Pitney Bowes Announces Full Year and Fourth Quarter 2017 Financial Results

 

Pitney Bowes Inc.

Business Segments - Revenue and EBIT

(Unaudited; in thousands)

 
     

Three months ended December 31,

          Twelve months ended December 31,
2017    

2016 (1)

    % Change 2017    

2016 (1)

    % Change

Revenue

 
North America Mailing $ 339,921 $ 362,638 (6 %) $ 1,356,561 $ 1,427,094 (5 %)
International Mailing   101,520     102,345   (1 %)   383,670     411,642   (7 %)
Small & Medium Business Solutions   441,441     464,983   (5 %)   1,740,231     1,838,736   (5 %)
 
Production Mail 128,282 115,054 11 % 407,194 404,703 1 %
Presort Services   127,698     118,368   8 %   497,901     475,582   5 %
Enterprise Business Solutions   255,980     233,422   10 %   905,095     880,285   3 %
 
Software Solutions 88,293 90,817 (3 %) 352,380 348,234 1 %
Global Ecommerce   263,403     97,847  

>100%

  552,242     339,320   63 %
Digital Commerce Solutions   351,696     188,664   86 %   904,622     687,554   32 %
 
Total revenue $ 1,049,117   $ 887,069   18 % $ 3,549,948   $ 3,406,575   4 %
 

EBIT

 
North America Mailing $ 128,147 $ 143,282 (11 %) $ 497,809 $ 592,978 (16 %)
International Mailing   12,197     11,964   2 %   48,164     44,806   7 %
Small & Medium Business Solutions   140,344     155,246   (10 %)   545,973     637,784   (14 %)
 
Production Mail 18,998 18,627 2 % 50,513 54,061 (7 %)
Presort Services   28,045     25,953   8 %   97,506     95,258   2 %
Enterprise Business Solutions   47,043     44,580   6 %   148,019     149,319   (1 %)
 
Software Solutions 10,419 12,251 (15 %) 41,635 30,159 38 %
Global Ecommerce   (5 )   5,651   (100 %)   (17,899 )   3,043   >(100%)
Digital Commerce Solutions   10,414     17,902   (42 %)   23,736     33,202   (29 %)
 
Segment EBIT (2) $ 197,801   $ 217,728   (9 %) $ 717,728   $ 820,305   (13 %)
 
 
Reconciliation of segment EBIT to net income (loss)
 
Segment EBIT $ 197,801 $ 217,728 $ 717,728 $ 820,305
Corporate expenses   (60,073 )   (30,679 )   (204,211 )   (189,215 )
Adjusted EBIT 137,728 187,049 513,517 631,090
Interest, net (3) (43,839 ) (40,442 ) (164,162 ) (144,211 )
Goodwill impairment - (171,092 ) - (171,092 )
Restructuring charges and asset impairments, net (28,929 ) (13,793 ) (59,431 ) (63,296 )
Loss on extinguishment of debt (3,856 ) - (3,856 ) -
Impact of divestiture transactions - (1,847 ) - (6,121 )
Transaction costs (3,482 ) - (9,164 ) -
Gain on sale of technology   -     -     6,085     -  
Income (loss) before income taxes 57,622 (40,125 ) 282,989 246,370
Benefit (provision) for income taxes   32,326     (38,204 )   (21,649 )   (131,819 )
Income (loss) from continuing operations 89,948 (78,329 ) 261,340 114,551
Loss from discontinued operations, net of tax   -     (750 )   -     (2,701 )
Net income (loss) $ 89,948   $ (79,079 ) $ 261,340   $ 111,850  

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