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Progress Software Corp Q1 adjusted earnings Beat Estimates

Progress Software Corp (PRGS) revealed earnings for its first quarter that rose from the same period last year.

The company's earnings came in at $21.12 million, or $0.46 per share. This compares with $9.40 million, or $0.21 per share, in last year's first quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $34.70 million or $0.76 per share for the period.

Analysts had expected the company to earn $0.70 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 22.5% to $109.68 million from $89.55 million last year.

Progress Software Corp earnings at a glance:

-Earnings (Q1): $34.70 Mln. vs. $22.73 Mln. last year.
-EPS (Q1): $0.76 vs. $0.50 last year.
-Analysts Estimate: $0.70
-Revenue (Q1): $109.68 Mln vs. $89.55 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.60 - $0.64
Next quarter revenue guidance: $95 - $101 Mln
Full year EPS guidance: $2.73 - $2.80
Full year revenue guidance: $428 - $438

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