Q4 2024 Pitney Bowes Inc Earnings Call Transcript
Key Points
- Pitney Bowes Inc (PBI) achieved a 34% increase in adjusted EPS, reaching $0.82, compared to the previous year.
- The company successfully reduced costs, achieving $120 million in annualized savings by the end of 2024, with a target of $170 million to $190 million in net annualized savings.
- Pitney Bowes Inc (PBI) exited the global e-commerce segment, simplifying its business structure and unlocking more than $200 million for efficient deployment.
- The Presort business segment showed strong performance, with adjusted EBIT growing nearly 50% in 2024.
- The company has authorized a $150 million share repurchase program, indicating a commitment to returning capital to shareholders.
- Pitney Bowes Inc (PBI) reported a 3% decline in full-year revenue, totaling $2.027 billion.
- The company incurred $165 million in one-time costs related to exiting the global e-commerce segment.
- SendTech's equipment revenue declined by 16% year over year in the fourth quarter.
- Pitney Bowes Inc (PBI) anticipates a modest decline in revenue for 2025, primarily due to headwinds in SendTech.
- The company faces ongoing restructuring payments, with $45 million expected in 2025 related to the GEC exit.
Good afternoon and welcome to the Pitney Bowes's fourth quarter and full year 2024 earnings release call. (Operator Instructions) Today's call is also being recorded. If you have any objections, please disconnect your lines at this time.
I would now like to introduce the participants on today's conference call, Mr. Lance Rosenzweig, Chief Executive Officer and Board Member; Mr. John Witek, Interim Chief Financial Officer; and Mr. Alex Brown, Director of Investor Relations.
Mr. Brown will now begin the call with a Safe Harbor overview.
Good afternoon and thank you for joining us. Included in today's presentation are forward-looking statements about our future business and financial performance. Forward-looking statements involve risks along with uncertainties that can cause actual results to be materially different from our projections. More information about these items can be found in our earnings press release.
Our 2023 Form 10-K annual report and other reports filed with
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