Pitney Bowes Q2 Earnings Smashes Estimates; Backs FY21 Outlook, Declares Dividend

Pitney Bowes Inc PBI reported second-quarter FY21 revenue growth of 7.2% year-on-year, to $899.2 million, beating the analyst consensus of $895.46 million.
Revenue from Global eCommerce rose 5% to $418 million, Presort Services gained 14% to $135 million, and SendTech Solutions increased 8% to $346 million.
Total costs and expenses rose 6.4% Y/Y to $873.4 million.
Income from continuing operations before taxes rose 54.2% to $25.8 million.
The company held $799.5 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA of $95.9 million rose 7.1% Y/Y.
Adjusted EPS of $0.11 beat the analyst consensus of $0.05.
"Importantly, Global Ecommerce made significant progress and was EBITDA positive in the quarter putting this business on track to our commitment of EBITDA positive for the full year," said CEO Marc B. Lautenbach.
Pitney Bowes declared a quarterly cash dividend on the common stock of $0.05 per share, payable on September 8, 2021, to stockholders of record on August 20, 2021.
Outlook: Pitney Bowes continues to expect annual revenue to grow in the low-to-mid single-digit range.
It sees FY21 EPS of $0.35-$0.42 versus the consensus of $0.35.
Price action: PBI shares are trading lower by 1.37% at $7.92 on the last check Tuesday.

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