Progress Software Corp (NASDAQ: PRGS) reported upbeat earnings for its third quarter, while sales missed views. The company also issued weak forecast for the fourth quarter.
Progress, based in Bedford, Mass., reported revenue was $95.7 million during the quarter compared to $97.3 million in the same quarter last year, a year-over-year decrease of 2% on an actual currency basis, and 1% on a constant currency basis.
On a non-GAAP basis, revenue was $95.8 million during the quarter compared to $97.6 million in the same quarter last year, a decrease of 2% on an actual currency basis, and 1% on a constant currency basis.
On a GAAP basis, diluted earnings per share were $0.37 compared to $0.23 in the same quarter last year, an increase of 61%. On a non-GAAP basis, diluted earnings per share were $0.60 compared to $0.48 in the same quarter last year, an increase of 25%.
"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.”
Cash, cash equivalents and short-term investments were $137.9 million at the end of the quarter. Last week, the company declared a quarterly dividend of $0.155 per share of common stock that will be paid on December 17, to shareholders of record as of the close of business on December 3. This represents an increase of 11% to the Company's quarterly dividend.
Shares fell $6.73, or 15.8%, to $35.82
