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Pitney Bowes Inc. (NYSE: PBI) is a renowned global technology company established in 1920, dedicated to offering innovative products and solutions that help clients navigate the complexities of commerce. With a focus on customer information management, location intelligence, customer engagement, shipping and mailing, and global e-commerce, Pitney Bowes serves more than 1.5 million clients worldwide, including 90% of the Fortune 500, over 200 retailers, and numerous small businesses.
Pitney Bowes operates through three main business segments: Global E-commerce, Presort Services, and SendTech Solutions, with the majority of its revenue generated in the United States. The company's extensive portfolio includes domestic delivery, return and fulfillment services, cross-border shipping solutions, presorting services, and digital mailing and shipping technologies.
Driving their relentless pursuit of innovation are Pitney Bowes' 15,000+ dedicated employees. The company's commitment to technological advancement is evident in its 2,300 active patents, ensuring precise and accurate solutions for their clients. Recent partnerships, such as the one with ReverseLogix, enhance their service offerings, providing substantial savings and increased efficiency in return shipments.
In terms of financial health and corporate responsibility, Pitney Bowes continues to progress, leveraging its longstanding expertise and modern capabilities to meet the evolving needs of its diverse clientele. For the latest updates, corporate announcements, and financial results, visit their newsroom.
Hestia Capital Management, a major shareholder of Pitney Bowes (NYSE: PBI), has disclosed details about Managing Member Kurt Wolf's 10b5-1 Plan. Through its managed investment vehicles, Hestia owns over 15.83 million PBI shares. The Plan allows for gradual reduction of holdings based on share price triggers, while maintaining significant long-term commitment.
The Plan's structure shows that at $12 per share, Hestia would retain 76% of its current stake (12.08M shares), and regardless of price increases beyond $20, would maintain at least 3.33M shares. This demonstrates Hestia's long-term commitment and conviction in Pitney Bowes' potential for enhanced value creation.
Pitney Bowes (NYSE: PBI) has repaid $100 million of its senior secured notes due 2028 issued by Oaktree Capital Management, reducing the balance from $272 million as of September 30, 2024. This repayment, funded by cash on hand, is part of the company's strategic deleveraging initiative. The move aims to reduce interest payments and free up capital for other value-enhancing initiatives. CEO Lance Rosenzweig indicated that the company plans to provide updates on retiring the remaining Oaktree 2028 Notes and further deleveraging efforts.
Pitney Bowes (NYSE: PBI) has reached an agreement in principle with DRF Logistics 's unsecured creditors' committee to resolve ongoing disputes in DRF's bankruptcy case. The agreement is expected to facilitate DRF's exit from bankruptcy by the end of 2024, ahead of initial expectations. The company maintains its target of approximately $150 million in one-time costs from the wind-down process. The agreement will be documented in a revised chapter 11 plan, with a confirmation hearing scheduled for November 19, 2024.
Pitney Bowes provided supplemental guidance details, projecting Q4 2024 revenue between $505-515 million, compared to $526 million in Q4 2023. The company expects SendTech to experience minor revenue softness in coming quarters due to IMI technology migration and reduced equipment sales, with stabilization anticipated by early 2026. Following the Global Ecommerce exit, most of that segment is now reported as discontinued operations. The company aims to reduce and refinance high-cost debt to decrease interest payments and free up capital for other initiatives. Long-term growth opportunities include SendTech's expansion in ecommerce shipping and Presort's roll-up acquisitions.
Pitney Bowes (NYSE: PBI) has announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share on the company's common stock. The dividend will be paid on December 6, 2024 to stockholders of record on November 18, 2024. The company, which provides SaaS shipping solutions, mailing innovation, and financial services, serves more than 90 percent of Fortune 500 companies.
Pitney Bowes (NYSE: PBI) reported its Q3 FY2024 financial results and updated its full-year guidance. Key highlights include:
- Revenue: $499 million, down 1% year-over-year.
- GAAP EPS: Loss of $0.75, including a $1.42 per share loss from discontinued operations.
- Adjusted EPS: $0.21, up $0.05 from last year.
- Net Loss: $138 million, including a $261 million loss from discontinued operations.
- Adjusted EBIT: $103 million, a 22% increase year-over-year.
- GAAP Cash from Operations: $66 million.
- Free Cash Flow: $75 million, up $19 million year-over-year.
The company made progress on strategic initiatives, including exiting Global Ecommerce (GEC) and accelerating cost reduction, achieving $90 million in annualized cost savings to date. Full-year revenue is expected to decline at a low-single-digit rate, but full-year Adjusted EBIT guidance is raised to $355-$360 million.
Pitney Bowes has announced a new program with FedEx offering a FedEx Platform Account to its customers. Through this collaboration, Pitney Bowes customers can access discounted FedEx rates and expanded service options via their multicarrier shipping software, including ShipAccel, without requiring a separate FedEx shipping account. The program offers shipping savings of up to 90% and will be fully rolled out across all Pitney Bowes multicarrier solutions by year-end. ShipAccel customers have immediate access to these benefits.
Pitney Bowes (NYSE: PBI) announced it will release its third quarter 2024 earnings results after market close on Thursday, November 7, 2024. The company will host an investor conference call at 5:00 p.m. ET the same day to discuss the results. Investors can access the call and supplemental information through the company's investor relations website, with phone access available at 234-720-6979 using Access Code: 4896022. A recording will be available on the company's website for those unable to attend the live call.
Pitney Bowes (NYSE: PBI) has launched ShipAccel, a digital platform designed to simplify and enhance shipping operations for ecommerce businesses. Debuting at Shoptalk Fall (October 16-18, 2024), ShipAccel builds on Pitney Bowes' century-long innovation in the shipping industry. The platform offers:
- Seamless integration with major carriers and ecommerce systems
- Improved automation and efficiency
- Real-time insights and analytics
- Enhanced customer engagement with branded tracking and returns
- Cost reduction with discounted shipping rates
ShipAccel is available for SMBs as a SaaS solution and for larger shippers through API integration or expert configuration. It aims to streamline shipping processes, optimize costs, and elevate customer experiences in the growing ecommerce market.
Pitney Bowes (NYSE:PBI), a global shipping and mailing company, has announced a quarterly cash dividend of $0.05 per share on its common stock.
The dividend will be paid on September 6, 2024 to shareholders recorded by August 22, 2024.
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