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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.
Pitney Bowes Inc. (NYSE: PBI) has announced a value-maximizing exit path for its Global Ecommerce (GEC) segment. The company has sold a controlling interest in the GEC entities to Hilco Commercial Industrial, which plans to lead an orderly wind-down of the business under Chapter 11 bankruptcy protection. This strategic move is expected to eliminate approximately $136 million in annual losses associated with GEC, allowing Pitney Bowes to focus on its core, cash-generating businesses: SendTech, Presort, and Financial Services.
The decision follows a comprehensive strategic review by the Board of Directors. The wind-down process is anticipated to conclude in early 2025, with Pitney Bowes providing up to $45 million in debtor-in-possession financing to support the liquidation. The company expects to incur one-time cash costs not exceeding $150 million in connection with the GEC exit.
Pitney Bowes (NYSE: PBI), a global shipping and mailing company, has announced the date for its second quarter 2024 earnings release and conference call. The company will report its Q2 2024 results after market close on Thursday, August 8, 2024. An investor conference call is scheduled for 5:00 p.m. ET on the same day to review the results.
Investors can access the call and supplemental information on the Pitney Bowes investor relations site. The webcast link for the conference call is provided, and participants can also join by phone. For those unable to attend the live call, a recording will be made available on the company's website.
Pitney Bowes (NYSE: PBI) announced the immediate retirement of Gregg Zegras, President of its Global Ecommerce segment. Zegras, who joined the company in 2013, has held multiple senior roles, including Chief Commercial Officer. Pitney Bowes expressed gratitude for his years of service. This leadership change coincides with the final stages of a strategic review aimed at addressing ongoing losses in the Global Ecommerce segment. Current personnel will temporarily manage Zegras' responsibilities. Further details on the strategic review were shared in the company's May 22, 2024, announcement.
Pitney Bowes (NYSE: PBI) has provided an update on its cost rationalization program, announcing $70 million in cost reductions implemented in the past month. The company has increased its savings targets to $120-$160 million, up from the initial $60-$100 million. These savings are expected to impact pre-tax earnings predominantly in the second half of 2024 and fully in 2025. The cost reductions mainly stem from general corporate, SendTech, and Presort expense reductions. Additionally, $25 million of non-recurring charges will be recorded in Q2. Pitney Bowes is also undergoing a strategic review of its Global Ecommerce segment to eliminate ongoing losses. Interim CEO Lance Rosenzweig emphasized the company's accelerated transformation efforts and the focus on long-term profitability and financial health. The company plans to provide more details during the second-quarter earnings call.
Pitney Bowes (NYSE: PBI) announced the opening of a new 45,000 square foot Presort Services operating center in Maryland Heights, MO, serving the St. Louis market.
The center processed nearly 100,000 pieces of mail on its first day and now handles up to 1.2 million pieces daily. Equipped with advanced sorters, conveyors, and nine loading docks, it supports various mail types, including First Class Letters and Marketing Mail.
Debbie Pfeiffer, EVP and President of Pitney Bowes Presort Services, highlighted the facility's role in enhancing efficiency and service.
The center joins Pitney Bowes' national Mail Exchange Network, with an open house planned for early fall.
Pitney Bowes (NYSE: PBI), a global shipping and mailing company, will host an investor conference call at 8:00 AM ET on Wednesday, May 29. The call will introduce the newly appointed interim CEO, Lance Rosenzweig, and discuss the company's recent strategic initiatives. Participants can register for the call via a provided link, and a replay will be available on the Pitney Bowes Investor Relations website for those unable to attend live.
Pitney Bowes announced the appointment of Lance Rosenzweig as interim CEO, replacing Jason Dies. The company aims to achieve $60M-$100M in annual cost savings and improve cash and balance sheet management to expedite debt paydown.
The Board established a Value Enhancement Committee to oversee strategic reviews, particularly of the Global Ecommerce (GEC) segment, and retained two consulting firms for support.
Rosenzweig, with extensive leadership experience, will help drive efficiency and shareholder value. The company plans a new CEO search and announced an investor call for May 29 to discuss these initiatives.
Pitney Bowes Inc. (NYSE:PBI) declared a quarterly cash dividend of $0.05 per share on its common stock. The dividend payment is scheduled for June 7, 2024, to stockholders of record on May 23, 2024.
Pitney Bowes (NYSE: PBI) announced its financial results for the first quarter of 2024, with net income improving by $5 million compared to the prior year. Adjusted EBIT grew by over $23 million while operating expenses declined by 8%. Revenue remained flat at $831 million. Cost reduction actions from the 2023 restructuring plan generated significant benefits, with expected savings exceeding $75 to $85 million. SendTech Solutions saw a 6% increase in adjusted segment EBIT, while Presort Services achieved a 7% revenue growth and a 39% increase in adjusted segment EBITDA. Global Ecommerce experienced a 2% revenue decline due to changes in cross-border revenue, but domestic parcel volumes grew by 20%. The company is maintaining guidance for 2024, expecting revenue growth to range from flat to a low-single digit decline.
Lakeview Investment Group & Trading Company is urging Pitney Bowes to expedite the sale of their GEC unit to reduce leverage, achieve a higher EV / EBITDA multiple, and nearly double their share price. They emphasize the need for permanent leadership due to turnover in top positions.
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