Pitney Bowes Announces First Quarter 2017 Financial Results

STAMFORD, Conn. — (BUSINESS WIRE) — May 2, 2017 — Pitney Bowes Inc. (NYSE: PBI), a global technology company providing innovative technology solutions to power commerce, today reported financial results for the first quarter 2017.

Quarterly Financial Results:

  • Revenue of $837 million, a decline of 0.9 percent as reported; an increase of 0.2 percent at constant currency
  • GAAP EPS of $0.35; Adjusted EPS of $0.36
  • GAAP cash from operations of $154 million; free cash flow of $111 million
  • Reaffirming 2017 annual guidance

“We turned in a solid first quarter performance, driven by double-digit growth in Global Ecommerce, growth in both Production Mail and Presort Services businesses, and slight growth in our Software Solutions business,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “In addition, North America Mailing’s revenue rate of decline improved compared to prior quarters, driven by growth in equipment sales, and International Mailing performed similarly year-to-year compared to the prior quarter. In many ways, our results in the first quarter are what we envisioned and expected from the long-term growth initiatives and strategic investments we have been putting in place over the past four years. We are off to a good start and remain committed to meeting our financial objectives for the year.”

First Quarter 2017 Results

Revenue totaled $837 million for the quarter, which was a decline of less than one percent as reported and a slight increase at constant currency versus prior year.

Digital Commerce Solutions revenue grew 9 percent as reported and 11 percent at constant currency. Enterprise Business Solutions revenue grew 3 percent as reported and 4 percent at constant currency. Small and Medium Business (SMB) Solutions revenue declined 6 percent as reported and 5 percent at constant currency.

GAAP earnings per diluted share (GAAP EPS) were $0.35, which included $0.01 per share for restructuring and asset impairment charges. Adjusted earnings per diluted share (Adjusted EPS) were $0.36 and grew $0.02, or 6 percent, over the prior year.

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

  First Quarter*

2017

 

2016

GAAP EPS $0.35 $0.30
Restructuring charges and asset impairments, net $0.01 $0.02
Dispositions expense   -   $0.01
Adjusted EPS $0.36 $0.34
 

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