bottom line came in at $16.19 million, or $0.37 per share. This compares with $12.09 million, or $0.27 per share, in last year's second quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $47.90 million or $1.09 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 fell 2.3% to $175.08 million from $179.23 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q2): $16.19 Mln. vs. $12.09 Mln. last year. -EPS (Q2): $0.37 vs. $0.27 last year. -Revenue (Q2): $175.08 Mln vs. $179.23 Mln last year.

-Guidance: Full year EPS guidance: $4.70 - $4.80 Full year revenue guidance: $725 - $735 Mln