Pitney Bowes Announces Third Quarter 2016 Financial Results

 
Pitney Bowes Inc.
Business Segments - Revenue and EBIT
(Unaudited; in thousands)
 
  Three months ended September 30,   Nine months ended September 30,
2016   2015   % Change 2016   2015   % Change

Revenue

 
North America Mailing $ 329,995 $ 353,159 (7 %) $ 1,001,789 $ 1,071,824 (7 %)
International Mailing   95,628     104,615   (9 %)   305,725     331,398   (8 %)
Small & Medium Business Solutions   425,623     457,774   (7 %)   1,307,514     1,403,222   (7 %)
 
Production Mail 106,350 101,646 5 % 289,649 298,880 (3 %)
Presort Services   114,053     115,912   (2 %)   357,214     351,365   2 %
Enterprise Business Solutions   220,403     217,558   1 %   646,863     650,245   (1 %)
 
Software Solutions 89,031 97,638 (9 %) 257,417 282,916 (9 %)
Global Ecommerce   103,974     96,571   8 %   307,712     249,923   23 %
Digital Commerce Solutions   193,005     194,209   (1 %)   565,129     532,839   6 %
 
Other - - - - 54,807 (100 %)
           
Total revenue $ 839,031   $ 869,541   (4 %) $ 2,519,506   $ 2,641,113   (5 %)
 

EBIT (1)

 
North America Mailing $ 138,588 $ 159,319 (13 %) $ 436,730 $ 482,376 (9 %)
International Mailing   9,733     10,739   (9 %)   34,365     36,585   (6 %)
Small & Medium Business Solutions   148,321     170,058   (13 %)   471,095     518,961   (9 %)
 
Production Mail 15,696 12,401 27 % 35,434 31,461 13 %
Presort Services   19,181     25,908   (26 %)   69,305     76,946   (10 %)
Enterprise Business Solutions   34,877     38,309   (9 %)   104,739     108,407   (3 %)
 
Software Solutions 10,329 14,613 (29 %) 17,908 34,904 (49 %)
Global Ecommerce   4,389     (1,240 ) >100%   8,835     9,962   (11 %)
Digital Commerce Solutions   14,718     13,373   10 %   26,743     44,866   (40 %)
 
Other - - - - 10,569 (100 %)
           
Segment EBIT $ 197,916   $ 221,740   (11 %) $ 602,577   $ 682,803   (12 %)
 
 
Reconciliation of segment EBIT to net income
 
Segment EBIT $ 197,916 $ 221,740 $ 602,577 $ 682,803
Corporate expenses   (51,992 )   (49,235 )   (158,536 )   (151,959 )
Adjusted EBIT 145,924 172,505 444,041 530,844
Interest, net (2) (35,259 ) (37,698 ) (103,769 ) (119,371 )
Restructuring charges and asset impairments, net (16,494 ) (36 ) (49,503 ) (14,305 )
Other income (expense), net - 1,781 (536 ) 94,916
Acquisition/disposition related expenses   (578 )   -     (3,738 )   (10,483 )
Income from continuing operations before income taxes 93,593 136,552 286,495 481,601
Provision for income taxes   (23,197 )   (42,676 )   (93,615 )   (145,574 )
Income from continuing operations 70,396 93,876 192,880 336,027
Loss from discontinued operations, net of tax   (291 )   -     (1,951 )   (582 )
Net income $ 70,105   $ 93,876   $ 190,929   $ 335,445  
 
(1)   Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges and other items, which are not allocated to a particular business segment.
 
(2) Includes financing interest expense and interest expense, net.
 

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