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Pitney Bowes posts 3Q loss but beats expectations

The Associated Press

NEWS: Mailing equipment and software company Pitney Bowes Inc. posted a loss in the third quarter due to restructuring charges and losses from businesses it has since sold.

DETAILS: The company has sold its furniture business in Norway and its North America management services business and said the quarter's results "reflect the aggressive actions we have taken" in streamlining its business.

NUMBERS: Pitney Bowes posted a net loss of $5.5 million, or 3 cents per share, compared with net income of $76.5 million, or 38 cents per share, in the same period a year earlier. Adjusted earnings from continuing businesses was 49 cents per share in the latest quarter.

Revenue slipped 1 percent to $938.8 million from $949.8 million.

Analysts, on average, were expecting lower adjusted earnings of 40 cents per share on higher revenue of $972.3 million, according to a poll by FactSet.

FUTURE: Pitney Bowes expects adjusted earnings of $1.68 to $1.83 per share for the full year. Analysts were expecting adjusted earnings of $1.70 per share.

STOCK: Shares of the Stamford, Conn.-based company rose $2.05, or 10.7 percent, to $21.29 in afternoon trading after rising as high as $22 earlier. That was its highest since late July 2011, according to FactSet.