Pitney Bowes Inc. (NYSE:PBI) Q4 2023 Earnings Call Transcript
Pitney Bowes Inc. (NYSE:PBI) Q4 2023 Earnings Call Transcript February 1, 2024
Pitney Bowes Inc. beats earnings expectations. Reported EPS is $0.07, expectations were $0.03. PBI isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning, and welcome to the Pitney Bowes Fourth Quarter 2023 Earnings Conference Call. Your lines have been placed in a listen-only mode during the conference call until the question-and-answer segment. Today's call is also being recorded. If you have any objections, please disconnect your lines at this time. I would now like to introduce participants on today's conference call. Mr. Jason Dies, Interim Chief Executive Officer; Ms. Ana Maria Chadwick, Executive Vice President and Chief Financial Officer; and Mr. Philip Landler, Vice President Investor Relations and Global Strategy. Mr. Landler will now begin the call with a Safe Harbor overview.
Philip Landler: Good morning. I'm Philip Landler. Thank you for joining us. I manage the Pitney Bowes Investor Relations program and part of my duties include covering the Safe Harbor information for these calls. So let me briefly cover that. Included in today's presentation are forward-looking statements about our future business and financial performance. Forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from our projections. More information about these risks and uncertainties can be found in our earnings press release, our 2022 Form 10-K annual report and other reports filed with the SEC that are located on our website at www.pb.com, and by clicking on Investor Relations.
Please keep in mind we do not undertake any obligation to update forward-looking statements as a result of new information or developments. Also for non-GAAP measures that are used in the press release or discussed in our presentation materials, you can find reconciliations to the appropriate GAAP measures in the tables attached to our press release. Finally, we have provided a slide presentation and spreadsheet with historical segment information on our website. And now, I’d like to turn the call over to our Interim CEO, Jason Dies.
Jason Dies: Good morning, and thank you for joining the call and your ongoing investment and interest in Pitney Bowes. Over the past 120 days, I've spent a lot of time getting valuable feedback and viewpoints from our shareholders and core stakeholders. This input has helped reinforce my assessment of our key opportunities and the challenges we're working to address. Most importantly, these conversations have increased my optimism about the future here at Pitney Bowes. Later in the call, I'll discuss my work with the senior management team and the Board to develop a set of strategic and operational priorities for 2024. Let me start today by giving a high level overview of Q4 performance at the enterprise level, as well as across each of our segments.
We made good progress this quarter, growing adjusted EBIT $14 million year-over-year but still have work to do. At the enterprise level we are on track with our cost reduction and restructuring efforts after increasing our original targets late last year. We are seeing the benefit from these efforts show up in segment and overall profitability. And Ana will provide more details. SendTech and Presort executed well in the quarter, SendTech Group EBIT as a result of gross margin expansion, simplification and cost reduction actions. These gains are enabling us to shift resources towards investments in our shipping capabilities, where we see meaningful long term profitable growth potential. Presort grew revenue and recorded its highest ever EBIT in a quarter, which is a testament to the great work of the team.
See also 10 Best Performing Growth Stocks in January 2024 and Top 20 Largest Seafood Companies in the World.
To continue reading the Q&A session, please click here.
