Pitney Bowes Announces First Quarter 2015 Financial Results

* Excluding the impacts of currency and the divested revenues in Europe related to the exit of a non-core product line in Norway and transition to a dealer sales network in six smaller European markets completed in the third quarter of 2014.

Production Mail

Equipment sales grew as a result of a larger number of inserting equipment installations during the quarter. Supplies revenue continued to benefit from the growth in production print installations in 2014. Support services revenue declined as a result of some in-house mailers shifting their mail processing to third party outsourcers who provide some self-service on equipment. For comparative purposes, revenue would have grown 1 percent when adjusted for the impacts of currency and the divested revenues in Europe from the prior year related to this segment. EBIT margin improved versus the prior year due to a favorable mix of higher margin equipment sales and on-going cost reduction initiatives.

Presort Services

Revenue benefited from the addition of new customers and an increase in the volume of mail processed. EBIT margin improved versus the prior year due to the revenue growth and on-going operational productivity.

Digital Commerce Solutions

($ millions)   First Quarter
             

Y/Y

   

Y/Y

2015

2014

Reported

Ex Currency

Revenue

$

192

 

$

181

 

6 % 9 %
EBIT $ 16 $ 10 67 %
 

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