Pitney Bowes Announces First Quarter Results for 2012

During the quarter, the North America Mailing segment continued to benefit from increased placements of its Connect+ mailing system and improved retention rates among its existing customers. The company experienced improved trends in equipment sales during the quarter as more customers upgraded to new equipment in lieu of extending leases. However, revenue was adversely impacted by lower rentals and financing revenue as a result of lower equipment sales in prior periods. Revenue was also impacted by a decline in supplies revenue due to fewer meters in service in the U.S. and lower mail volumes. EBIT margin for the segment improved by 330 basis points versus the prior year, which was the seventh consecutive quarter of year-over-year improvement, due to ongoing productivity improvements and lower credit losses.

International Mailing

    1Q 2012   Y-O-Y Change   Change ex Currency
Revenue $168 million (1%) 1%
  EBIT   $20 million   (14%)    

International Mailing revenue grew one percent excluding the impact of currency. Revenue benefited from increased equipment sales, especially in France and the Nordics. The company’s innovative Connect+ product line was launched in Germany during the quarter and is expected to be launched in France in the third quarter. The rate of decline for rental revenue continued to improve year-over-year. Additionally, there was growth in supplies revenue this quarter. EBIT margin declined year-over-year due to the mix of business.

Enterprise Business Solutions

    1Q 2012   Y-O-Y Change   Change ex Currency
Revenue $626 million (3%) (2%)
  EBIT   $64 million   32%    

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