Progress Software Corp. reported preliminary third-quarter earnings and revenue that beat expectations early Tuesday and raised its quarterly dividend by 12%. Earnings per share are expected to be 23 cents, and adjusted EPS is projected to be 48 cents. The FactSet EPS consensus is 42 cents. Revenue is expected to be $97.3 million, also ahead of the FactSet consensus of $95.8 million. The company raised its quarterly dividend to 14 cents per share from 12.5 cents per share. This dividend will be paid December 15 to shareholders of record as of December 1. In a letter to shareholders, Chief Executive Yogesh Gupta said Progress Software has decided that being acquired was “not in the best interest of Progress or its stakeholders.” On August 2, Praesidium filed a Schedule 13D filing with suggestions for Progress, including an acquisition by a third party. The company will formally announce third-quarter earnings on September 27. Progress shares are halted in premarket trading, and up 7.8% for the year so far. The S&P 500 index is up 11.1% for the period.
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