Progress Software Corp (NASDAQ: PRGS) stock fell over 2.1% on 30th September, 2019 (as of 12:38 pm GMT-4; Source: Google finance) after the company posted mixed results for the third quarter of FY 19. Cash, cash equivalents and short-term investments were $145.4 million at the end of the third quarter 2019. DSO was 53 days compared to 43 days in the third quarter 2019 of 2018 and 42 days in the fiscal second quarter of 2019. PRGS has raised the full year 2019 guidance for both operating margin and EPS
PRGS in the third quarter of FY 19 has reported the adjusted earnings per share of 75 cents, beating the analysts’ estimates for the adjusted earnings per share of 68 cents, according to Analysts polled by FactSet. The company had reported the adjusted revenue growth of 15 percent to $106.7 million in the third quarter of FY 19, missing the analysts’ estimates for revenue of $111 million.
Progress said its board has authorized a 6% increase in the company’s quarterly dividend to 16.5 cents a share, which will be payable on December 16 to shareholders of record December 2.
The company also upped its guidance for the year 2019, saying it expects adjusted EPS to be between $2.63 and $2.65 for the year, and GAAP revenue to be between $406 million and $409 million.
On the other hand, PRGS has recently released Progress Kendo UI, the most complete UI toolkit for web development. The Kendo UI library has enhanced its support for Angular with new components as well as new features to existing components, designed to help developers build impressive Angular applications in record time. The Progress KendoReact library expansion in an ongoing effort, to provide not only the most advanced UI library for React, but also the most accessible. native UI components for React includes the TreeList component, which enables users to combine the hierarchical view of a TreeView with the column structure of the Grid. This will give a powerful and unique way to display data with a parent-child relationship. The Scheduler component, which brings an interface similar to those found in Google Calendar and Outlook to React applications. The developers can add event scheduling and manipulation, resource management, and customization of specific dates or date ranges that should be displayed at once. The ColorPalette component gives a sleek way of letting users select colors from a predefined list.