US: Pitney Bowes has reported 2018 annual Second Quarter revenue of $861 million, with an increase of 18 percent as reported and 17 percent at constant currency versus prior year. GAAP cash from operations of $92 million; free cash flow of $30 million.
On July 2, 2018, the Company completed the sale of DMT Production Mail and supporting software. As a result, these operations have been classified as discontinued operations and prior period amounts have been recast to conform to this presentation.
On July 3, 2018, the Company announced the early redemption of $300 million of notes due March 2019. The notes will be redeemed on August 2, 2018.
“Our second quarter financial results demonstrate the continued progress we are making to move our Company to sustained growth,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “We generated revenue growth for the fourth consecutive quarter and also grew EBIT dollars. The revenue growth was driven largely by our Commerce Services business, which contributed more than 40 percent of our total revenue. Our Software business also performed well driven by a strong contribution from our indirect and direct channels. I am pleased with the progress we are making to transform our Company.”