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2 Stocks Fall Friday

- By Omar Venerio

Shares of Progress Software Corp. (PRGS) slid more than 17% on Friday after announcing third-quarter results. The company posted earnings of 60 cents per share on $95.79 billion in revenue, a 1.9% year-over-year decline. It beat earnings estimates by 2 cents, but fell $1.19 million short of revenue expectations.

"We continue to make the investments we need to further strengthen our business and support our long-term success, while maintaining best-in-class operating margins," CEO Yogesh Gupta said .

During the quarter, the company repurchased 0.5 million shares for $20 million. At the end of August, there was $110 million remaining under the authorization program. Further, on Sept. 21, the board of directors declared a quarterly dividend of 15.5 cents, an 11% increase from the previous dividend.

Looking ahead to the fourth quarter, the company expects revenue between $107 million and $110 million, and diluted earnings per share in the range of 44 cents to 48 cents.

Shares of Vail Resorts Inc. (MTN) fell more than 4% after the company posted a fourth-quarter loss of $2.07 per share on $211.64 million in revenue, 1.2% year-over-year growth. The company beat earnings estimates by 18 cents, but fell $1.69 million short of revenue expectations.

The company posted $616.6 million in resort-reported earnings before interest, taxes, depreciation and amortization for fiscal 2018, up 3.9% from the prior year.

In August, the company announced the closing of the Stevens Pass acquisition. The final purchase price was approximately $64 million.

Looking ahead to fiscal 2019, the company expects net income to be between $288 million and $335 million. It also guided for resort-reported EBITDA of between $718 million and $750 million.

Disclosure: The author holds no positions in any stocks mentioned.

This article first appeared on GuruFocus.