Pitney Bowes Stock Price, News & Analysis

Pitney Bowes (NYSE: PBI) reported its Q3 FY2024 financial results and updated its full-year guidance. Key highlights include:

• Revenue: $499 million, down 1% year-over-year.
• GAAP EPS: Loss of $0.75, including a $1.42 per share loss from discontinued operations.
• Adjusted EPS: $0.21, up $0.05 from last year.
• Net Loss: $138 million, including a $261 million loss from discontinued operations.
• Adjusted EBIT: $103 million, a 22% increase year-over-year.
• GAAP Cash from Operations: $66 million.
• Free Cash Flow: $75 million, up $19 million year-over-year.

The company made progress on strategic initiatives, including exiting Global Ecommerce (GEC) and accelerating cost reduction, achieving $90 million in annualized cost savings to date. Full-year revenue is expected to decline at a low-single-digit rate, but full-year Adjusted EBIT guidance is raised to $355-$360 million.

Pitney Bowes has announced a new program with FedEx offering a FedEx Platform Account to its customers. Through this collaboration, Pitney Bowes customers can access discounted FedEx rates and expanded service options via their multicarrier shipping software, including ShipAccel, without requiring a separate FedEx shipping account. The program offers shipping savings of up to 90% and will be fully rolled out across all Pitney Bowes multicarrier solutions by year-end. ShipAccel customers have immediate access to these benefits.

Pitney Bowes (NYSE: PBI) announced it will release its third quarter 2024 earnings results after market close on Thursday, November 7, 2024. The company will host an investor conference call at 5:00 p.m. ET the same day to discuss the results. Investors can access the call and supplemental information through the company's investor relations website, with phone access available at 234-720-6979 using Access Code: 4896022. A recording will be available on the company's website for those unable to attend the live call.

Pitney Bowes (NYSE: PBI) has launched ShipAccel, a digital platform designed to simplify and enhance shipping operations for ecommerce businesses. Debuting at Shoptalk Fall (October 16-18, 2024), ShipAccel builds on Pitney Bowes' century-long innovation in the shipping industry. The platform offers:

• Seamless integration with major carriers and ecommerce systems
• Improved automation and efficiency
• Real-time insights and analytics
• Enhanced customer engagement with branded tracking and returns
• Cost reduction with discounted shipping rates

ShipAccel is available for SMBs as a SaaS solution and for larger shippers through API integration or expert configuration. It aims to streamline shipping processes, optimize costs, and elevate customer experiences in the growing ecommerce market.

Pitney Bowes (NYSE:PBI), a global shipping and mailing company, has announced a quarterly cash dividend of $0.05 per share on its common stock.

The dividend will be paid on September 6, 2024 to shareholders recorded by August 22, 2024.

Pitney Bowes (NYSE: PBI) announced its Q2 2024 financial results and provided an update on strategic initiatives. Key highlights include:

- Revenue of $793 million, up 2% year-over-year
- GAAP EPS loss of $0.14, including $0.14 restructuring charges
- Adjusted EPS of $0.03, improving $0.05 over prior year
- Net loss reduced to $25 million from $142 million in prior year
- Adjusted EBIT of $46 million, up 43% year-over-year
- Free Cash Flow improved by $94 million to $83 million

The company is exiting its Global Ecommerce (GEC) segment through a sale to Hilco Global, expecting to eliminate $136 million in annualized net losses. Pitney Bowes has implemented $70 million in annualized cost reductions and targets $120-$160 million in total annual savings. The company updated its 2024 guidance, expecting flat to low-single-digit revenue decline and EBIT of $340-$355 million.

Pitney Bowes Inc. (NYSE: PBI) has announced a value-maximizing exit path for its Global Ecommerce (GEC) segment. The company has sold a controlling interest in the GEC entities to Hilco Commercial Industrial, which plans to lead an orderly wind-down of the business under Chapter 11 bankruptcy protection. This strategic move is expected to eliminate approximately $136 million in annual losses associated with GEC, allowing Pitney Bowes to focus on its core, cash-generating businesses: SendTech, Presort, and Financial Services.

The decision follows a comprehensive strategic review by the Board of Directors. The wind-down process is anticipated to conclude in early 2025, with Pitney Bowes providing up to $45 million in debtor-in-possession financing to support the liquidation. The company expects to incur one-time cash costs not exceeding $150 million in connection with the GEC exit.

Pitney Bowes (NYSE: PBI), a global shipping and mailing company, has announced the date for its second quarter 2024 earnings release and conference call. The company will report its Q2 2024 results after market close on Thursday, August 8, 2024. An investor conference call is scheduled for 5:00 p.m. ET on the same day to review the results.

Investors can access the call and supplemental information on the Pitney Bowes investor relations site. The webcast link for the conference call is provided, and participants can also join by phone. For those unable to attend the live call, a recording will be made available on the company's website.

Pitney Bowes (NYSE: PBI) announced the immediate retirement of Gregg Zegras, President of its Global Ecommerce segment. Zegras, who joined the company in 2013, has held multiple senior roles, including Chief Commercial Officer. Pitney Bowes expressed gratitude for his years of service. This leadership change coincides with the final stages of a strategic review aimed at addressing ongoing losses in the Global Ecommerce segment. Current personnel will temporarily manage Zegras' responsibilities. Further details on the strategic review were shared in the company's May 22, 2024, announcement.