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- Pitney Bowes Inc (NYSE:PBI) reported a third-quarter FY22 sales decline of 5% year-on-year to $830.91 million, missing the consensus of $863.19 million.
- Global Ecommerce revenue fell 11% Y/Y to $354 million, Presort Services increased 4% to $145 million, and SendTech Solutions declined 2% to $332 million.
- Total costs and expenses for the quarter were $820.8 million. Adjusted EBITDA fell 15.7% Y/Y to $77.3 million.
- Adjusted EPS of $0.00 missed the consensus of $0.02.
- The company held $607 million in cash and equivalents as of September 30, 2022. Net cash used by operating activities totaled $(36.4) million, and the free cash outflow was $15.7 million.
- "Similar to last quarter, SendTech and Presort both grew on a constant currency basis and Global Ecommerce declined as a result of international macroeconomic challenges, including US dollar strength," said CEO Marc B. Lautenbach.
- Outlook, reaffirmed: Pitney Bowes expects full-year revenue (constant currency) to range from a low-single-digit percentage decline to a low-single-digit percentage increase.
- In addition, the company expects positive free cash flow for FY22.
- Price Action: PBI shares are trading higher by 2.61% at $3.19 on the last check Tuesday.
- Photo Via Company
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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