Shares of software tools vendor Progress Software (PRGS) are up a penny in late trading at $22.50 after the company this afternoon reported fiscal Q1 revenue that topped analysts’ estimates, missed profit-per-share expectations by a penny, and offered an outlook for revenue this quarter
Revenue in the three months ended in February rose 2%, year over year, to $89.27 million, yielding EPS of 23 cents.
Analysts had been modeling $86.3 million and 24 cents.
CEO Phil Pead remarked,
Our performance in the quarter reflects continued momentum as we execute on our strategic plan. Our initiatives to improve our operating margin are well under way and I am pleased with our early progress. In addition, we have begun to focus on building our foundation for future revenue growth by releasing new and innovative functionality across our solution suites and significantly increasing our customer engagement.
For the current quarter, the company sees revenue essentially flat with a year ago revenue number of $78.4 million. That number reflects the divestiture of some of Progress’s businesses in the intervening time frame, and so it does not match year-ago reported revenue of $114.6 million.
The forecast is below the Street consensus for revenue this quarter of $82.1 million.
Progress management will host a conference call with analysts at 5 pm, Eastern time, this evening, and you can catch the webcast of it on the company’s investor relations page.
Progress shares are unchanged at $22.28 in late trading.
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