Progress Software: Fiscal Q3 Earnings Snapshot

September 27, 2022 GMT

BURLINGTON, Mass. (AP) _ Progress Software Corp. (PRGS) on Tuesday reported fiscal third-quarter earnings of $21.8 million.

On a per-share basis, the Burlington, Massachusetts-based company said it had profit of 50 cents. Earnings, adjusted for one-time gains and costs, came to $1 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 97 cents per share.

The business software maker posted revenue of $151.2 million in the period. Its adjusted revenue was $153.1 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $148 million.

For the current quarter ending in November, Progress Software expects its per-share earnings to range from $1.06 to $1.10. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.10.

The company said it expects revenue in the range of $158 million to $166 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $165.5 million.

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Progress Software expects full-year earnings in the range of $4.08 to $4.12 per share, with revenue ranging from $609 million to $617 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