LONDON, UK / ACCESSWIRE / February 20, 2018 / Active-Investors.com has just released a free earnings report on Pitney Bowes Inc. (PBI). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PBI. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 31, 2018. The mailing equipment and software Company surpassed top- and bottom-line expectations, and provided guidance for the upcoming quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended December 31, 2017, Pitney Bowes' revenues advanced 18% to $1.05 billion compared to $887.07 million in Q4 2016. The Company's revenue numbers exceeded analysts' estimates by $59 million.
For the full year FY17, Pitney Bowes' revenues grew 4% to $3.55 billion compared to $3.41 billion in FY16.
During Q4 2017, Pitney Bowes' GAAP earnings totaled $89.95 million, or $0.48 per diluted share, compared to a net loss of $84.34 million, or $0.45 loss per diluted share, in Q4 2016. The Company's reported quarter results included $0.10 for restructuring charges, $0.01 for transaction costs, a $0.01 loss for the extinguishment of debt, and a net benefit of $0.21 recorded on the provision for income tax related to the enactment of the Tax Cuts and Jobs Act 2017 (TCJA). In Q4 2016, Pitney Bowes' results included a $0.05 charge related to restructuring and asset impairment, a $0.90 goodwill impairment charge, and a $0.01 loss due to divestiture transactions.
On an adjusted basis, Pitney Bowes reported earnings per share (EPS) of $0.40 versus of $0.53 in the year earlier same quarter. The Company's EPS beat Wall Street's estimates of $0.36.
For FY17, Pitney Bowes' GAAP earnings were $261.34 million, or $1.39 per diluted share, compared to $92.81 million, or $0.49 per diluted share, in FY16. The Company's adjusted diluted EPS totaled $1.41 compared to $1.68 in FY16.
During Q4 2017, Pitney Bowes' Small and Medium Business (SMB) Solutions segment's revenues declined 5% to $441 million on a y-o-y basis, while its earnings before interest and taxes (EBIT) dropped 10% to $140 million. Within the segment, North America Mailing unit's sales dropped 6% to $340 million on a y-o-y basis, attributed to lower tabletop inserter sales. Recurring revenue streams declined, largely around financing, rentals, and service revenues. The SMB segment's International Mailing unit's revenues totaled $102 million, down 1% on a y-o-y basis, primarily due to lower equipment sales.
For Q4 2017, Pitney Bowes' Enterprise Business Solutions segment's revenues advanced 10% to $256 million on a y-o-y basis. The segment's EBIT grew 6% to $47 million. Within the segment, Production Mail unit's sales grew double-digits to $128 million on a y-o-y basis, largely due to higher print and sorter equipment placements. The segment's Presort Services unit's revenues advanced 8% to $128 million, driven by an improved revenue per piece along with higher First-Class mail, parcel, and flats volumes processed.
During Q4 2017, Pitney Bowes' Digital Commerce Solutions segment's revenues soared 86% to $352 million. The segment's EBIT fell 42% to $10 million, primarily due to a drop in EBIT from its Global Ecommerce unit. In the reported quarter, the segment's Software Solutions unit's revenues fell 3% to $88 million on a y-o-y basis, driven by lower license and service revenues. The segment's Global Ecommerce unit's sales soared 169% to $263 million, as the reported quarter results included a full quarter of revenue from Newgistics business. Excluding Newgistics, the segment continued to generate double-digit revenue growth, driven by a strong performance in both cross border retail and marketplace volumes along with domestic shipping. The segment's Global Ecommerce unit's EBIT margin declined on a y-o-y basis, largely due to investments in market growth opportunities as well as the amortization of acquisition-related intangible assets.
During Q4 2017, Pitney Bowes' GAAP cash from operations was $165 million, and free cash flow was $145 million. During the reported quarter, the Company used cash to return $35 million in dividends to shareholders, and to pay $11 million for restructuring payments.
For FY17, Pitney Bowes' GAAP cash from operations was $496 million, and free cash flow was $384 million. During FY17, the Company utilized cash to return $139 million in dividends to shareholders and to pay $41 million for restructuring payments.
For the full fiscal year 2018, Pitney Bowes is forecasting revenues, on a constant currency basis, to be in the range of 9% to 13% growth on a y-o-y basis. The Company is expecting adjusted EPS to be in the band of $1.40 to $1.55, and free cash flow to be in the range of $350 million to $400 million.
Stock Performance Snapshot
February 16, 2018 - At Friday's closing bell, Pitney Bowes' stock slightly climbed 0.49%, ending the trading session at $12.34.
Volume traded for the day: 1.27 million shares.
Stock performance in the previous three-month period – up 28.01%; and year-to-date – up 10.38%
After last Friday's close, Pitney Bowes' market cap was at $2.30 billion.
Price to Earnings (P/E) ratio was at 24.10.
The stock has a dividend yield of 6.08%.
The stock is part of the Consumer Goods sector, categorized under the Business Equipment industry.
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