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Dec 31, 2023
Pitney Bowes Q4 2023 Earnings Report
Pitney Bowes reported a revenue decrease of 4% and a GAAP EPS loss of $1.27, but adjusted EPS increased to $0.07, driven by solid profit increases in SendTech and Presort segments and improved profitability in Global Ecommerce.
Key Takeaways
Pitney Bowes reported a 4% decrease in revenue to $872 million for Q4 2023. GAAP EPS was a loss of $1.27, including a $1.24 non-cash goodwill impairment charge related to the Global Ecommerce segment. However, adjusted EPS increased to $0.07. The company is on track with cost reduction and restructuring efforts, with SendTech and Presort segments delivering solid profit increases and margin expansion. Global Ecommerce also showed improved profitability. The company held $623 million in cash and short-term investments at year-end.
Revenue decreased by 4% to $872 million.
GAAP EPS was a loss of $1.27, including a $1.24 non-cash goodwill impairment charge.
Adjusted EPS increased to $0.07.
SendTech and Presort segments delivered solid profit increases and margin expansion.
Revenue by Segment
Forward Guidance
The company expects flat to low-single digit decline in revenue growth and relatively flat EBIT margins year-over-year in 2024.
Positive Outlook
- Incremental benefit from company-wide cost reduction program.
- Savings from actions taken in 2023 will annualize.
- Further execution on the cost reduction plan.
- Shift into shipping solutions.
- Specific growth goals in SaaS shipping technology.
Challenges Ahead
- Restoration of variable compensation.
- Wage inflation.
- Similar levels of capital expenditures in 2024 as in 2023.
- Interest expense to remain around the elevated rate incurred in Q4 2023.
- Revenue growth to range from flat to a low-single digit decline.
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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