Progress Announces Preliminary Fiscal Third Quarter 2020 Financial Results and Updated Full Year 2020 Guidance

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BEDFORD, Mass., Sept. 08, 2020 (GLOBE NEWSWIRE) — Progress (NASDAQ: PRGS), the leading provider of application development and digital experience technologies, today announced preliminary financial results for its fiscal third quarter ended August 31, 2020 and business outlook for the full year of 2020.Fiscal Third Quarter 2020 Preliminary ResultsProgress’ normal financial closing and financial statement preparation processes are in their preliminary stages.  However, using the most current information available to management, Progress expects its fiscal third quarter 2020 financial results to be within the following ranges:   Prior Guidance(June 25, 2020)   Preliminary Results(September 8, 2020) (In millions, except per share amounts) Q3 2020GAAP   Q3 2020Non-GAAP   Q3 2020GAAP   Q3 2020Non-GAAP Revenue $103 – $108   $104 – $109   $108 – $110   $109 – $111 Diluted earnings per share $0.47 – $0.49   $0.69 – $0.71   $0.50 – $0.53   $0.75 – $0.78 Progress’ preliminary financial results for the fiscal third quarter 2020 reflect better than expected revenue performance across certain of our product lines coupled with a continued focus on cost management and operating efficiency.These preliminary financial results are subject to revision until Progress reports its fiscal third quarter 2020 results on September 29, 2020. These estimated ranges and drivers of fiscal third quarter financial performance represent the most current information available to management and are not meant to be a comprehensive statement of our financial results for the quarter ended August 31, 2020.2020 …

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