Pitney Bowes Announces Second Quarter 2018 Financial Results

STAMFORD, Conn. — (BUSINESS WIRE) — August 1, 2018 — Pitney Bowes Inc. (NYSE: PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, and data, today announced its financial results for the second quarter 2018.

Quarterly Financial Results:

  • Revenue of $861 million, an increase of 18 percent as reported and 17 percent at constant currency versus prior year
  • GAAP EPS of $0.26; Adjusted EPS of $0.26
  • GAAP cash from operations of $92 million; free cash flow of $30 million
  • The Company is reaffirming its prior 2018 annual guidance

Transaction Closed and Debt Management:

  • On July 2, 2018, the Company completed the sale of DMT Production Mail and supporting software. As a result, these operations have been classified as discontinued operations and prior period amounts have been recast to conform to this presentation.
  • On July 3, 2018, the Company announced the early redemption of $300 million of notes due March 2019. The notes will be redeemed on August 2, 2018.

“Our second quarter financial results demonstrate the continued progress we are making to move our Company to sustained growth,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “We generated revenue growth for the fourth consecutive quarter and also grew EBIT dollars. The revenue growth was driven largely by our Commerce Services business, which contributed more than 40 percent of our total revenue. Our Software business also performed well driven by a strong contribution from our indirect and direct channels. I am pleased with the progress we are making to transform our Company.”

Second Quarter 2018 Results

Revenue totaled $861 million, which was an increase of 18 percent as reported and 17 percent at constant currency versus prior year.

Commerce Services revenue grew 70 percent as reported and 69 percent at constant currency. Small and Medium Business (SMB) Solutions revenue declined 7 percent as reported and 8 percent at constant currency. Software Solutions revenue increased 13 percent as reported and 12 percent at constant currency.

GAAP earnings per diluted share (GAAP EPS) were $0.26, which included $0.05 for restructuring charges, a net benefit of $0.03 primarily related to further interpretation of the 2017 Tax Legislation and $0.01 from discontinued operations. Adjusted earnings per diluted share (Adjusted EPS) were $0.26.

The Company’s earnings per share results for the second quarter are summarized in the table below:

     
Second Quarter*
        2018   2017
GAAP EPS $0.26   $0.26
Discontinued operations       ($0.01)   ($0.04)
GAAP EPS from continuing operations $0.25 $0.22

Restructuring charges and asset impairments, net

$0.05 $0.09
Tax adjustments, net ($0.03) -
Gain on sale of technology       -   ($0.03)
Adjusted EPS $0.26 $0.28
 

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