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Sep 30, 2023
Pitney Bowes Q3 2023 Earnings Report
Pitney Bowes reported a mixed Q3 2023, with revenue declining but SendTech and Presort segments showing profit growth. Global Ecommerce underperformed, leading to revised full-year guidance.
Key Takeaways
Pitney Bowes reported a revenue of $784 million, a 6% decrease, with a GAAP EPS loss of $0.07. SendTech and Presort segments delivered profit growth, while Global Ecommerce underperformed. The company is increasing its 2024 annualized cost savings target by $40 million, bringing the total to $115 million.
SendTech and Presort segments delivered profit growth and margin expansion.
Company is ahead of schedule on restructuring plan, increasing 2024 annualized cost savings target by $40 million to a total of $115 million.
Global Ecommerce did not meet financial expectations, and actions are being taken to improve performance.
Full-year revenue is now expected to decline between 3% and 4% on a comparable basis.
Pitney Bowes
Pitney Bowes
Pitney Bowes Revenue by Segment
Revenue by Segment
SendTech Solutions Revenue
CapyFin.comPresort Services Revenue
CapyFin.com Forward Guidance
Given the Global Ecommerce segment's year-to-date performance and continued market headwinds, the company now expects the full-year revenue to decline between 3% and 4% on a comparable basis and full-year adjusted EBIT margins to remain relatively flat versus the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income