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The actions of Progress Software Corp. rallied in the extended session Thursday after the enterprise software company beat Wall Street estimates, raised its full-year outlook and announced an acquisition.
PRGS progress software,
shares jumped 7% after-hours, after rising 2.2% in regular session to close at $ 46.21.
The company reported third-quarter net income of $ 31 million, or 70 cents per share, from $ 24 million, or 53 cents per share, a year ago. Adjusted earnings, which excludes stock-based compensation expense and other items, was $ 1.18 per share, up from 78 cents per share in the prior year period.
Revenue reached $ 152.3 million from $ 110.9 million in the previous year quarter. Analysts polled by FactSet had forecast a profit of 82 cents a share on revenue of $ 130.9 million.
Progress Software forecasts annual adjusted earnings of $ 3.68 to $ 3.70 per share on revenue of $ 548 to $ 552 million, compared to a previous forecast of $ 3.46 to $ 3.50 per share on revenue of $ 529 to $ 535 million.
Analysts had estimated revenue of $ 532.8 million for the year at $ 3.48 per share.
The company also announced that it will acquire the privately held, still-active apps company Kemp for $ 258 million in cash. The deal is expected to be finalized in October and build on fourth quarter results.
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