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Jun 30, 2024
Pitney Bowes Q2 2024 Earnings Report
Pitney Bowes Reported Q2 2024 Financial Results, Including a 2% Revenue Increase and Progress on Strategic Initiatives
Key Takeaways
Pitney Bowes announced its Q2 2024 financial results, reporting a 2% year-over-year revenue increase to $793 million. The company's adjusted EPS was $0.03, a $0.05 improvement over the prior year, and it reduced its net loss from $142 million to $25 million. The company has exited the Global Ecommerce segment and is focusing on cost rationalization and cash optimization.
Revenue increased by 2% year-over-year to $793 million.
GAAP EPS was a loss of $0.14, which included restructuring charges of $0.14.
Adjusted EPS improved by $0.05 year-over-year to $0.03.
The company exited the Global Ecommerce segment to maximize value.
Revenue by Segment
Forward Guidance
Pitney Bowes updated its full-year 2024 guidance to reflect the exit of GEC, incremental cost saving initiatives and strong first-half performance. The company expects full-year revenue growth to range from flat to a low-single-digit decline and full-year EBIT of $340 million to $355 million.
Positive Outlook
- The company expects full-year revenue growth to range from flat to a low-single-digit decline.
- The Company also expects full-year EBIT of $340 million to $355 million.
- The company has identified and implemented approximately $70 million in annualized cost reductions since late May.
- The company has repatriated $100 million of international cash and freed up approximately $40 million of cash from Pitney Bowes Bank year-to-date.
- The Company now estimates it will be able to reduce go-forward cash needs by $240 million.
Challenges Ahead
- The GEC segment had been struggling to achieve profitability over the past several years in the face of macroeconomic and industry headwinds.
- Pitney Bowes anticipates that it will incur one-time costs not to exceed approximately $150 million related to GEC exit.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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