Pitney Bowes Announces First Quarter 2017 Financial Results

Pitney Bowes Inc.
Business Segments - Revenue and EBIT
(Unaudited; in thousands)
     
Three months ended March 31,
2017

2016 (1)

% Change

Revenue

 
North America Mailing $ 355,578 $ 371,453 (4 %)
International Mailing   93,058     104,986   (11 %)
Small & Medium Business Solutions   448,636     476,439   (6 %)
 
Production Mail 88,955 87,425 2 %
Presort Services   132,677     127,396   4 %
Enterprise Business Solutions   221,632     214,821   3 %
 
Software Solutions 78,220 77,922 0 %
Global Ecommerce   88,152     75,407   17 %
Digital Commerce Solutions   166,372     153,329   9 %
 
Total revenue $ 836,640   $ 844,589   (1 %)
 

EBIT

 
North America Mailing $ 141,008 $ 160,831 (12 %)
International Mailing   13,269     11,176   19 %
Small & Medium Business Solutions   154,277     172,007   (10 %)
 
Production Mail 8,964 6,824 31 %
Presort Services   30,717     28,910   6 %
Enterprise Business Solutions   39,681     35,734   11 %
 
Software Solutions 2,749 (2,572 ) >100%
Global Ecommerce   (4,270 )   (3,469 ) (23 %)
Digital Commerce Solutions   (1,521 )   (6,041 ) 75 %
 
Segment EBIT (2) $ 192,437   $ 201,700   (5 %)
 
 
Reconciliation of segment EBIT to net income
 
Segment EBIT $ 192,437 $ 201,700
Corporate expenses   (55,156 )   (57,767 )
Adjusted EBIT 137,281 143,933
Interest, net (3) (38,650 ) (34,216 )
Restructuring charges and asset impairments, net (2,082 ) (6,933 )
Acquisition/disposition related expenses   -     (3,120 )
Income before income taxes 96,549 99,664
Provision for income taxes   (31,416 )   (37,024 )
Net income $ 65,133   $ 62,640  
(1)   Prior period amounts have been recast to conform to the way we now manage and report our segments.
(2) Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.
(3) Includes financing interest expense and interest expense, net.
 

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