Pitney Bowes Reports Mixed Q3 Results, Affirms FY21 Outlook

Pitney Bowes Inc PBI reported a third-quarter FY21 sales decline of 1.8% year-on-year, to $875.45 million, missing the analyst consensus of $892.29 million.
Global E-commerce revenue fell 3% Y/Y to $398 million, Presort services increased 9% to $139 million, and SendTech Solutions declined 5% to $338 million.
Total costs and expenses declined 1.4% Y/Y to $868.5 million.
The company held $743 million in cash and equivalents as of September 30, 2021. Cash provided by operating activities totaled $71.4 million with a free cash flow of $30.14 million.
Adjusted EPS of $0.08 beat the analyst consensus of $0.07.
Outlook: Pitney Bowes noted FY21 expectations remain in line with its previous view. It sees revenue growth in the low-to-mid single-digit range and adjusted EPS of $0.35 – $0.42 versus the consensus of $0.37.
"We have taken important steps to ensure that we are well-prepared for the upcoming peak season. Global Ecommerce remains on-track to generate positive EBITDA for full year 2021," said CEO Marc B. Lautenbach.
Price Action: PBI shares are trading higher by 6.14% at $7.61 on the last check Wednesday.

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