Progress Software Corp (DE) - PRGS STOCK NEWS

Progress (NASDAQ: PRGS) reported Q3 2020 revenues of $109.7 million, a 3% increase year-over-year, exceeding previous guidance. Non-GAAP revenue of $110.9 million fell 4%. The company achieved a remarkable 77% increase in diluted EPS, reaching $0.53, while non-GAAP diluted EPS rose 4% to $0.78. Progress announced plans to acquire Chef Software, enhancing its growth strategy. The updated guidance projects FY 2020 revenue between $433-$443 million and diluted EPS of $2.82-$2.86, reflecting resilience amid the COVID-19 crisis.

Progress (NASDAQ: PRGS) reported financial results for its fiscal third quarter ending August 31, 2020, showcasing revenue of $109.7 million, a 3% year-over-year increase, but Non-GAAP revenue of $110.9 million, reflecting a 4% decline. Diluted EPS rose to $0.53, up 77% from last year. The operating margin stood at 30%, with a non-GAAP margin of 42%. Progress announced the pending acquisition of Chef Software while raising its 2020 revenue and EPS outlook due to strong performance amidst COVID-19 challenges.

Progress (NASDAQ: PRGS) is set to release its financial results for the fiscal third quarter, ending August 31, 2020, after market close on September 29, 2020. A conference call will follow at 5:00 p.m. ET to discuss these results in detail. Investors can access the call via the Progress Investor Relations webpage or by dialing 888-204-4368. With over 100,000 enterprise customers and 1,700 independent software vendors, Progress continues to empower significant digital transformation across various sectors.

Progress (NASDAQ: PRGS) has announced that its web development toolkit, Kendo UI, received the 2020 Top Rated Award from TrustRadius in the App Development Platform category. This recognition is based on customer reviews, highlighting Kendo UI's strengths in multi-framework support, customization, and reliability. The toolkit, which features over 200 UI components, allows developers to accelerate application development by up to 50%. Kendo UI has achieved an overall satisfaction score of 8.6 out of 10 from 224 reviews, indicating strong customer endorsement.

Progress (NASDAQ: PRGS) announced the R3 2020 release of its developer tools, including over 50 Blazor-native components and support for the latest .NET 5 Preview. The release enhances Telerik UI for Blazor, offering new features like Column Menu, Custom Filtering, and advanced Grid functionalities. Additionally, Progress is the first to provide zero-day support for .NET 5, enhancing its product suite for ASP.NET, WPF, and more. The R3 2020 release also introduces updates across frameworks like Angular 10 and Vue 3.0.

Progress (NASDAQ: PRGS) announced preliminary financial results for Q3 2020, indicating a revenue range of $108 - $110 million and diluted EPS between $0.50 - $0.53, surpassing previous guidance. The improved results are attributed to better-than-expected performance in several product lines and a commitment to cost management. For the full year 2020, the revenue outlook has been revised to $438 - $442 million (GAAP), including an expected contribution from the acquisition of Chef Software, which will increase revenues by $5 - $7 million but negatively impact GAAP EPS by $0.27 - $0.31.

Progress (NASDAQ: PRGS) has announced the acquisition of Chef, a leader in DevOps and DevSecOps, for $220 million in cash. This acquisition is expected to enhance Progress's product offerings in infrastructure automation and will be funded using existing cash and credit facilities. Chef, with over $70 million in annual recurring revenue, brings a strong customer base and innovative technologies. The deal is anticipated to be accretive to non-GAAP earnings and cash flow starting Q1 FY2021 and is set to close in October 2020, subject to regulatory approvals.

Progress (NASDAQ: PRGS) announced that State Electric Supply Co. has launched a revamped B2B ecommerce platform using Progress Sitefinity, enhancing user experience and integration with Infor SX.e ERP. This transformation resulted in significant growth metrics, including a 25% increase in new user registrations, over 40% organic traffic growth, a 120% rise in conversion rates, and a 244% boost in revenue from site searches. The initiative has garnered industry recognition, winning awards at the AD eContent Summit and tED magazine's 2019 Best Website awards.

Progress (NASDAQ: PRGS) announced a strategic partnership with Sigma Software Distribution on August 17, 2020. This collaboration aims to enhance analytics, integration, and data management solutions for organizations. Sigma will utilize Progress DataDirect products to connect cloud applications with on-premises data across hybrid environments. The partnership will benefit over 850 resellers, enabling them to leverage high-performing data connectivity to enhance business insights. Progress DataDirect is already trusted by 350 independent software vendors and over 10,000 enterprises.