Pitney Bowes Reports Q4 2014 Results
Pitney Bowes Inc., Stamford, Conn., recently reported financial results for the full year 2014 and the fourth quarter.
- Revenue of $3.8 billion, growth of 1 percent on a constant currency and reported basis.
- Adjusted EPS of $1.90.
- GAAP EPS from continuing operations of $1.47; GAAP EPS of $1.64.
- SG&A expenses of $1.4 billion, a reduction of $42 million.
- Free cash flow of $571 million; GAAP cash from operations of $656 million.
- Repurchased $50 million of stock and paid down $100 million of debt.
Fourth Quarter 2014:
- Revenue of $984 million, a decline of 1 percent on a constant currency basis and a decline of 3 percent on a reported basis.
- Adjusted EPS of $0.51.
- GAAP EPS from continuing operations of $0.29; GAAP EPS of $0.31.
- SG&A expenses of $347 million, a reduction of $15 million.
- Free cash flow of $154 million; GAAP cash from operations of $258 million.
- Board of directors approved a share repurchase authorization of $100 million.
"We are very pleased with our full-year financial results and our fourth quarter performance," said Marc Lautenbach, president and CEO, Pitney Bowes. "For the first time in several years, we grew revenue for the full year while at the same time we met our objectives for adjusted earnings per share and free cash flow. While we are still early in our transformation, the strategy we began implementing two years ago is working and our vision to deliver innovative physical and digital products and solutions is resonating with our clients around the world. We will continue to focus on reducing costs, while at the same time invest in the areas that will optimize our business and grow revenue. Going forward, we expect to realize the benefits of these initiatives throughout 2015 and over the next several years."