Progress Software: Fiscal Q1 Earnings Snapshot

BURLINGTON, Mass. (AP) — BURLINGTON, Mass. (AP) — Progress Software Corp. (PRGS) on Tuesday reported fiscal first-quarter earnings of $22.6 million.

On a per-share basis, the Burlington, Massachusetts-based company said it had net income of 51 cents. Earnings, adjusted for one-time gains and costs, came to $1.25 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.

The business software maker posted revenue of $184.7 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $181.8 million.

For the current quarter ending in May, Progress Software expects its per-share earnings to range from 93 cents to 97 cents.

The company said it expects revenue in the range of $166 million to $170 million for the fiscal second quarter.

Progress Software expects full-year earnings in the range of $4.65 to $4.75 per share, with revenue ranging from $722 million to $732 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PRGS at https://www.zacks.com/ap/PRGS