This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Pitney Bowes Announces Second Quarter 2013 Results

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.”

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.91 +93.33 0.53%
S&P 500 2,081.34 +12.58 0.61%
NASDAQ 4,997.4590 +5.5190 0.11%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs