09:22 AM EDT, 07/01/2024 (MT Newswires) -- Pitney Bowes ( PBI ) said Monday that it has increased its cost rationalization program's savings targets to between $120 million and $160 million from an initial target of $60 million to $100 million.

The company said management has identified more opportunities to achieve "new efficiencies in the coming months."

Pitney Bowes ( PBI ) said it anticipates to realize a "meaningful portion" of the incremental savings over the remainder of this year, with some initiatives requiring efforts into next year.

The company said it has identified and initiated about $70 million in cost savings, the majority of which was removed in Q2.

Pitney Bowes ( PBI ) said it plans to record $25 million in non-recurring charges as a result of these initiatives in Q2.

Shares of the company were up 3% in recent Monday premarket activity.

Price: 5.23, Change: +0.15, Percent Change: +2.95