Pitney Bowes Inc. (NYSE: PBI) today reported financial results for the second quarter 2013.
SECOND QUARTER HIGHLIGHTS
- Revenue of $1.2 billion, nearly flat to the prior year excluding the impacts of currency and a decline of less than 1%, as reported
- Double-digit revenue growth in Production Mail and Mail Services
- Continued moderation in decline of recurring revenue streams in the SMB group
- Adjusted EPS from continuing operations of $0.52
- Operating results and the loss on sale related to the European businesses of the Management Services segment recorded in discontinued operations. Prior period results have been reclassified to reflect this change.
- GAAP EPS loss of $0.05, which includes:
- $0.40 per share charge for goodwill impairment
- $0.07 per share charge for restructuring
- $0.10 per share loss in discontinued operations
- Free cash flow of $124 million; GAAP cash from operations of $147 million
- Retired $375 million of debt that matured in June
- Definitive agreement signed to sell the North America operations of Management Services to funds affiliated with Apollo Global Management, LLC
- Updates annual guidance for 2013
“Pitney Bowes is making solid progress on its transformative journey to improve the growth profile and profitability of the business,” said Marc Lautenbach, President and Chief Executive Officer. “The actions we have taken over the last six months and the results for this quarter are consistent with the Company’s long-term strategies that we detailed at Analyst Day in May.
“We are continuing to invest in the growth areas of our business, while at the same time becoming more efficient, flexible and focused to meet the changing needs of our clients. In addition, we have strengthened our balance sheet by further reducing debt and continue to drive operational excellence that will further enhance client and shareholder value.”