Pitney Bowes second-quarter earnings rise 14 percent

Pitney Bowes Inc. reported a 14 percent increase in second-quarter profits Monday, citing the success of new products and acquisitions.
The Stamford-based postage equipment company said net income for the April-June period was USD134.7 million, or 58 cents per share, compared with USD118.9 million, or 50 cents per share, a year ago.

Excluding a one-time charge for restructuring, earnings were 62 cents per share, the company said. Analysts surveyed by Thomson First Call were expecting earnings of 61 cents per share.

“We are pleased that our financial performance was on target during the quarter,” said Michael J. Critelli, the company’s chairman and chief executive.

He cited “good market acceptance” of new products and the integration of acquisitions aimed at gaining market share in the USD250 billion global mail and document management markets.

Revenue for the quarter was USD1.21 billion, up 6 percent from USD1.1 billion a year ago.

Pitney Bowes expects earnings per share of 62 cents to 64 cents in the third quarter and reaffirmed its full-year projection of USD2.44 to USD2.51 per share, excluding restructuring charges.

For the first six months of this year, Pitney Bowes reported net income of USD261 million, or USD1.11 per share, on revenue of USD2.37 billion. For the first half of last year, the company had earnings of USD233 million, or 98 cents per share, on revenue of USD2.22 billion.

Pitney Bowes shares closed Monday on the New York Stock Exchange at USD41.40, down 29 cents.