Progress Software: Fiscal Q2 Earnings Snapshot

BURLINGTON, Mass. (AP) — BURLINGTON, Mass. (AP) — Progress Software Corp. (PRGS) on Thursday reported fiscal second-quarter earnings of $12.1 million.

On a per-share basis, the Burlington, Massachusetts-based company said it had net income of 27 cents. Earnings, adjusted for one-time gains and costs, were $1.06 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The business software maker posted revenue of $178.3 million in the period. Its adjusted revenue was $179.2 million, also beating Street forecasts. Four analysts surveyed by Zacks expected $170.3 million.

For the current quarter ending in August, Progress Software expects its per-share earnings to range from 98 cents to $1.02. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.10.

The company said it expects revenue in the range of $172 million to $176 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $165.5 million.

Progress Software expects full-year earnings in the range of $4.16 to $4.24 per share, with revenue ranging from $690 million to $698 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