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Progress Software shares surge on 1Q earnings and revenue beats powered by OpenEdge

CEO Yogesh Gupta attributes the gains to the success of its business application development language, OpenEdge

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The software platform developer delivered diluted earnings of $0.50 per share on revenue of $89.5 million

Progress Software Corp (NASDAQ:PRGS) stock surged after posting fiscal first-quarter results that beat earnings and revenue expectations late Thursday.

The business software developer delivered diluted earnings of $0.50 per share on revenue of $89.5 million, outpacing Street expectations of $0.47 EPS on revenue of $87.6 million. The company brought in $0.56 EPS on revenue of $95.5 million a year earlier.

The stock sprang ahead 15% to $44.27.

CEO Yogesh Gupta attributes the gains to the success of OpenEdge -- Progress’s platform that helps companies develop and maintain applications -- at bringing in license revenue from its clients.

Looking forward, the Bedford, Massachusetts company expects EPS between $0.55 and $0.57 in its second quarter on revenue between $96 million and $99 million. That’s in line with analyst earnings expectations of $0.57 per share and ahead of revenue estimates of $93.2 million.

For fiscal 2019, Progress expects to rake in between $2.46 and $2.52 on revenue between $422 million and $428 million. The Street expects $2.37 EPS for the year on revenue of $383.4 million.

In April, Progress expects to complete its previously announced $225 million cash acquisition of Ipswitch Inc, an IT management software developer.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Progress Software

Price: 49.065 USD

NASDAQ:PRGS
Market: NASDAQ
Market Cap: $2.2 billion
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