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Jun 30, 2023
Pitney Bowes Q2 2023 Earnings Report
Announced financial results with revenue decrease and strategic actions taken
Key Takeaways
Pitney Bowes reported a revenue of $776 million, an 11% decrease, with a GAAP EPS loss of $0.81 and an adjusted EPS loss of $0.02. The company saw growth in SendTech and Presort profits, while Global Ecommerce was affected by a decline in cross-border activity. They are on track to deliver $75 million in annual expense savings by year-end 2024 and domestic parcel volumes grew close to 30 percent.
Revenue decreased by 11% to $776 million, or 5% on a comparable basis.
GAAP EPS was a loss of $0.81, and adjusted EPS was a loss of $0.02.
Global Ecommerce processed 50 million domestic parcels, up 29% from the prior year.
Presort and SendTech both grew profits.
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 full year revenue to be on the lower end of previously provided guidance, with relatively flat growth on a comparable basis. Adjusted EBIT performance is expected to outpace the percent change in revenue.