Pitney Bowes Gets Battered

Shares of Pitney Bowes(PBI Quote) plunged 12% in late trading Monday after the company posted a weaker-than-anticipated third-quarter profit.

The mail services and postage-meter concern also forecast more weakness for the fourth quarter and cut its full-year earnings outlook. Shares were down $5.49 to $41.50 in after-hours trading.

For the third quarter, Pitney Bowes' net income fell to $127.7 million, or 58 cents a share, from $148.6 million, or 66 cents a share, a year earlier.

Adjusted earnings, which exclude restructuring and accounting-related charges, fell to 63 cents a share from 66 cents. Those results were below Pitney Bowes' guidance of 70 cents to 74 cents, as well as analysts' average estimate of 74 cents. ...