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Mar 31, 2023
Pitney Bowes Q1 2023 Earnings Report
Pitney Bowes' first quarter results reflected a decrease in revenue and a net loss, but showed growth in domestic parcel processing and Presort EBIT margins.
Key Takeaways
Pitney Bowes reported a decrease in revenue of 10% and a net loss of $8 million for the first quarter of 2023. The company saw growth in domestic parcel processing and on-time delivery performance in Global Ecommerce, as well as improved Presort Services EBIT margins. A restructuring plan was announced to target $75 million in annual expense savings by year-end 2024.
Revenue decreased by 10% to $835 million, and comparable revenue decreased by 4%.
GAAP EPS was a loss of $0.04, and Adjusted EPS was a loss of $0.01.
Net loss was $8 million, compared to a net income of $21 million in the first quarter of 2022.
Global Ecommerce processed 50 million domestic parcels, up 22% from the prior year.
Revenue by Segment
Forward Guidance
Pitney Bowes expects flat to mid-single digit percentage revenue growth on a comparable basis and adjusted EBIT performance to outpace the percent change in revenue for the full year 2023.
Positive Outlook
- Expects flat to mid-single digit percentage revenue growth on a comparable basis.
- Expects adjusted EBIT performance to outpace the percent change in revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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