Progress Software Corp (NASDAQ:PRGS) reported stronger-than-expected earnings for its third quarter and raised its quarterly dividend from $0.15 to $0.16. However, the company issued weak sales forecast for FY19
The Bedford, Mass-based company said that oin a GAAP basis, revenue was $106.7 million during the quarter compared to $92.6 million in the same quarter last year, a year-over-year increase of 15% on an actual currency basis, and 17% on a constant currency basis.
On a non-GAAP basis, revenue was $115.5 million during the quarter compared to $92.7 million in the same quarter last year, an increase of 25% on an actual currency basis and 26% on a constant currency basis.
On a GAAP basis, diluted earnings per share during the quarter were $0.30 compared to $0.32 in the same quarter last year, a decrease of 6%.
On a non-GAAP basis,diluted earnings per share during the quarter was $0.75 compared to $0.55 in the same quarter last year, an increase of 36%.
Said CEO Yogesh Gupta, "Our third-quarter performance was very strong, sustaining the momentum we’ve seen in our business throughout the year.
"We exceeded both our revenue and EPS guidance, with a better-than-expected contribution from Ipswitch, our recent acquisition. Our core business continues to perform well, and with our focus on accretive M&A going forward, I’m excited about our opportunity to create long-term value for our shareholders."
Shares doffed $4.85, or 11.6%, to $37.08
