Progress Software: Fiscal Q1 Earnings Snapshot

BEDFORD, Mass. (AP) _ Progress Software Corp. (PRGS) on Tuesday reported fiscal first-quarter profit of $20.5 million.

On a per-share basis, the Bedford, Massachusetts-based company said it had net income of 46 cents. Earnings, adjusted for one-time gains and costs, came to 97 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.

The business software maker posted revenue of $144.9 million in the period. Its adjusted revenue was $147.5 million.

For the current quarter ending in June, Progress Software expects its per-share earnings to range from 94 cents to 96 cents.

The company said it expects revenue in the range of $145 million to $148 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $147.9 million.

Progress Software expects full-year earnings in the range of $4.01 to $4.09 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