Pitney Bowes Delivers Earnings Growth

Led by strength in its core business segments and growth in overseas markets, Pitney Bowes (PBI) posted a 13% increase in second-quarter earnings, coming in above consensus estimates.

The Stamford, Conn.-based mail services provider said net income rose to $134.7 million, or 58 cents a share, from $118.9 million, or 50 cents a share, in the same period last year.

Excluding restructuring charges in both quarters, earnings rose to $145.1 million, or 62 cents a share, compared with $139.4 million, or 59 cents a share, in the last year.

Sales rose 6.4% to $1.2 billion from $1.1 billion, driven by the company's Global Mailstream and Global Enterprise units, which each grew by more than 7%.

Analysts had forecast earnings of 61 cents a share on revenue of $1.2 billion, according to Thomson First Call.

The company said it experienced double-digit revenue growth in supplies and presort mails services as well as continued growth in small-business solutions. Further, Asian and European markets showed positive revenue growth.

Pitney Bowes said it expects to earn 62 cents to 64 cents a share in the third quarter and reaffirmed full-year EPS expectations of $2.44 to $2.51; both ranges are in line with analysts' estimates.

Shares of Pitney Bowes closed down 29 cents, or 0.7%, at $41.40.

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