Progress Software Corp Q2 Profit Increases, beats estimates

Progress Software Corp (PRGS) announced earnings for its second quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $29.11 million, or $0.66 per share. This compares with $13.56 million, or $0.30 per share, in last year's second quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $45.89 million or $1.04 per share for the period.

Analysts on average had expected the company to earn $0.95 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 21.4% to $148.75 million from $122.49 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q2): $29.11 Mln. vs. $13.56 Mln. last year.
-EPS (Q2): $0.66 vs. $0.30 last year.
-Analyst Estimate: $0.95
-Revenue (Q2): $148.75 Mln vs. $122.49 Mln last year.

Next quarter EPS guidance: Adj: $0.96 - $0.98
Next quarter revenue guidance: $147 - $150 Mln
Full year EPS guidance: Adj: $4.05 - $4.11
Full year revenue guidance: $609 - $617 Mln

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