US: Pitney Bowes this week announced the financial results of its first quarter of 2016. In some of the main features, the report shows the company revenue of $845 million; free cash flow of $60 million; and a repurchase of 6.8 million shares of common stock.
“We continued to make progress during the first quarter as performance improved in several of our businesses and we largely completed the next major milestones in our transformation to deliver greater long-term value,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “We have realigned our Software management team and expect improvement throughout the year,” he added.
Though in comparative basis, this year’s revenue declined 3 percent versus the prior year when adjusted for the impact of currency and the impact from the exit of direct operations (market exits) in Mexico, South Africa and five markets in Asia. Revenue declined 4 percent on a constant currency basis and 5 percent on a reported basis.
Digital Commerce Solutions revenue grew 11 percent on a constant currency basis and 9 percent on a reported basis. Revenue on a constant currency basis benefited from growth in Global Ecommerce, while revenue declined in Software Solutions. For full details, click here.
Source: Pitney Bowes