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- Pitney Bowes Inc PBI reported a first-quarter FY23 sales decline of 10% year-on-year to $834.54 million, missing the analyst consensus of $864.65 million.
- The global shipping and mailing company reported an adjusted $(0.01) loss, missing the consensus of $0.00.
- Softer-than-expected revenue per parcel, coupled with cross-border headwinds, dragged quarterly performance.
- Global Ecommerce revenue fell 17% Y/Y to $348 million, Presort services decreased 1% to $159 million, and SendTech Solutions declined 6% to $327 million.
- Adjusted EBITDA fell almost 23% Y/Y to $72.92 million.
- “Strong service levels in domestic parcel are driving a robust new business pipeline, while cross-border continues to ace headwinds,” said CEO Marc B. Lautenbach. “..The long-term value creation remains centered in domestic parcel, and we continue to be confident in that business.”
- The company held $527 million in cash and equivalents as of quarter-end.
- Dividend: The company declared a quarterly cash dividend on the company’s common stock of $0.05 per share. The dividend will be paid on June 8, 2023.
- Outlook: Pitney Bowes continues to expect flat to mid-single-digit percentage revenue growth on a comparable basis.
- Price Action: PBI shares are trading lower by 10.8% at $2.9250 on the last check Thursday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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