Pitney BowesNYSE: PBI

STAMFORD, Conn.--(BUSINESS WIRE)--Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a global shipping and mailing company that provides technology, logistics and financial services, today announced an update on the first phase of the Company's cost rationalization initiative, which was previously announced in late May 2024. The Company has identified and initiated approximately $70 million in cost savings, the majority of which has already been eliminated in the second quarter. A.

Pitney Bowes (PBI) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.

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Pitney Bowes (PBI) reported a quarterly loss of $0.01 per share, beating the Zacks Consensus Estimate of a loss of $0.04. This is the same loss per share as reported a year ago.

Pitney Bowes has announced a cost reduction program that could positively impact future free cash flow growth. The company expects new net sales growth driven by strong volumes of domestic parcels, network productivity, and new technological solutions in the e-commerce business. The sale of assets and divisions in the past suggests that there may be new transactions in 2024, which could boost the company's balance sheet.

Pitney Bowes Inc. (PBI) Q4 2023 Earnings Call Transcript

Pitney Bowes (PBI) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to earnings of $0.06 per share a year ago.

Pitney Bowes Inc. (PBI) Q3 2023 Earnings Call Transcript

Pitney Bowes announced Marc Lautenbach has stepped down from the board and as CEO. Lautenbach is being replaced by fellow board member and company VP Jason Dies on an interim basis.