On November 2, 2023, Pitney Bowes Inc (PBI, Financial), a global shipping and mailing company, announced its financial results for the third quarter of fiscal year 2023. The company reported a revenue of $784 million, marking a 6% decrease on a reported basis and a 1% decrease on a comparable basis compared to the previous year.
Financial Highlights
The company's GAAP EPS was a loss of $0.07 in the quarter, compared to a GAAP EPS of $0.03 in Q3 2022. The GAAP cash from operating activities was $25 million in the quarter and Free Cash Flow was $15 million, both showing improvement compared to the prior year period. Cash and short-term investments were $579 million at quarter-end.
Interim CEO Jason Dies commented on the results, stating,
Our SendTech and Presort segments both delivered profit growth and margin expansion during the quarter, reflecting success in our growth strategies and productivity initiatives, as well as resilience in challenging economic conditions. We are ahead of schedule on delivering the savings associated with our previously announced restructuring plan."
Segment Performance
The SendTech Solutions segment, which offers physical and digital mailing and shipping technology solutions, reported a revenue of $318 million, a decrease of 4% on a reported basis and 3% on a comparable basis. The Presort Services segment, which provides sortation services, reported a revenue growth of 5% to $152 million. The Global Ecommerce segment, which provides business to consumer logistics services, reported a revenue of $313 million, a decrease of 12% on a reported basis and 1% on a comparable basis.
Outlook
Given the Global Ecommerce segment’s year-to-date performance and continued market headwinds, the company now expects full-year revenue to decline between 3% and 4% on a comparable basis and full-year adjusted EBIT margins to remain relatively flat versus the prior year.
Explore the complete 8-K earnings release (here) from Pitney Bowes Inc for further details.
