Progress Software (PRGS) Q3 Earnings and Revenues Surpass Estimates

Group 1: Earnings Performance - Progress Software reported quarterly earnings of $1.26 per share, exceeding the Zacks Consensus Estimate of $1.14 per share, and up from $1.08 per share a year ago, representing an earnings surprise of 10.53% [1] - The company posted revenues of $178.69 million for the quarter ended August 2024, surpassing the Zacks Consensus Estimate by 1.67%, and an increase from $175.78 million year-over-year [2] - Over the last four quarters, Progress Software has consistently surpassed consensus EPS estimates [2] Group 2: Stock Performance and Outlook - Progress Software shares have increased approximately 4.8% since the beginning of the year, while the S&P 500 has gained 19.9% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $1.29 on revenues of $194.5 million, and for the current fiscal year, it is $4.76 on revenues of $730.01 million [7] Group 3: Industry Context - The Computer - Software industry, to which Progress Software belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]