Pitney Bowes Earnings Cheat Sheet: Revenue Grows After Four Straight Declines, Net Income Rises

S&P 500 (NYSE:SPY) component Pitney Bowes Inc. (NYSE:PBI) reported its results for the second quarter. Pitney Bowes Inc. provides mail processing equipment and integrated mail solutions, including postage meters and office supplies.

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Pitney Bowes Earnings Cheat Sheet for the Second Quarter

Results: Net income for Pitney Bowes Inc. rose to $100.9 million (49 cents per share) vs. $61.4 million (30 cents per share) in the same quarter a year earlier. This marks a rise of 64.4% from the year earlier quarter.

Revenue: Rose 0.2% to $1.3 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: PBI fell short of the mean analyst estimate of 51 cents per share. Analysts were expecting revenue of $1.32 billion.

Quoting Management: Commenting on the quarter, Chairman, President and CEO Murray D. Martin said, “During the quarter we continued to see the benefits of our ongoing actions to lay the foundation for long-term growth and profitability across our business portfolio. We were able to improve our EBIT margin, particularly in our SMB businesses and Software, despite an unsettled global economic environment. Strong enterprise customer demand fueled good revenue growth in Software and Production Mail.”

Key Stats:

A year-over-year revenue increase last quarter snaps a streak of four consecutive quarters of revenue declines. The worst quarter in that span was the second quarter of the last fiscal year, which saw a 5.9% decrease.

The company fell short of estimates last quarter after being in line with expecations the quarter before with net income of 53 cents.

Net income has dropped 4.8% year over year on average across the last five quarters. Performance was hurt by a 47.7% decline in the second quarter of the last fiscal year from the year earlier quarter.

Competitors to Watch: Ricoh Company Ltd. (RICOY), Xerox Corporation (NYSE:XRX), ACCO Brands Corporation (NYSE:ABD), Smith Corona Corporation (SITM), Innovative Impact Design, Inc. (IIDG), Gunther International Ltd. (SORT), and Oce N.V. (OCENY).

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(Source: Xignite Financials)