STAMFORD, Conn. — (BUSINESS WIRE) — August 1, 2017 — Pitney Bowes Inc. (NYSE: PBI), a global technology company providing innovative technology solutions to power commerce, today reported financial results for the second quarter 2017.
Quarterly Financial Results:
- Revenue of $821 million, a decline of 2 percent as reported and flat at constant currency
- GAAP EPS of $0.26; Adjusted EPS of $0.33
- GAAP cash from operations of $31 million; free cash flow of $18 million
- Issued $400 million of 5 year notes
- Based on year-to-date results, the Company is narrowing its annual guidance range for revenue, adjusted EPS and free cash flow
"We continued to make progress on our strategic agenda in the second quarter, investing in our brand, systems, products, and capabilities,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “While our financial performance improved in certain areas, it was short of the capabilities and the potential we have created. That said, our financial performance was indicative of a company going through a transformation. Today, we are well-positioned to take advantage of the investments we have made to create the conditions for long-term success.”
Second Quarter 2017 Results
Revenue totaled $821 million for the quarter, which was a decline of two percent as reported and flat at constant currency versus prior year.
Digital Commerce Solutions revenue grew 4 percent as reported and 7 percent at constant currency. Small and Medium Business (SMB) Solutions revenue declined 3 percent as reported and 2 percent at constant currency. Enterprise Business Solutions revenue declined 4 percent as reported and 3 percent at constant currency.
GAAP earnings per diluted share (GAAP EPS) were $0.26, which included $0.09 for restructuring and asset impairment charges as well as a gain of $0.03 from the gain on sale of technology for a mining industry application, used mostly in Australia, to a channel partner. Adjusted earnings per diluted share (Adjusted EPS) were $0.33. GAAP and Adjusted EPS included a benefit of $0.05 from the resolution of tax examinations.
The Company’s earnings per share results for the second quarter are summarized in the table below:
| Second Quarter* | |||||||||||||||
|
2017 |
2016 |
||||||||||||||
| GAAP EPS | $0.26 | $0.28 | |||||||||||||
| Restructuring charges and asset impairments, net | $0.09 | $0.09 | |||||||||||||
| Gain on sale of technology | ($0.03 | ) | - | ||||||||||||
| Discontinued operations | - | $0.01 | |||||||||||||
| Adjusted EPS | $0.33 | $0.39 | |||||||||||||
| * The sum of the earnings per share may not equal the totals above due to rounding. |
