Pitney Bowes - PBI STOCK NEWS

Pitney Bowes (NYSE: PBI) has appointed Robert (Bob) Gold as its new Chief Financial Officer, effective March 10, 2025. Gold, who brings extensive experience as CFO at companies including AM General, Culligan International, and United Plastics Group, will succeed interim CFO John Witek.

The appointment follows an extensive search process focusing on candidates with expertise in business transformation, capital allocation, cost containment, and debt management. Gold most recently served as EVP & CFO at EyeCare Partners from May 2023 to May 2024, and previously held CFO positions at various companies including AM General and Culligan International.

CEO Lance Rosenzweig highlighted Gold's deep experience in capital allocation, cost management, and financial planning, expressing confidence in building on the company's momentum. Witek, who served during a period of significant progress and value creation, will retire after many years of service to the company.

Pitney Bowes (NYSE: PBI) reported its Q4 and full-year 2024 results, showing mixed performance. Full-year revenue declined 3% to $2.027 billion, with a GAAP net loss of $204 million. However, adjusted EBIT improved 25% to $385 million, and free cash flow reached $290 million.

The company announced significant shareholder returns, including a new $150 million share repurchase program and increased quarterly dividend to $0.06. The company is nearing completion of its Global Ecommerce exit, with revised exit costs of approximately $165 million.

For 2025, Pitney Bowes provided guidance of $1.95-2.0 billion in revenue and $450-480 million in adjusted EBIT. The company expects free cash flow between $330-370 million and adjusted EPS of $1.10-1.30.

Pitney Bowes (NYSE: PBI) has achieved US State Risk and Authorization Management Program (StateRAMP) authorization for its SendPro® 360 platform, a next-generation sending and receiving solution. This certification demonstrates the company's commitment to meeting comprehensive security standards for state agencies.

The SendPro 360 platform offers government agencies secure access to shipping solutions including PitneyShip®, PitneyTrack®, and ParcelPoint Smart Locker Management, with comprehensive analytics across the platform. The solution serves over 30 state governments and thousands of agencies, simplifying sending, receiving, and distribution operations through a single interface.

The StateRAMP authorization validates Pitney Bowes' ability to provide secure and reliable solutions for government agencies, enabling them to streamline operations while maintaining data security.

Pitney Bowes (NYSE: PBI) has been named the Official Shipping Technology Partner of the New York Islanders and UBS Arena. The partnership centers on PBI's ShipAccel solution, built on the Shipping 360 platform, providing the Islanders and UBS Arena with advanced shipping technology, carrier options, and pre-negotiated rates.

The partnership includes fan engagement initiatives such as the 3 Stars of the Game Sweepstakes, where fans can win signed pucks after home game wins, and Mystery Mondays weekly giveaways featuring tickets, memorabilia, and merchandise. These programs utilize ShipAccel for delivery to fans.

The collaboration aims to enhance shipping operations efficiency, reduce costs, and maintain seamless delivery processes while improving fan experiences through innovative shipping solutions.

Pitney Bowes (NYSE: PBI) announced the early paydown of approximately $97 million in senior secured notes ('2028 Notes') issued to Oaktree Capital Management in July 2023, using cash on hand. This repayment is part of the company's strategic initiative to deleverage its balance sheet and increase capital allocation flexibility.

The company expects to report full year 2024 results within its previously announced revenue guidance range and exceed Adjusted EBIT guidance, as outlined in Q3 2024 results. The better-than-expected performance is attributed to improved business operations and accelerated implementation of non-essential cost cuts originally planned for fiscal year 2025.

The company will release Q4 and full-year 2024 earnings results after market close on February 11, 2025, followed by an investor conference call.

Pitney Bowes (NYSE: PBI) has acquired the presort business of Royal Alliances, strengthening its Presort Services network across the East, Central, and West Regions. The acquisition, effective January 20, is expected to add over 100 million First-Class Mail pieces annually to Pitney Bowes' network, which currently processes more than 15 billion pieces annually.

The acquired business will be integrated into several existing Pitney Bowes locations, including Detroit, Salt Lake City, Orlando, Jacksonville, and Dallas, which are part of the company's 30+ operating centers across the United States. Royal Alliances will continue to operate its freight brokerage business as Direct Logistics, which serves over 250 customers and processes more than 35,000 shipments yearly.

Advancements with Ted Danson will explore breakthroughs in shipping software technology, focusing on Pitney Bowes' SaaS Shipping 360 platform. The segment highlights how modern businesses face challenges in the evolving shipping landscape, including fluctuating rates, seasonal fees, and delivery service changes.

The show will demonstrate how Pitney Bowes' platform provides complete visibility and control of shipping operations through a suite of integrated applications. According to Shemin Nurmohamed, President of Sending Technology Solutions at Pitney Bowes, the platform offers multi-carrier shipping technology, data-driven insights, and automation tools to streamline operations.

The platform features advanced analytics, an intuitive dashboard for tracking all shipping operations, and integrated security measures to protect against cyberthreats.

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.