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Mar 31, 2021
Pitney Bowes Q1 2021 Earnings Report
Pitney Bowes reported a solid start to the year with revenue growth and improved EBIT performance across all businesses.
Key Takeaways
Pitney Bowes announced its financial results for the first quarter 2021, with revenue of $915 million, a 15% increase year-over-year. The company reported a GAAP EPS of ($0.18) and an adjusted EPS of $0.07. Every business made a meaningful contribution to the results.
Revenue increased by 15% to $915 million.
Global Ecommerce revenue grew by 41%.
Presort Services revenue grew by 2% with highest margins in five quarters.
The Company reduced debt by $126 million from year-end 2020.
Revenue by Segment
Forward Guidance
The Company’s full year 2021 expectations are consistent with what was communicated last quarter. The Company expects annual revenue to grow in the low-to-mid single digit range, making 2021 the fifth consecutive year of constant currency growth. The Company expects adjusted EPS to grow over prior year driven largely by improvement in Global Ecommerce, which is expected to be EBITDA positive for the full year. The Company also expects lower free cash flow primarily due to specific items that benefited 2020 and are not expected to continue at the same level in 2021.
Positive Outlook
- Annual revenue is expected to grow in the low-to-mid single digit range.
- 2021 will be the fifth consecutive year of constant currency growth.
- Adjusted EPS is expected to grow over prior year.
- Global Ecommerce is expected to be EBITDA positive for the full year.
Challenges Ahead
- Lower free cash flow is expected due to specific items that benefited 2020 and are not expected to continue at the same level in 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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