April 11, 2021

glimworm

Advances in world technology

Developer tools maker Progress Computer software slips as Q1 outlook misses expectations

Shares of software overall performance administration application equipment maker Development Application slipped in late trading soon after the firm beat fourth-quarter earnings and profit anticipations, but forecast this quarter’s outcomes underneath Wall Street’s estimates. 

CEO Yogesh Gupta mentioned in well prepared remarks that he was “thrilled with our benefits equally for the fourth quarter and the whole yr 2020 and feel they replicate the toughness of our small business and our good results in executing our total development approach.”

Revenue in the a few months ended in November rose 5%, calendar year around yr, to $129 million, yielding EPS of 91 cents, excluding some prices. Analysts had been modeling $128 million and 78 cents.

Gupta commented on the company’s acquisition of Chef Software, completed in October for $220 million. The software package, saying the company is “extremely delighted with the shopper reaction and the swift pace of the integration.”

Included Gupta, “The investments we’ve built to bolster our M&A capabilities, merged with the massive, fragmented and expanding DevOps marketplace option, posture us perfectly to execute on our complete progress strategy for many years to occur, enabling us to deliver sustained shareholder value.”

For the existing quarter, the enterprise sees profits in a array of $119 million to $123 million, underneath the ordinary Wall Street estimate for $130.8 million. EPS is seen in a selection of 72 cents to 76 cents, lower than the normal estimate of 81 cents for every share. 

For the total year, the corporation sees earnings in a vary of $513 million to $521 million, about in line with the consensus for $516 million. EPS is seen in a array of $3.22 to $3.28, over consensus for $3.23 for each share.

Shares of Development declined 2% to $47.79 in immediately after-hours trading.