Progress Software: Fiscal Q3 Earnings Snapshot

BURLINGTON, Mass. (AP) — BURLINGTON, Mass. (AP) — Progress Software Corp. (PRGS) on Tuesday reported fiscal third-quarter profit of $19.1 million.

On a per-share basis, the Burlington, Massachusetts-based company said it had net income of 42 cents. Earnings, adjusted for one-time gains and costs, were $1.08 per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1 per share.

The business software maker posted revenue of $175 million in the period. Its adjusted revenue was $175.8 million, also beating Street forecasts. Four analysts surveyed by Zacks expected $173.3 million.

For the current quarter ending in November, Progress Software expects its per-share earnings to range from 87 cents to 93 cents. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.10.

The company said it expects revenue in the range of $171 million to $177 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $165.5 million.

Progress Software expects full-year earnings in the range of $4.20 to $4.26 per share, with revenue ranging from $692 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