Pitney Bowes Announces Second Quarter 2016 Financial Results

Software Solutions

Revenue declined due to lower licensing and data-related revenue versus the prior year. The Company has signed agreements with 2 global and 9 regional systems integrators as part of the continued focus on expanding the indirect channel. The Company continues to focus on improving sales efficiency to grow the pipeline of deals. EBIT margin declined as a result of the lower licensing revenue, which has a high margin.

Global Ecommerce

Results included a full quarter of Borderfree revenue as compared to one month in the prior year. Revenue benefited from strong growth in the UK marketplace and the launch of new retail storefronts. Outbound U.S. marketplace package shipments grew in the quarter despite the stronger U.S. dollar versus prior year.

When adding pre-acquisition Borderfree revenue back to the prior year, for comparative purposes, organic growth in the Cross-Border Ecommerce business grew 11 percent in the quarter, which is an improvement from the first quarter performance.

EBIT margin declined slightly versus the prior year due to the amortization of acquisition-related intangible costs and investments for growth. The Company remains on-track to achieve its cross border synergy run-rate objective by the end of the year. In addition, the higher-margin domestic shipping business was temporarily impacted by the new enterprise business platform cutover in the U.S.

Other

($ millions)   Second Quarter
   

Y/Y

 

Y/Y

2016

2015

Reported

Ex Currency

Revenue $ 0 $ 25 NM NM
EBIT $ 0 $ 6 NM
 

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