Progress Software Corp. (NASDAQ:PRGS) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0%.
Progress Software Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 17.86% to $0.23 in the quarter versus EPS of $0.28 in the year-earlier quarter.
Revenue: Decreased 28.26% to $89.27 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Progress Software Corp. reported adjusted EPS income of $0.23 per share. By that measure, the company missed the mean analyst estimate of $0.24. It beat the average revenue estimate of $86.3 million.
Quoting Management: “Our performance in the quarter reflects continued momentum as we execute on our strategic plan. Our initiatives to improve our operating margin are well under way and I am pleased with our early progress. In addition, we have begun to focus on building our foundation for future revenue growth by releasing new and innovative functionality across our solution suites and significantly increasing our customer engagement.” remarked Phil Pead, Chief Executive Officer.
Key Stats (on next page)…
Revenue decreased 4677.95% from $1.95 million in the previous quarter. EPS decreased 0% from $0.23 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.3 to a profit $0.27. For the current year, the average estimate has moved down from a profit of $1.32 to a profit of $1.26 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)