PRGS stock closed up in after-hours trading on January 16, 2020, after the company reported earnings and revenue beats.
Progress (NASDAQ: PRGS), the leading provider of application development and digital experience technologies, today announced results for its fiscal fourth quarter and fiscal year ended November 30, 2019. Progress Software reports Q4 EPS of 79c versus the consensus estimate of 75c. Revenue also beat coming in at $123.4M versus the consensus estimate of $118.3M.
Progress announced that its board has increased the total share repurchase authorization from the $75M remaining on the previous authorization to $250M.
Progress Software sees FY20 EPS $2.87-$2.92 versus the consensus estimate of $2.84. The company sees FY20 revenue coming in between $448M to $455M versus the consensus estimate of $436.7M.
“Our fourth quarter performance was very strong, allowing us to exceed both our revenue and EPS guidance for fiscal 2019,” said Yogesh Gupta, CEO at Progress. “Once again, in Q4 we had a better-than-expected contribution from Ipswitch, our recent acquisition, further validating our focus on accretive M&A as our go-forward strategy. We look forward to continued momentum in 2020, as we execute on a strategic plan that will drive sustainable, long-term value for all shareholders.”