Progress Software Corporation (PRGS - Free Report) reported first-quarter 2020 non-GAAP earnings of 76 cents per share that beat the Zacks Consensus Estimate by 7%. The figure increased 52% from the year-ago quarter.
Non-GAAP revenues of $113.8 million also surpassed the consensus mark of $112 million. The figure improved 27% on an actual currency basis and 28% on a constant currency (cc) basis.
Higher-than-anticipated sales of OpenEdge, Ipswitch and Data Connectivity and Integration (DCI) solutions drove top-line growth.
Quarter Details
Segment-wise, OpenEdge reported non-GAAP revenues of $91.6 million. Higher sales of network management and secure data file transfer products from Ipswitch were the primary growth drivers.
In first-quarter 2020, Progress Software announced a six-figure new customer win for its Ipswitch MOVEit product.
Progress Software Corporation Price, Consensus and EPS Surprise
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Progress Software Corporation (PRGS - Free Report) reported first-quarter 2020 non-GAAP earnings of 76 cents per share that beat the Zacks Consensus Estimate by 7%. The figure increased 52% from the year-ago quarter.
Non-GAAP revenues of $113.8 million also surpassed the consensus mark of $112 million. The figure improved 27% on an actual currency basis and 28% on a constant currency (cc) basis.
Higher-than-anticipated sales of OpenEdge, Ipswitch and Data Connectivity and Integration (DCI) solutions drove top-line growth.
Quarter Details
Segment-wise, OpenEdge reported non-GAAP revenues of $91.6 million. Higher sales of network management and secure data file transfer products from Ipswitch were the primary growth drivers.
In first-quarter 2020, Progress Software announced a six-figure new customer win for its Ipswitch MOVEit product.
Progress Software Corporation Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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