Pitney Bowes Reports Slightly Lower 2010 Revenue but Remains Positive on Future
U.S. Mailing
U.S. Mailing had a second consecutive quarter of year-over-year equipment sales growth among its mid-and larger-sized customers, benefiting from increased placements of the new Connect+ mailing system and improved retention rates among existing customers. Achieving sequential quarters of year-over-year equipment sales growth in the U.S. Mailing segment is a key milestone towards returning the other revenue components of the core business to growth. The segment’s overall revenue continued to be affected by lower rental and financing revenue as a result of lower equipment sales in prior periods. However, the decline in financing revenue continues to moderate and overall revenue declined at its lowest rate in eight quarters. EBIT margin improved by 190 basis points versus the prior year, as a result of ongoing productivity improvements related to the company’s Strategic Transformation program, lower credit losses, and ongoing benefits from previous lease extensions.
International Mailing
- Companies:
- Pitney Bowes
- Places:
- Stamford, Conn.
- United States