Why Pitney Bowes (PBI) Shares Are Falling Today - Pitney Bowes (NYSE:PBI)

Pitney Bowes Inc PBI reported a first-quarter FY23 sales decline of 10% year-on-year to $834.54 million, missing the analyst consensus of $864.65 million.
The global shipping and mailing company reported an adjusted $(0.01) loss, missing the consensus of $0.00.
Softer-than-expected revenue per parcel, coupled with cross-border headwinds, dragged quarterly performance.
Global Ecommerce revenue fell 17% Y/Y to $348 million, Presort services decreased 1% to $159 million, and SendTech Solutions declined 6% to $327 million.
Adjusted EBITDA fell almost 23% Y/Y to $72.92 million.
"Strong service levels in domestic parcel are driving a robust new business pipeline, while cross-border continues to ace headwinds," said CEO Marc B. Lautenbach. "..The long-term value creation remains centered in domestic parcel, and we continue to be confident in that business."
The company held $527 million in cash and equivalents as of quarter-end.
Dividend: The company declared a quarterly cash dividend on the company's common stock of $0.05 per share. The dividend will be paid on June 8, 2023.
Outlook: Pitney Bowes continues to expect flat to mid-single-digit percentage revenue growth on a comparable basis.
Price Action: PBI shares are trading lower by 10.8% at $2.9250 on the last check Thursday.

Why Pitney Bowes Shares Are Falling Today