PITNEY BOWES 3Q PROFIT UP 5.1%

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PITNEY BOWES 3Q PROFIT UP 5.1%

 user 2009-11-06 at 11:29:37 am Views: 92
  • #22882

    http://money.cnn.com/news/newsfeeds/articles/djf500/200911031708DOWJONESDJONLINE000658_FORTUNE5.htm
    PITNEY BOWES 3Q PROFIT UP 5.1%
    Pitney Bowes Inc.’s third-quarter profit grew 5.1% as the provider of mail products and services reported fewer restructuring and write-downs, although revenue fell globally.Shares rose 1.5% to $25.04 in after-hours trading as earnings handily topped analysts’ expectations. The stock has improved from the 14-year low of $17.62 set in March, but is far off trading just under $49 in 2007.Meanwhile, Pitney Bowes narrowed its earnings target for the year and boosted its revenue decline forecast by one percentage point to 8% to 11%.

    The company has posted falling revenue over the past year, as customers delay orders during the economic slowdown. As a result of the weakness, the company has trimmed jobs and is working to retain customers.Pitney Bowes posted earnings of $103.2 million, or 50 cents a share, up from $ 98.2 million, or 47 cents a share, a year earlier. Excluding restructuring and tax adjustments, earnings fell to 55 cents from 67 cents.Revenue slid 12% to $1.36 billion amid a 12% decrease in U.S. mailing revenue and a 11% decline internationally, on a constant-currency basis.