Progress Software Shares Fall 9% After Results Miss Targets

Shares of Progress Software Corp. fell more than 9% late Wednesday after the company missed fiscal third-quarter sales and earnings expectations. Progress said it earned $7.6 million in the quarter, or 15 cents a share, reverting a loss of $4.1 million, or 8 cents a share, in the year-ago period. Adjusted for one-time items, Progress said it earned $21.6 million, or 44 cents a share, compared with $20 million, or 39 cents a share, a year ago. Sales reached $102 million, up from $94.6 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 45 cents a share on sales of $104.7 million in the quarter. Separately, Progress said its board of directors authorized a dividend of 12.5 cents a share payable Dec. 15 to shareholders of record Dec. 1, and that Kurt J. Abkemeier had been appointed the company's chief financial officer, effective immediately. Shares of Progress had ended the regular trading session up 1.6%.