Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

Pitney Bowes shares rise 3% on earnings, revenue beat

EditorRachael Rajan
Published 05/02/2024, 08:01 AM
© Reuters.
PBI
-

STAMFORD, Conn. - Pitney Bowes Inc . (NYSE: NYSE:PBI), a global technology company offering shipping, mailing, and financial services, reported an upbeat first quarter of 2024, with revenue surpassing analyst expectations and net income showing significant improvement.

The company announced a revenue of $831 million, which was not only a 4.2% increase over the consensus estimate of $797.95 million but also remained flat compared to the same quarter last year. The adjusted earnings per share (EPS) came in at -$0.01, which was $0.04 better than the analyst estimate of -$0.05.

The company's stock responded positively to the news, climbing 3.2%.

Jason Dies, Interim Chief Executive Officer, expressed satisfaction with the company's performance, stating, "We came out of the gate strong with first quarter results that reflect enterprise-wide changes in our operating intensity and efficiency efforts." Dies highlighted a net income improvement of $5 million over the prior year and a noteworthy 71% increase in adjusted EBIT to $56 million, attributing these gains to solid segment-level performance and systematic cost reductions that led to an 8% decline in operating expenses.

The company's Presort Services segment achieved record revenue and EBIT, while the SendTech Solutions segment delivered profit increases and margin expansion. Despite a challenging market, Global Ecommerce grew domestic parcel volumes and reduced operating expenses. Dies added, "We are very encouraged by improvements in execution over the past six months and our results for the first quarter in particular."

For the full year 2024, Pitney Bowes is maintaining its guidance, expecting revenue growth to range from flat to a low-single digit decline and EBIT margins to remain relatively flat on a year-over-year basis.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Pitney Bowes continues to target savings that exceed the initial $75 to $85 million from its 2023 restructuring plan, further bolstering investor confidence in the company's cost management strategies and future financial health.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.