Pitney Bowes Q3 Earnings Miss Street View Bowing To Macroeconomic Uncertainties

Pitney Bowes Inc PBI reported a third-quarter FY22 sales decline of 5% year-on-year to $830.91 million, missing the consensus of $863.19 million.
Global Ecommerce revenue fell 11% Y/Y to $354 million, Presort Services increased 4% to $145 million, and SendTech Solutions declined 2% to $332 million.
Total costs and expenses for the quarter were $820.8 million. Adjusted EBITDA fell 15.7% Y/Y to $77.3 million.
Adjusted EPS of $0.00 missed the consensus of $0.02.
The company held $607 million in cash and equivalents as of September 30, 2022. Net cash used by operating activities totaled $(36.4) million, and the free cash outflow was $15.7 million.
"Similar to last quarter, SendTech and Presort both grew on a constant currency basis and Global Ecommerce declined as a result of international macroeconomic challenges, including US dollar strength," said CEO Marc B. Lautenbach.
Outlook, reaffirmed: Pitney Bowes expects full-year revenue (constant currency) to range from a low-single-digit percentage decline to a low-single-digit percentage increase.
In addition, the company expects positive free cash flow for FY22.
Price Action: PBI shares are trading higher by 2.61% at $3.19 on the last check Tuesday.
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