Progress Software Corporation (NASDAQ: PRGS) shares gained Thursday, as the company reported stronger-than-expected earnings for its first quarter. The company also raised FY18 earnings outlook.
The Bedford, Mass.-based company revealed that revenue was $94.0 million during the quarter compared to $91.0 million in the same quarter last year, a year-over-year increase of 3% on an actual currency basis, and flat on a constant currency basis.
On a non-GAAP basis, revenue was $94.2 million during the quarter compared to $91.2 million in the same quarter last year, an increase of 3% on an actual currency basis, and flat on a constant currency basis.
On a GAAP basis, diluted earnings per share was $0.27 compared to a diluted loss per share of $0.01 in the same quarter last year. On a non-GAAP basis, diluted earnings per share was $0.54 compared to $0.34 in the same quarter last year, growth of 59%.
"We are very pleased with our strong start to 2018," said Yogesh Gupta, CEO at Progress.
"We exceeded both our revenue and earnings per share expectations in the first quarter, and the strength of our business has enabled us to increase our full year guidance for both operating margin and earnings per share. Our business is strong and stable, and we remain confident in our future prospects."
Progress shares progressed 54 cents, or 1.4%, to $39.02, within a 52-week range of $28.23 to $53.60.
