Pitney Bowes Announces Second Quarter 2016 Financial Results

Pitney Bowes Inc.
Business Segments - Revenue and EBIT
(Unaudited; in thousands)
 
  Three months ended June 30,     Six months ended June 30,
2016   2015   % Change 2016   2015   % Change

Revenue

 
North America Mailing $ 322,068 $ 356,791 (10 %) $ 671,794 $ 718,665 (7 %)
International Mailing   106,338     110,610   (4 %)   210,097     226,783   (7 %)
Small & Medium Business Solutions   428,406     467,401   (8 %)   881,891     945,448   (7 %)
 
Production Mail 95,874 97,731 (2 %) 183,299 197,234 (7 %)
Presort Services   115,765     113,922   2 %   243,161     235,453   3 %
Enterprise Business Solutions   211,639     211,653   0 %   426,460     432,687   (1 %)
 
Software Solutions 90,464 99,041 (9 %) 168,386 185,278 (9 %)
Global Ecommerce   105,377     77,966   35 %   203,738     153,352   33 %
Digital Commerce Solutions   195,841     177,007   11 %   372,124     338,630   10 %
 
Other - 24,830 (100 %) - 54,807 (100 %)
           
Total revenue $ 835,886   $ 880,891   (5 %) $ 1,680,475   $ 1,771,572   (5 %)
 

EBIT (1)

 
North America Mailing $ 142,227 $ 159,392 (11 %) $ 298,142 $ 323,057 (8 %)
International Mailing   12,781     14,122   (9 %)   24,632     25,846   (5 %)
Small & Medium Business Solutions   155,008     173,514   (11 %)   322,774     348,903   (7 %)
 
Production Mail 12,914 10,028 29 % 19,738 19,060 4 %
Presort Services   21,214     23,544   (10 %)   50,124     51,038   (2 %)
Enterprise Business Solutions   34,128     33,572   2 %   69,862     70,098   0 %
 
Software Solutions 10,151 16,158 (37 %) 7,579 20,291 (63 %)
Global Ecommerce   3,674     3,056   20 %   4,446     11,202   (60 %)
Digital Commerce Solutions   13,825     19,214   (28 %)   12,025     31,493   (62 %)
 
Other - 5,611 (100 %) - 10,569 (100 %)
           
Segment EBIT $ 202,961   $ 231,911   (12 %) $ 404,661   $ 461,063   (12 %)
 
 
Reconciliation of segment EBIT to net income
 
Segment EBIT $ 202,961 $ 231,911 $ 404,661 $ 461,063
Corporate expenses   (48,777 )   (51,921 )   (106,544 )   (102,724 )
Adjusted EBIT 154,184 179,990 298,117 358,339
Interest, net (2) (34,294 ) (38,839 ) (68,510 ) (81,673 )
Restructuring charges and asset impairments, net (26,076 ) (14,350 ) (33,009 ) (14,269 )
Other (expense) income, net (536 ) 93,135 (536 ) 93,135
Acquisition/disposition related expenses   (40 )   (10,483 )   (3,160 )   (10,483 )
Income from continuing operations before income taxes 93,238 209,453 192,902 345,049
Provision for income taxes   (33,394 )   (52,351 )   (70,418 )   (102,898 )
Income from continuing operations 59,844 157,102 122,484 242,151
Loss from discontinued operations, net of tax   (1,660 )   (739 )   (1,660 )   (582 )
Net income $ 58,184   $ 156,363   $ 120,824   $ 241,569  
(1)   Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges and other items, which are not allocated to a particular business segment.
 
(2) Includes financing interest expense and interest expense, net.
 

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