Progress Software (PRGS) Tops Q3 EPS by 2c, Revenues Miss; Offers FY18 EOPS/Revenue Outlook Below Consensus

Progress Software (NASDAQ: PRGS) reported Q3 EPS of $0.60, $0.02 better than the analyst estimate of $0.58. Revenue for the quarter came in at $95.7 million versus the consensus estimate of $96.98 million.

“We are pleased with our Q3 and year-to-date performance, and with the growing interest and pipelines we are seeing for our new initiatives” said Yogesh Gupta, CEO at Progress. "We continue to make the investments we need to further strengthen our business and support our long-term success, while maintaining best-in-class operating margins.”

“While I’m disappointed in our moderated revenue outlook for the year, our business remains solid, led by the consistent performance of our OpenEdge ISVs”, said Mr. Gupta. “I’m confident in our strategy, and in our ability to take advantage of the opportunities we see in modern application development."

GUIDANCE:

Progress Software sees FY2018 EPS of $2.45-$2.48, versus the consensus of $2.50. Progress Software sees FY2018 revenue of $393-396 million, versus the consensus of $403.96 million.

For earnings history and earnings-related data on Progress Software (PRGS) click here.

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