Pitney Bowes Inc. (NYSE:PBI) shares are trading lower by 18.7% at $5.01 Tuesday morning after the company reported worse-than-expected fourth-quarter EPS results.
Pitney Bowes reported quarterly earnings of 6 cents per share which missed the analyst consensus estimate of 11 cents per share by 45.45 percent. The company reported quarterly sales of $984.00 million which beat the analyst consensus estimate of $961.63 million by 2%.
"The fourth quarter capped another important year in our transformation," said Marc B. Lautenbach, President and CEO, Pitney Bowes. "While not without challenges, we delivered our fifth consecutive year of consolidated revenue growth. In the aggregate, SendTech and Presort grew revenues and EBIT year-over-year, which is a significant achievement."
"Global Ecommerce had a successful peak in terms of service levels with 99 percent of all committed parcels delivered ahead of the holidays; however, supply chain challenges and shifts in consumer buying behavior led to lower volumes, impacting that segment's fourth-quarter financial results," Lautenbach stated.
Pitney Bowes has a 52-week high of $11.07 and a 52-week low of $4.90.
