Progress Software Corp. PRGS shares rose in the extended session Thursday after the infrastructure software company exceeded Wall Street expectations for the quarter, and hiked its annual outlook. Progress Software shares advanced as much as 4% after hours, following a 2.4% gain in the regular session to close at $54.88. The company reported second-quarter net income of $12.1 million, or 27 cents a share, compared with $29.1 million, or 66 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.06 a share, compared with $1.04 a share in the year-ago period. Revenue rose to $179.2 million from $150.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 90 cents a share on revenue of $169.8 million. Progress Software forecast earnings of 98 cents to $1.02 a share on revenue of $172 million to $176 million for the third quarter, and $4.16 to $4.24 a share on revenue of $690 million to $698 million for the year, up from a previously forecast $4.09 to $4.17 a share on revenue of $680 million to $688 million. Analysts had estimated 98 cents a share on revenue of $170.7 million for the August-ending third quarter, and $4.14 a share on revenue of $638.8 million for the year.
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