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Pitney Bowes’ first-quarter results fail to impress
Revenue up 15%, EPS in line, but shares down double digits 1 minute read Pitney Bowes results fall flat on Wall Street (Photo: Jim Allen/FreightWaves)
Pitney Bowes Inc. (NYSE:PBI) reported first-quarter earnings-per-share results that were roughly in line with analysts’ expectations, as well as a 15% year-over-year revenue increase fueled entirely by a 41% surge in its global e-commerce business. However, analysts weren’t impressed, sending Pitney Bowes’ already beaten-down shares dropping by another 15%.
The Stamford, Connecticut-based company posted adjusted EPS of 5 cents a share, which included a 2-cents-per-share tax benefit associated with reorganization measures. The median estimate by analysts was 5 cents a share. Revenue was reported at $915 million, paced by a 41% reported revenue gain in its global e-commerce business as global demand remained highly elevated due to the COVID-19 pandemic.