Progress Software Corp (PRGS) has announced its financial results for the fourth quarter, revealing a decline in profit compared to the same period last year. However, the earnings exceeded analysts' expectations.
The company reported a net income of $1.15 million, or $0.03 per share, a decrease from $15.33 million, or $0.34 per share, recorded the previous year. On an adjusted basis, which excludes certain items, the company posted earnings of $59.98 million or $1.33 per share.
Analysts had forecasted an earnings figure of $1.21 per share, typically excluding special items from their estimates.
The company's revenue for this period increased by 21.1%, amounting to $214.961 million, up from $177.523 million a year ago.
Key highlights for Progress Software Corp (GAAP):
- Net Income: $1.15 million compared to $15.33 million in the previous year.
- Earnings Per Share (EPS): $0.03 compared to $0.34 last year.
- Revenue: $214.961 million compared to $177.523 million in the prior year.
Guidance for the next quarter has been projected as follows:
- Estimated EPS: Between $1.02 and $1.08
- Projected Revenue: Ranging from $232 million to $238 million.
