Pitney Bowes 3Q Profit Up 5 Pct As Costs Decline

STAMFORD, Conn. (AP) — Mail and document-management company Pitney Bowes Inc. said on Tuesday that its third-quarter profit rose 5 percent, even as revenue fell, as it focused on productivity gains.

The company said it earned $103.2 million, or 50 cents per share, up from $98.2 million, or 47 cents per share, during the same period last year. Revenue fell 12.3 percent to $1.36 billion from $1.55 billion a year earlier.

The company said that adjusted profit from continuing operations was 55 cents per share, down from 67 cents per share a year earlier. Analysts surveyed by Thomson Reuters were expecting a profit of 54 cents per share on revenue of $1.41 billion.

Costs and expenses fell to $1.19 billion from $1.37 billion.

The company said earnings before interest and taxes rose in six out of its seven segments compared with the second quarter. And it said it expects cost-cutting and other changes to the business to save it $150 million to $200 million a year.

The company also narrowed the range for its guidance for the rest of the year. It said it now expects to earn $2.09 to $2.21 per share. It expects an adjusted profit of $2.19 to $2.31.