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Pitney Bowes Inc., Stamford, Conn., recently reported financial results for the first quarter 2015.
Quarterly Financial Results:
- Revenue of $891 million, a decline of 1 percent on a constant currency basis and a decline of 5 percent as reported. Revenue was flat to the prior year when adjusted for the impacts of currency and the divestment of certain European revenue streams.
- GAAP EPS of $0.40, which includes a $0.01 per share negative impact from currency
- SG&A of $315 million, a decline of $37 million, or 10 percent
- Adjusted EBIT of $178 million, an increase of $9 million, or 5 percent
- Free cash flow of $85 million; GAAP cash from operations of $104 million
- Reduced debt by $175 million
- Reaffirming 2015 annual guidance
"2015 is an important year for Pitney Bowes as we continue to transform our company," said Marc B. Lautenbach, president and CEO, Pitney Bowes. "Despite currency headwinds affecting our first quarter results, we continued to unlock value in our company. In the first quarter, we reduced costs across the company and grew operating income, even as we increased our investments in marketing, infrastructure and the growth areas of our business.
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