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Earnings Call Summary | Pitney Bowes(PBI.US) Q1 2024 Earnings Conference

moomoo AI ·  May 2 10:45  · Conference Call

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

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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