Pitney Bowes Announces First Quarter 2019 Financial Results

Global Ecommerce

Revenue increased from prior year driven by growth in domestic parcel and shipping solutions volumes partially offset by lower cross border volumes. EBIT and EBITDA margins declined from prior year driven by a shift in the mix of business to faster growing, lower margin services. Margins were also impacted by investments in market growth opportunities, which includes marketing programs and new facilities, operational excellence initiatives and higher labor costs. Additionally, margin was impacted by a temporary delay in the approval of one of the Company’s Negotiated Service Agreements with the USPS, which has subsequently been approved.

Presort Services

Revenue growth was driven by higher volumes of Standard Class, First Class and Flats processed offset by lower revenue per piece. EBIT and EBITDA margins declined from prior year primarily due to higher labor and transportation costs. A changing client mix towards larger clients drove the lower revenue per piece, which also contributed to the margin decline.

                     

SMB Solutions

($ millions) First Quarter
Revenue 2019 2018

Y/Y
Reported

Y/Y
Ex Currency

Y/Y Ex Currency
& Market Exits*

North America Mailing $315 $341

(7%)

(7%)

(7%)

International Mailing 79 98

(20%)

(14%)

(6%)

SMB Solutions $394 $439

(10%)

(9%)

(7%)

 
EBITDA
North America Mailing $117 $136

(14%)

International Mailing 14 20

(28%)

SMB Solutions $131 $156

(16%)

 
 
EBIT
North America Mailing $111

 

$129

(14%)

International Mailing 12

 

16

(26%)

SMB Solutions $122

 

$145

(15%)

 

* Excluding $9 million related to market exits and $6 million related to the impacts of currency

 

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