|1Q 2012||Y-O-Y Change||Change ex Currency|
Revenue grew due to an increased number of household moves this quarter compared with the prior year. EBIT benefited from reduced print production costs and ongoing productivity initiatives.
This guidance discusses future results which are inherently subject to unforeseen risks and developments. As such, discussions about the business outlook should be read in the context of an uncertain future, as well as the risk factors identified in the safe harbor language at the end of this release.
The company is updating its 2012 annual guidance for GAAP earnings per diluted share from continuing operations to reflect the first quarter net tax benefits plus the net benefit from the first quarter sale of leveraged lease assets in Canada.
The company now expects GAAP earnings per diluted share from continuing operations to be in the range of $2.22 to $2.42. This includes $0.11 per share of net tax benefits and a $0.06 per share benefit from the sale of leveraged lease assets in Canada. Excluding these two items, adjusted earnings per diluted share from continuing operations for 2012 are still expected to be in the range of $2.05 to $2.25.
The company still expects 2012 revenue, excluding the impacts of currency, to be in a range of 2 percent growth to a decline of 2 percent as compared to 2011, and expects free cash flow to be in the range of $700 million to $800 million.
Management of Pitney Bowes will discuss the company’s results in a broadcast over the Internet today at 5:00 p.m. EDT. Instructions for listening to the earnings results via the Web are available on the Investor Relations page of the company’s web site at www.pb.com/investorrelations.
Pitney Bowes is a $5.3 billion global leader whose products, services
and solutions deliver value within the mailstream and beyond. For more