WASHINGTON (dpa-AFX) - Pitney Bowes Inc. (PBI) Thursday reported lower revenues in almost all its segments in the second quarter, while registering increased profit on lower costs and expenses. Earnings beat the Street estimates. The company also updated its annual outlook.
For the three-month period, Revenue was reported at $881 million, a decline of 4 percent on a constant currency basis and a decline of 8 percent as reported.
Earnings of the mailing equipment and supplies company were $151.8 million or 75 cents a share compared with $94.3 million or 46 cents a share a year ago.
Excluding items, earnings were 45 cents a share.
Six analysts polled by Thomson-Reuters were expecting the company to report earnings of 44 cents a share. Analysts' estimates typically exclude one-time items.
Looking forward, the company said it was raising its annual earnings outlook that reflects gain from the sale of Imagitas. Now the company expects earnings to be in the range of $2.06 to $2.21 per share. Adjusted earnings are expected in the range of $1.75 to $1.90, which reflects the Borderfree acquisition and Imagitas sale.
On annual revenue guidance, the company said, 'Based on year-to-date results and the Company's expectation of constant currency revenue growth of 1 percent to 5 percent in the second half of the year, the Company is adjusting its annual revenue guidance. The Company now expects revenue to be in the range of a 1 percent decline to 1 percent growth when compared to 2014 on a constant currency basis.'
Copyright RTT News/dpa-AFX