Pitney Bowes Q4 results reveals revenue decline
Pitney Bowes has announced its financial results for the full year and fourth quarter 2021.
“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.”
Full Year 2021
- Revenue of $3.7 billion, growth of 3 percent, fifth consecutive year of growth;
- GAAP EPS loss of $0.01, Adjusted EPS of $0.32;
- GAAP cash from operations of $302 million;
- Free cash flow of $154 million;
- Ended the year with $747 million in cash and short-term investments;
- Reduced debt $241 million and extended our maturity profile;
- Shipping-related revenues represented 50 percent of total revenue;
- Global Ecommerce revenue of $1.7 billion, representing growth of 5 percent over prior year, growth of 48 percent versus 2019;
- Presort Services revenue growth of 10 percent over prior year and EBIT margin of 14 percent;
- SendTech revenue declined 1 percent over prior year with equipment sales growth of 11 percent.
Fourth Quarter 2021
- Revenue of $984 million, a decline of 4 percent;
- GAAP EPS of $0.01, Adjusted EPS of $0.06;
- GAAP cash from operations of $85 million;
- Free cash flow of $39 million;
- Presort Services revenue growth of 16 percent and EBIT growth of 80 percent over prior year;
- SendTech revenue declined 6 percent over prior year;
- Global Ecommerce revenue decline of 9 percent over prior year, 46 percent growth versus 2019;
- Entered into a sale-leaseback agreement for its Shelton facility, which will generate approximately $50 million in proceeds and is anticipated to close in Q1 2022.
2022 Expectations
The Company expects annual revenue and EBIT to grow over prior year in the low-to-mid single digit range.
The Company expects to refine expectations throughout the year, especially as Covid and supply chain issues dissipate.
