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Benzinga
Benzinga
Business
Shivani Kumaresan

Why Pitney Bowes Shares Are Trading Higher Today

  • Pitney Bowes Inc (NYSE:PBI) reported first-quarter FY22 sales growth of 1.3% year-on-year to $926.94 million, missing the consensus of $931.76 million.
  • Global Ecommerce revenue grew 1% Y/Y to $419 million, Presort services increased 12% to $161 million, and SendTech Solutions declined 3% to $348 million.
  • Total costs and expenses declined 5.7% Y/Y to $901 million.
  • The company held $634 million in cash and equivalents as of March 31, 2022. Cash provided by operating activities totaled $11 million with a free cash outflow of $30 million.
  • Adjusted EPS of $0.08 beat the analyst consensus of $0.03.
  • Adjusted EBIT increased 6% Y/Y to $53 million.
  • Outlook: Pitney Bowes continues to expect FY22 sales and adjusted EBIT to grow in the low-to-mid single-digit range.
  • Price Action: PBI shares are trading higher by 23.8% at $5.34 on the last check Thursday.
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