RTTNews | Sep 24, 2021 10:10AM EDT

10:10 Friday, September 24, 2021 (RTTNews.com) - Shares of business applications developer Progress Software Corporation (PRGS) are rising more than 11% Friday morning after reporting better-than-expected third-quarter earnings. The company also raised its full-year outlook.

Net income in the third quarter increased to $30.98 million or $0.70 per share from $23.98 million or $0.53 per share in the same quarter a year ago.

Excluding items, earnings were $1.18 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.82 per share.

Revenue for the quarter increased 34% year-over-year to $147.42 million.

Looking forward, the company has raised its adjusted revenue outlook to the range of $548 million - $552 million from $529 million - $535 million provided earlier.

Adjusted EPS is expected between $3.68 and $3.70 for the full year, up from $3.46 - $3.50 provided earlier. The consensus estimate for earnings is at $3.47 per share and for revenue is at $533.16 million.

For the fourth quarter, the company sees adjusted EPS to be in the range of $0.73 - $0.75 and adjusted revenue in the range of $134 million - $138 million. Analysts expect the company to report earnings of $0.86 per share on revenue of $141.18 million in the quarter.

"Q3 results were outstanding across every metric and our confidence in our business is reflected in the increased outlook for 2021. In addition to our strong financial results and outlook, we continued to execute our total growth strategy while remaining disciplined with the acquisition of Kemp, a deal that positions us exceptionally well for 2022 and beyond," said Anthony Folger, CFO.

PRGS, currently at $51.41, has traded in the range of $34.50- $51.64 in the last one year.

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