- Pitney Bowes Inc (NYSE:PBI) reported first-quarter FY22 sales growth of 1.3% year-on-year to $926.94 million, missing the consensus of $931.76 million.
- Global Ecommerce revenue grew 1% Y/Y to $419 million, Presort services increased 12% to $161 million, and SendTech Solutions declined 3% to $348 million.
- Total costs and expenses declined 5.7% Y/Y to $901 million.
- The company held $634 million in cash and equivalents as of March 31, 2022. Cash provided by operating activities totaled $11 million with a free cash outflow of $30 million.
- Adjusted EPS of $0.08 beat the analyst consensus of $0.03.
- Adjusted EBIT increased 6% Y/Y to $53 million.
- Outlook: Pitney Bowes continues to expect FY22 sales and adjusted EBIT to grow in the low-to-mid single-digit range.
- Price Action: PBI shares are trading higher by 23.8% at $5.34 on the last check Thursday.
