Overview

* Pitney Bowes ( PBI ) Q3 revenue declines 8% yr/yr

* Company increases share repurchase authorization to $500 mln

Outlook

* Pitney Bowes ( PBI ) expects full-year revenue near low end of $1.9 bln to $1.95 bln range

* Company anticipates full-year adjusted EPS near midpoint of $1.20 to $1.40 range

* Pitney Bowes ( PBI ) sees full-year free cash flow near low end of $330 mln to $370 mln range

Result Drivers

* SENDTECH DECLINE - Revenue decline in SendTech Solutions due to prior year product migration and decrease in mailing install base

* PRESORT SERVICES - Revenue decline in Presort Services driven by lower volumes from client losses and broader market decline

* COST SAVINGS - Co identifies $50 mln to $60 mln in additional cost savings as part of strategic review

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $460 mln $467.44

Revenue mln (1

Analyst)

Q3 Miss $0.31 $0.31 (2

Adjusted Analysts

EPS )

Q3 EPS $0.30

Q3 Miss $107 mln $112.97

Adjusted mln (1

EBIT Analyst)

Q3 Free $60 mln

Cash

Flow

Analyst Coverage

* The one available analyst rating on the shares is "hold"

* The average consensus recommendation for the office equipment peer group is "buy."

* Wall Street's median 12-month price target for Pitney Bowes Inc ( PBI ) is $17.00, about 30.6% above its October 28 closing price of $11.79

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)