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Earnings Results: Progress Software stock slips as quarterly outlook weighs on earnings beat

Progress Software Corp. shares were hobbled in the extended session Thursday after the business software company provided a disappointing quarterly outlook while otherwise topping expectations.

Progress
PRGS,
+1.16%

shares slipped 1% after hours, following a 1.2% rise in the regular session to close at $46.06.

For the third fiscal quarter, the company expects earnings of 81 cents to 83 cents a share on revenue of $129 million to $132 million. Analysts surveyed by FactSet expect revenue of 85 cents a share on revenue of $132 million.

The company reported fiscal second-quarter net income of $13.6 million, or 30 cents a share, compared with $17 million, or 37 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 82 cents a share, compared with 63 cents a share in the year-ago period. Analysts surveyed by FactSet had forecast 75 cents a share.

Revenue rose to $122.5 million from $100.4 million in the year-ago quarter, but analysts estimates include deferred revenue from its acquisition of Chef Software, which cannot be included in unadjusted results. That revenue came in at $129.2 million, while analysts had forecast $122 million.

Additionally, Progress raised its sales outlook for the year to a range of $529 million to $535 million, up from a previous estimate of $519 million to $527 million, with analysts estimating $525 million.

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