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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.
Pitney Bowes
Pitney Bowes
Pitney Bowes Revenue by Segment
Revenue by Segment
SendTech Solutions Revenue
CapyFin.comPresort Services Revenue
CapyFin.com 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