Pitney Bowes (PBI) Q3 Earnings Beat Estimates, Sales Up Y/Y
Zacks Investment Research | Nov 05, 2019 09:53PM ET
Pitney Bowes Inc. (NYSE:PBI) reported third-quarter 2019 adjusted earnings of 24 cents per share beating the Zacks Consensus Estimate by 14.3%. However, the figure declined 11.1% year over year.
Total revenues improved 3.9% year over year to $790.1 million. Adjusting for foreign currency exchange impact of approximately $4.1 million, revenues of $794.2 million were up 4.5% year over year.
Notably, Pitney Bowes has divested its SMB businesses based across six European countries — Sweden, Denmark, Norway, Finland, Italy and Switzerland — to BAVARIA Industries Group AG in a bid to enhance go-to-market strategy. This limited revenue growth by almost $1.5 million. Considering impact from currency and market exit, revenues (at cc) improved 6% year over year to $792.7 million.
Share Price Performance
Following the third-quarter earnings beat and promising 2019 earnings guidance, shares of the company were up around 7.1% on Nov 5.
For 2019, Pitney Bowes projects adjusted earnings between 65 cents and 75 cents per share, the mid-point of which — 70 cents — is above the current Zacks Consensus Estimate of 66 cents.
Notably, Pitney Bowes stock has fallen 7.8% year to date against the Zacks Investment Research
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