PITNEY BOWES 3Q PROFIT UP 5.1%

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PITNEY BOWES 3Q PROFIT UP 5.1%

 user 2009-11-06 at 11:30:15 am Views: 94
  • #22883
    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.