PITNEY BOWES 3Q PROFIT UP 5.1%

[Anonymous]

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.

[Author]

November 6, 2009 at 11:30 AM