RTTNews | Sep 8, 2020 07:08AM EDT

07:08 Tuesday, September 8, 2020 (RTTNews.com) - Progress (PRGS) projected third quarter non-GAAP earnings per share in a range of $0.75 - $0.78. Non-GAAP revenue is anticipated to be in a range of $109 million - $111 million. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.71 on revenue of $107.83 million. Analysts' estimates typically exclude special items. The company said its preliminary results reflect better than expected revenue performance across certain of its product lines coupled with a continued focus on cost management and operating efficiency.

Progress also announced it has agreed to acquire Chef, a global leader in DevOps and DevSecOps, for $220 million in cash. The deal is anticipated to close in October 2020. The company expects the transaction to be accretive beginning in first quarter of fiscal 2021 to both non-GAAP earnings per share and cash flow.

For fiscal 2020, the company now projects non-GAAP earnings per share in the range of $2.94 - $2.97, revised from previous guidance range of $2.82 - $2.86. Revenue is projected to be in the range of $452 million - $456 million, updated from prior outlook range of $433 million - $443 million. The company noted that the revised business outlook for fiscal 2020 is subject to revision until Progress reports its business outlook for 2020 on September 29, 2020.

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