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Progress Software: Fiscal Q2 Earnings Snapshot

June 28, 2022 GMT

BEDFORD, Mass. (AP) _ Progress Software Corp. (PRGS) on Tuesday reported fiscal second-quarter net income of $29.1 million.

On a per-share basis, the Bedford, Massachusetts-based company said it had profit of 66 cents. Earnings, adjusted for one-time gains and costs, came to $1.04 per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.

The business software maker posted revenue of $148.7 million in the period. Its adjusted revenue was $150.9 million.

For the current quarter ending in September, Progress Software expects its per-share earnings to range from 96 cents to 98 cents. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.12.

The company said it expects revenue in the range of $147 million to $150 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $159.7 million.

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Progress Software expects full-year earnings in the range of $4.05 to $4.11 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