Why Progress Software Stock Jumped After-Hours

Progress Software Corporation (NASDAQ: PRGS) shares are trading higher in Tuesday's after-hours session after the company reported fourth-quarter financial results.

What To Know: Progress Software reported quarterly earnings of $1.02 per share which exceeded the analyst consensus estimate of 91 cents.

The company reported quarterly sales of $177.50 million, clocking in above estimates of $174.05 million, an 11.51% increase over sales of $159.17 million from the same period last year.

Cash and cash equivalents were $127.0 million at the end of the quarter. Additionally, the operating margin for the quarter was 13%.

Progress Software estimates full-year 2024 adjusted earnings per share to be between $4.58 and $4.68, versus the $4.64 estimate. Revenue is anticipated to be between $722 million and $732 million, versus the $729.51 million estimate.

"I am extremely pleased with our strong finish to fiscal 2023," said Yogesh Gupta, CEO at Progress. "We executed at or ahead of plan each quarter, generated $175 million in adjusted free cash flow, and substantially integrated MarkLogic ahead of schedule."

"In the fourth quarter, we paid down another $30 million of debt, and we remain well-positioned operationally and financially for our next acquisition. MarkLogic will contribute to full-year results in fiscal 2024, further propelling our operating income and cash flow, as well as revenues. We're looking forward to another great year ahead."

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PRGS Price Action: Shares of Progress Software were up 4.14% at $55.83 in the after-hours session at the time of publication on Tuesday, according to Benzinga Pro. 

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