The Progress program reports mixed first-quarter results

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The Progress program reports mixed first-quarter results

Progress Software, application development providers and other enterprise software services, reported mixed earnings results on Thursday.

The Massachusetts-based Bedford company reported first-quarter net income of $ 21.1 million, or 46 cents per share. Non-GAAP earnings were 76 cents per share with revenue of $ 109.7 million. Analysts expected earnings of 70 cents on revenue share of $ 112 million.

“The first quarter was a very strong quarter for us,” said Yogesh Gupta, Chief Executive of Progress, “We outperformed our revenue and EPS guides by maintaining the momentum we achieved in 2019. Given the nature lasting for our business, I am confident that we can deliver solid results despite the current level of macroeconomic uncertainty. In the long term, we remain optimistic about our opportunity to achieve shareholder value through acquisitions in the infrastructure infrastructure. software “.

For the current quarter, Progress expects adjusted earnings to be between 60 cents and 64 cents per share, with revenue of between $ 95 million and $ 101 million. Wall Street expects earnings of 67 cents per share with revenue of $ 107 million.

For the financial year, the company expects earnings throughout the year to range from $ 2.73 to $ 2.80 per share, with revenue of $ 428 million to $ 438 million.