The following is a summary of the Pitney Bowes Inc. (PBI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Pitney Bowes recorded a Q1 2024 revenue of $831 million, a slight decrease of 1%, with EBIT improving by $23 million to $56 million.

• The quarterly EPS was flat with a loss of $0.01 per share.

• Free cash flow had an improvement of $43 million but was a use of $17 million.

• Owing to their ongoing restructuring program, the company expects cost savings to exceed the initial target of $75-$85 million.

Business Progress:

• The company saw growth in its SendTech segment and Presort Services with the latter achieving record revenue, while EBIT growth also expanded.

• A restructuring process is ongoing, focusing on cost-cutting and investing in high-margin growth areas.

• Along with processing 60 million parcels, the SaaS revenue within the SendTech segment recorded a growth of 40%.

• The company managed to cut more than 1,000 positions as part of their restructuring scheme and plan to continue their strategic and financial transformation.

More details: Pitney Bowes IR

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