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Pitney Bowes (NYSE: PBI) 2Q19 Results: Mixed Results, Strong Growth in Global E-Commerce, 2019 and Long-Term Targets Remain on Track

Executive Summary

  • Pitney Bowes reported 2Q19 revenue of $860.8 million, down 0.5% year over year and slightly below the $861.7 million consensus estimate. Adjusted EPS was $0.21, beating the consensus estimate of $0.17.
  • Commerce services revenue grew 13%, driven by global e-commerce, which grew 18%. Revenues in the SMB solutions and software services segments declined 8% year over year.
  • The company reaffirmed guidance for revenue growth of 1-3% and for adjusted EPS of $0.90-$1.05.

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