Pitney Bowes Announces Full Year and Fourth Quarter 2015 Financial Results

North America Mailing

Revenue declined on a constant currency basis at a lesser rate than through the first nine months of the year. In the U.S., equipment sales declined one percent versus the prior year while recurring revenue streams continued to perform in-line with prior quarters. EBIT margin improved versus the prior year due to the mix of business and lower employee-related costs.

International Mailing

Revenue declined at its lowest rate all year, benefiting from improved equipment sales trends in most of the major markets where the Company has completed the shift in its go-to-market strategy. Equipment sales revenue grew on a constant currency basis, driven in part by increased sales in the UK. In France, equipment sales declined at a lesser rate than in previous quarters as the new sales structure increased productivity. However, equipment sales growth was offset by a decline in the recurring revenue streams. During the quarter, the Company sold, or entered into agreements to sell assets and convert to a dealer model in Mexico, South Africa and five markets in Asia.

International Mailing’s EBIT margin declined versus the prior year due to the impact of currency on costs and reduced, higher-margin recurring stream revenue.

 

Enterprise Business Solutions Group

(millions, except percentages)         Fourth Quarter

Revenue

2015

   

2014

   

Y/Y

Reported

   

Y/Y

Ex Currency

Production Mail $122 $132 (7%) (3%)
Presort Services

122

117

4%

4%

Enterprise Business Total $245 $249 (2%) 1%
 

EBIT

Production Mail $17 $20 (15%)
Presort Services

28

30

(8%)

Enterprise Business Total $45 $50 (10%)
 

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