Pitney-Bowes (PBI) Tops Q3 EPS by 3c, Revenues Beat
Pitney-Bowes (NYSE: PBI) reported Q3 EPS of $0.08, $0.03 better than the analyst estimate of $0.05. Revenue for the quarter came in at $892 million versus the consensus estimate of $851.56 million.
Third Quarter - Financial Overview:
- Revenue of $892 million, growth of 13 percent
- GAAP EPS of $0.07; Adjusted EPS of $0.08
- GAAP cash from operations of $104 million; free cash flow of $85 million
“We grew revenue 13 percent in the third quarter, which is the strongest organic revenue growth rate we have achieved in well over a decade,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “I am extremely proud of what the team has accomplished, especially during these challenging times.
“Several years ago, we implemented a strategy to shift our portfolio to the growth areas of the market,” Lautenbach continued. “The investments we have made are paying off especially with our shipping-related revenues, which comprise half of our overall revenue. Although uncertainties remain given the Covid-19 pandemic, we are pleased with the momentum in our businesses and believe we are well positioned to capitalize on the market opportunities ahead of us.”
Given the continued level of uncertainty around the depth and duration of Covid-19, the Company will not provide guidance which is consistent with prior quarters.
For earnings history and earnings-related data on Pitney-Bowes (PBI) click here.