The Massachusetts-based company reported fourth quarter EPS of 34 US cents, after a loss per share of US$1.52 a share a year ago.
The group’ adjusted earnings per share were 67 US cents, above the 61 US cents consensus, with revenue 1.4% to US$116.1mln topping consensus of US$114.3mln albeit showing a 1.6% year-on-year decline.
On its post-results conference call, Progress’ chief financial officer, Paul Jalbert said the firm expects its first quarter earnings per share to be US$0.46 to $US0.48, an 35% to 41% increase compared to the US$0.34 seen in the first quarter last year.
He added that the guidance reflects the impact of the newly enacted US tax legislation which will lower the group’s non-GAAP effective tax rate to approximately 24% for the quarter, albeit slightly higher than the full-year rate.
Progress Software has recently come under pressure from hedge fund Praesidium Investment Management, its third biggest shareholder, which has urged it to replace its chairman.
In pre-market trading, Progress Software shares were up 8.9% at US$47.50.