Pitney Bowes Shares Fall 4.7% (PBI)

Pitney Bowes Inc. PBI announced on Tuesday after the market closed that it missed consensus Wall Street estimates. Pitney Bowes Inc. reported that its 2nd quarter net income fell to $61.4 million, or 30 cents per share, down from $117.3 million, or 57 cents per share, a year earlier. Excluding special items, the company's earnings came in at 48 cents per share. The company's revenue fell 6% to $1.3 billion. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 57 cents per share, on revenue of $1.37 billion. Chairman, president and chief executive officer Murray D. Martin said, “We continue to implement a broad range of actions to manage through a prolonged period of global economic weakness. After seeing some early signs of stabilization among our small to mid-sized customer base in the first quarter, we experienced a decline in activity levels in the latter part of the second quarter. Our actions are positioning the company to deliver long-term value to customers and shareholders, despite the near-term impact of weaker demand.” Pitney Bowes Inc. (PBI) closed Tuesday trading up 1.09% at $24.96 per share, then fell 4.69% to $23.79 during after hours trading. Analysts covering the company's stock give it a consensus price target of $25.75 per share. Read more from Benzinga's Company news.