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Pitney Bowes Lifts Forecast

First-quarter earnings are better than expected.
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Pitney Bowes

(PBI) - Get Free Report

raised its earnings forecast for the full year and said its first-quarter revenue rose 7% from the same period in 2005.

Revenue totaled $1.40 billion, up from $1.32 billion last year. The maker of postage equipment and electronic-mail systems said Monday that it earned $153.5 million, or 67 cents a share, in the quarter. Pitney Bowes earned $145.3 million and 62 cents a share in the prior year.

Excluding items, the company's earnings would have been 69 cents a share in the latest quarter and 61 cents last year. Analysts were calling for 63 cents in the first quarter.

For the second quarter, Pitney Bowes projected revenue growth in the range of 5% to 7% and earnings of 62 cents to 69 cents, including restructuring charges of 1 cent to 4 cents.

The company is expecting full-year revenue growth of 5% to 7% and increased its profit outlook by 3 cents to a range of $2.67 to $2.82 a share. The guidance includes charges of 5 cents to 10 cents.

Wall Street is predicting a profit, before items, of 68 cents in the second quarter and $2.76 for the year, according to Thomson Financial.