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Pitney Bowes Inc. (PBI) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenue to $499.5 million from $503.0 million in the same quarter the previous year. This decline is attributed to lower support services and equipment sales revenue.
Total costs and expenses increased to $543.3 million from $476.1 million, mainly due to restructuring charges and other expenses related to the Ecommerce Restructuring.
The company reported a net income from continuing operations of $122.6 million, compared to $17.8 million in the previous year. This increase was largely due to a tax benefit from an affiliate reorganization.
Revenue from the SendTech Solutions segment decreased by 4% to $312.8 million, attributed to declines in support services and equipment sales.
Presort Services segment revenue increased by 9% to $166.4 million, driven by higher mail volumes and pricing actions.
Corporate expenses increased by 4% to $43.4 million, primarily due to higher variable compensation expenses.
Cash provided by operating activities was $94.7 million, an improvement from a cash outflow of $13.9 million in the prior year period.
The company reported a net loss of $138.5 million, compared to a net loss of $12.5 million in the previous year, due to losses from discontinued operations.
Pitney Bowes completed the GEC Sale as part of its Ecommerce Restructuring, which involved a wind-down of its Global Ecommerce segment and resulted in certain revenues and expenses being reported as discontinued operations.
The company anticipates further charges related to workforce reductions under the 2024 Plan, which aims to achieve cost reductions and improve efficiencies.
Pitney Bowes expects to remain in compliance with its financial covenants over the next twelve months, although it acknowledges potential risks that could impact its liquidity and financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pitney Bowes Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.