Pitney Bowes Inc. (NYSE: PBI) shares gained first thing Monday, as the technology-driven company that provides SaaS shipping solutions, mailing innovation, and financial services to clients around the world provided supplemental detail around guidance for the fourth quarter of 2024, long-term revenue considerations, and debt reduction and refinancing efforts.
The Company announced updated guidance on November 7, 2024, including a full-year revenue decline in a low-single-digit range and a full-year Adjusted EBIT increase to $355 million to $360 million. For additional clarity, the Company’s revenue outlook for the fourth quarter of fiscal year 2024 is in the range of $505 million to $515 million. The Company reported comparable revenue for the fourth quarter of fiscal year 2023 of $526 million.
Because of the Global Ecommerce exit process, a majority of that segment is now reported as discontinued operations in the Company’s Condensed Consolidated Financial Statements. Prior periods have been recast to conform to the current period’s presentation. The remaining portion of the Global Ecommerce segment that did not qualify for discontinued operations treatment is now reported in an “Other” category.
This category comprises (a) a profitable continuing operation which generated third quarter 2024 revenue of approximately $18.7 million and (b) unprofitable operations that the Company is currently exiting, which collectively contributed $1.6 million to third quarter 2024 revenue.
PBI shares picked up 33 cents, or 4.4%, to $7.87.