Pitney Bowes Inc. (NYSE: PBI) today reported financial results for the fourth quarter and full year 2012.
- Fourth quarter revenue of $1.3 billion; Adjusted EPS of $0.56; GAAP EPS of $0.55.
- Year-over-year revenue growth in Management Services; first since 2008.
- Year-over-year revenue growth in International Mailing, Software and Mail Services.
- Revenue trends continue to improve in the SMB group.
- Full year revenue of $4.9 billion; Adjusted EPS of $2.18, which includes a first quarter $0.11 per share tax benefit; GAAP EPS of $2.21.
- Full year free cash flow of $769 million.
- Results reflect International Mail Services (IMS) as a discontinued operation.
- The Board of Directors approved a first quarter 2013 dividend of $0.375 per share for the Company’s common stock.
President and Chief Executive Officer, Marc Lautenbach, commented, “In my brief tenure here, I have been impressed by the Company’s assets and our opportunities to deliver long-term value to shareholders and customers. I am working with the management team to develop strategies for driving growth and on-going profitability as the Company continues to transform.”
Fourth Quarter 2012 ResultsRevenue in the fourth quarter totaled $1.3 billion, a decline of one percent compared to the prior year period, on both a reported and constant currency basis. The year-over-year revenue comparison this quarter is an improvement in the revenue trends as a result of growth in four of the business segments. Earnings per diluted share (EPS), as reported under Generally Accepted Accounting Principles (GAAP), for the fourth quarter were $0.55, which includes a net charge of $0.07 per share for restructuring. GAAP earnings per share also include income of $0.06 per share from discontinued operations, which is the net of $0.07 per share of income from the resolution of tax matters and a loss of less than $0.02 per share associated with the expected sale of the International Mail Services (IMS) business. GAAP EPS for the fourth quarter 2011 were $1.28, which included charges totaling $0.72 per share for goodwill, restructuring and asset impairments, as well as income of $1.03 per share in discontinued operations, which was primarily related to a net tax benefit from the resolution of tax matters.