Loading...
•
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.
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 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 decline in SendTech Solutions was driven by near-term headwinds related to the Company’s product lifecycle.
- Volumes declined 2% year-over-year in Presort Services.
- Prolonged industry headwinds resulted in lower revenue per piece and a decline in domestic parcel gross profit in Global Ecommerce.
Revenue & Expenses
Visualization of income flow from segment revenue to net income