PBI - Pitney Bowes reports mixed Q1 earnings; reaffirms FY23 soft outlook

2023-05-04 07:10:41 ET

• Pitney Bowes press release ( NYSE: PBI ): Q1 Non-GAAP EPS of -$0.01.
• Revenue of $835M (-9.9% Y/Y) misses by $35.66M .
• Adjusted EBIT was $33 million compared to $53 million in first quarter 2022.
• GAAP cash from operating activities was a net use of $40 million; Free Cash Flow was a net use of $61 million.
• Cash and short-term investments were $527 million at quarter-end.

• Full Year 2023 Guidance: We continue to expect flat to mid-single digit percentage revenue growth on a comparable basis.

• We also continue to expect adjusted EBIT performance to outpace the percent change in revenue.

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