Pitney Bowes Inc. - PBI STOCK NEWS

Pitney Bowes (NYSE:PBI) has announced a quarterly cash dividend of $0.05 per share, payable on March 14, 2023. Stockholders on record as of February 17, 2023 will receive this dividend, reinforcing Pitney Bowes' commitment to returning value to its shareholders.

This announcement showcases the company's ongoing financial strategy to reward investors amidst its global operations in shipping, mailing technology, logistics, and financial services.

Select Star, a data discovery and governance platform, announced it has closed a $15 million Series A funding round led by Lightspeed Venture Partners, with participation from Bowery Capital, Sozo Ventures, and Pebblebed. Founded in 2020, Select Star provides a unique solution for multi-cloud data management, helping organizations understand and utilize their data effectively. Since its launch in November 2021, the company has seen accelerated growth, serving clients like Pitney Bowes and Fivetran. The new funding will enhance R&D and business development efforts to expand its customer base.

Pitney Bowes (NYSE: PBI) reported its Q4 and full year 2022 financial results. Revenue for Q4 stood at $909 million, an 8% decline, while full-year revenue was $3.5 billion, down 4%. GAAP EPS for Q4 was $0.04, and $0.21 for the full year, improving from a loss of $0.01 in 2021. The Global Ecommerce segment processed 54 million domestic parcels in Q4, growing 16% year-over-year. SendTech saw a 30% increase in shipping-related revenues. Despite challenges, including a decline in Gross margins and EBIT for Global Ecommerce, the company anticipates flat to mid-single-digit revenue growth for 2023.

Pitney Bowes (NYSE:PBI) has received a notice from Hestia Capital nominating seven director candidates for the upcoming annual meeting. The Board will review these nominations but shareholders are not required to act at this time. Pitney Bowes emphasizes its commitment to constructive dialogue and improving shareholder value, having already offered to appoint two of Hestia’s nominees. The company is focused on executing its strategy for sustainable growth, particularly in its Global Ecommerce segment. Despite challenges, there have been improvements in volumes and service levels.

Pitney Bowes (NYSE: PBI) has launched the SendPro MailCenter, an advanced mailing and shipping system aimed at enhancing productivity and reducing costs for high-volume mailers. This new device boasts features like a 15” color touchscreen, high-speed processing (up to 310 letters per minute), and compliance with USPS Intelligent Mail Indicia (IMI) requirements. Users can streamline their operations through the Shipping 360 platform, allowing easy access to shipping capabilities from both the MailCenter and desktop.

Pitney Bowes (NYSE:PBI) has appointed Jason Dies as Executive Vice President and Group Executive, overseeing Sending Technology Solutions and Presort Services. Dies, who previously revitalized SendTech in a declining market, is expected to enhance operational performance and drive growth. Shemin Nurmohamed has been promoted to succeed Dies as President of Sending Technology Solutions, having led Product Management for the division for the past three years. Both appointments are effective immediately, aiming to strengthen corporate impact.

Hestia Capital Management, a significant stakeholder in Pitney Bowes (PBI), owning about 7.1% of shares, expressed frustration over the Board's rejection of its proposals to introduce new directors and create a strategic committee. Hestia highlights a concerning 50% decline in stockholder returns during the current leadership's tenure and blames poor management practices for the company's underperformance. As a result, Hestia intends to nominate an interim CEO and a slate of directors to revitalize Pitney Bowes' strategy and enhance shareholder value.

Pitney Bowes (NYSE: PBI) presented its business strategy at the Bank of America Securities 2022 Leveraged Finance Conference. Executive Jason Dies emphasized the potential of their Sending Technology Solutions, anticipating shipping to contribute about a third of segment revenue by 2026. Gregg Zegras noted that the Global Ecommerce sector is set for significant growth, with projected Domestic Parcel network volumes between 195-200 million by year-end 2022 and an expected gross margin increase of 400 basis points in 2023. Ned Zachar highlighted durable market positions despite industry headwinds.