Progress Software Corp Q1 adjusted earnings Beat Estimates

(RTTNews) - Progress Software Corp (PRGS) released a profit for first quarter that dropped from last year.

The company's bottom line came in at $9.40 million, or $0.21 per share. This compares with $13.73 million, or $0.29 per share, in last year's first quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $22.73 million or $0.50 per share for the period.

Analysts had expected the company to earn $0.47 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.3% to $89.55 million from $95.54 million last year.

Progress Software Corp earnings at a glance:

-Earnings (Q1): $22.73 Mln. vs. $26.58 Mln. last year. -EPS (Q1): $0.50 vs. $0.56 last year. -Analysts Estimate: $0.47 -Revenue (Q1): $89.55 Mln vs. $95.54 Mln last year.

-Guidance: Next quarter EPS guidance: $0.55 - $0.57 Next quarter revenue guidance: $93 - $96 Mln Full year EPS guidance: $2.46 - $2.52 Full year revenue guidance: $422 - $428 Mln

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