Pitney Bowes Q4 Profit Tops Estimates

(RTTNews) - Pitney Bowes (PBI) posted a fourth quarter net loss of $223.8 million compared to profit of $6.3 million, prior year. Loss per share was $1.27 compared to profit of $0.04. The company noted that its GAAP per share result included a loss of $1.24 for a non-cash goodwill impairment charge related to the Global Ecommerce segment and $0.08 for restructuring charges. Adjusted EPS was $0.07 compared to $0.06, prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.02, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter revenue was $872 million, a decrease of 4 percent on both a reported and comparable basis from prior year.

For 2024, the company expects revenue growth to range from flat to a low-single digit decline and EBIT margins to remain relatively flat on a year-over-year basis.

Pitney Bowes also announced that its Board has declared a quarterly cash dividend on the company's common stock of $0.05 per share. The dividend will be paid on March 14, 2024 to stockholders of record on February 9, 2024.

Shares of Pitney Bowes are up 5% in pre-market trade on Thursday.

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