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Pitney Bowes Announces Full Year and Fourth Quarter 2017 Financial Results

Thursday, February 01, 2018

Press release from the issuing company

Stamford, Conn. – Pitney Bowes Inc., a global technology company providing innovative technology solutions to power commerce, today reported financial results for the full year and the fourth quarter 2017. The Company has also provided annual guidance for 2018.

Full Year 2017:

  • Revenue of $3.5 billion, an increase of 4 percent versus prior year largely driven by the Newgistics acquisition
  • GAAP EPS of $1.39; Adjusted EPS of $1.41
  • GAAP cash from operations of $496 million; free cash flow of $384 million
  • Total debt increased $465 million versus prior year, which was largely attributable to the Newgistics acquisition

Fourth Quarter 2017:

  • Revenue of $1.0 billion, an increase of 18 percent as reported and 17 percent at constant currency versus prior year
  • GAAP EPS of $0.48; Adjusted EPS of $0.40
  • GAAP cash from operations of $165 million; free cash flow of $145 million
  • Acquired Newgistics for $475 million; transaction closed on October 2, 2017
  • Redeemed $350 million of debt prior to the scheduled maturity in May 2018

“For the fourth quarter and full year, we moved our company to growth,” said Marc Lautenbach, President and CEO. “We saw our full year revenue grow in four out of our six segments and our total revenue showed positive growth on both a reported basis and excluding the impact of the Newgistics acquisition.

Lautenbach continued: “Pitney Bowes is a different company today than it was five years ago. Our strategy is working and the investments we have made for the long-term across all of our businesses are paying off. While we are pleased with the progress we are making, there is more to do to transform our Company and unlock shareholder value.”

 

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