Compared to Estimates, Progress Software (PRGS) Q1 Earnings: A Look at Key Metrics
Progress Software (PRGS) reported $184.69 million in revenue for the quarter ended February 2024, representing a year-over-year increase of 11.5%. EPS of $1.25 for the same period compares to $1.19 a year ago.
The reported revenue represents a surprise of +1.59% over the Zacks Consensus Estimate of $181.79 million. With the consensus EPS estimate being $1.14, the EPS surprise was +9.65%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Progress Software performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Revenue- Services: $18.56 million versus the three-analyst average estimate of $17.19 million.
- Revenue- Maintenance: $102.03 million compared to the $104.99 million average estimate based on three analysts.
- Revenue- Maintenance and services: $120.59 million compared to the $122.19 million average estimate based on three analysts. The reported number represents a change of +13.1% year over year.
- Revenue- Software licenses: $64.10 million versus $59.93 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +11.4% change.
Shares of Progress Software have returned -5.9% over the past month versus the Zacks S&P 500 composite's +2.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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