Pitney-Bowes (PBI) Tops Q4 EPS by 2c, Revenues Miss; Provides FY20 EPS Guidance

Pitney-Bowes (NYSE: PBI) reported Q4 EPS of $0.14, $0.02 better than the analyst estimate of $0.12. Revenue for the quarter came in at $831 million versus the consensus estimate of $846.76 million.

Quarterly Results:

• Revenue of $831 million, a decrease of 3 percent; a decrease of 2 percent when adjusted for both the impact of currency and market exits
• GAAP EPS of $1.03; Adjusted EPS of $0.14
• GAAP cash from operations of $70 million; free cash flow of $66 million

“2019 was another important step forward in transforming our Company,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “We delivered our third consecutive year of revenue growth on a constant currency basis. We substantially realigned our business and our product portfolio, strengthened our balance sheet, and set ourselves up to drive profitable revenue growth going forward. Importantly, over the last two years, we have reduced our debt by over $1 billion, while maintaining significant investment in the business.

“In 2020, Pitney Bowes enters its 100th year, a noteworthy accomplishment few can claim,” Lautenbach added. “Our transformation continues to build on our three logical core adjacencies of shipping and mail along with the financing of mission-critical assets for our clients.”

GUIDANCE:

Pitney-Bowes sees FY2020 EPS of $0.60-$0.70, versus the consensus of $0.65.

The Company expects for full year 2020:

• Revenue, on a constant currency basis, is expected to be in the range of 1 percent decline to 1.5 percent growth when compared to 2019.
• Adjusted EPS from continuing operations to be in the range of $0.60 to $0.70 and reflects double-digit EBIT dollar growth over prior year, which will be offset by an expected higher tax rate as compared to prior year.
• Free cash flow to be in the range of $140 million to $170 million. Free cash flow also reflects the planned use of cash for growth in third party leasing initiatives.

For earnings history and earnings-related data on Pitney-Bowes (PBI) click here.

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