Pitney Bowes Announces Second Quarter 2017 Financial Results

Pitney Bowes Inc.

Business Segments - Revenue and EBIT

(Unaudited; in thousands)

 
  Three months ended June 30,   Six months ended June 30,
2017  

2016 (1)

  % Change   2017  

2016 (1)

  % Change

Revenue

 
 
North America Mailing $ 341,096 $

343,218

 

(1 %) $ 696,674 $

714,671

 

(3 %)
International Mailing   95,322     107,581   (11 %)   188,380     212,567   (11 %)
Small & Medium Business Solutions   436,418     450,799   (3 %)   885,054     927,238   (5 %)
 
Production Mail 85,570 95,874 (11 %) 174,525 183,299 (5 %)
Presort Services   118,452     115,765   2 %   251,129     243,161   3 %
Enterprise Business Solutions   204,022     211,639   (4 %)   425,654     426,460   (0 %)
 
Software Solutions 86,425 90,464 (4 %) 164,645 168,386 (2 %)
Global Ecommerce   94,506     82,984   14 %   182,658     158,391   15 %
Digital Commerce Solutions   180,931     173,448   4 %   347,303     326,777   6 %
 
Total revenue $ 821,371   $ 835,886   (2 %) $ 1,658,011   $ 1,680,475   (1 %)
 

EBIT

 
North America Mailing $ 120,877 $ 146,897 (18 %) $ 261,885 $ 307,728 (15 %)
International Mailing   13,969     12,468   12 %   27,238     23,644   15 %
Small & Medium Business Solutions   134,846     159,365   (15 %)   289,123     331,372   (13 %)
 
Production Mail 7,631 12,914 (41 %) 16,595 19,738 (16 %)
Presort Services   19,270     21,214   (9 %)   49,987     50,124   (0 %)
Enterprise Business Solutions   26,901     34,128   (21 %)   66,582     69,862   (5 %)
 
Software Solutions 7,555 10,151 (26 %) 10,304 7,579 36 %
Global Ecommerce   (4,030 )   (683 ) >(100%)   (8,300 )   (4,152 ) (100 %)
Digital Commerce Solutions   3,525     9,468   (63 %)   2,004     3,427   (42 %)
 
Segment EBIT (2) $ 165,272   $ 202,961   (19 %) $ 357,709   $ 404,661   (12 %)
 
 
Reconciliation of segment EBIT to net income
 
Segment EBIT $ 165,272 $ 202,961 $ 357,709 $ 404,661
Corporate expenses   (50,134 )   (48,777 )   (105,290 )   (106,544 )
Adjusted EBIT 115,138 154,184 252,419 298,117
Interest, net (3) (40,443 ) (34,294 ) (79,093 ) (68,510 )
Restructuring charges and asset impairments, net (26,927 ) (26,076 ) (29,009 ) (33,009 )
Gain on sale of technology 6,085 - 6,085 -
Acquisition/disposition related expenses   -     (576 )   -     (3,696 )
Income before income taxes 53,853 93,238 150,402 192,902
Provision for income taxes   (4,952 )   (33,394 )   (36,368 )   (70,418 )
Income from continuing operations 48,901 59,844 114,034 122,484
Loss from discontinued operations, net of tax   -     (1,660 )   -     (1,660 )
Net income $ 48,901   $ 58,184   $ 114,034   $ 120,824  
(1)   Prior period amounts have been recast to conform to the current year presentation.
(2) Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.
(3) Includes financing interest expense and interest expense, net.
 

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