Progress Software, providers of application development and other business software services, reported mixed first quarter earnings results on Thursday.
The Bedford, Massachusetts-based company reported Q1 net income of $21.1 million, or 46 cents per share. Non-GAAP earnings were 76 cents per share on revenue of $109.7 million. Analysts were expecting earnings of 70 cents a share on revenue of $112 million.
"Q1 was a very strong quarter for us," said Progress CEO Yogesh Gupta."We exceeded both our revenue and EPS guidance, sustaining the momentum we achieved in 2019. Given the durable nature of our business, I'm confident that we can deliver solid results despite the current level of macro-economic uncertainty. Longer-term, we remain optimistic in our opportunity to drive shareholder value through accretive acquisitions in the software infrastructure space."
For the current quarter, Progress expects adjusted earnings to range from 60 cents to 64 cents per share, with revenue between $95 million and $101 million. Wall Street expect earnings of 67 cents per share with revenue of $107 million.
For the year, the company expects full-year earnings to range from $2.73 to $2.80 per share, with revenue between $428 million and $438 million.