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STAMFORD, Conn. - Pitney Bowes Inc . (NYSE:PBI) shares soared 10% in after-hours trading on Thursday after the shipping and mailing company reported fourth-quarter earnings and revenue that exceeded analyst expectations, while also providing an upbeat outlook for 2025.
The technology-driven company, which provides SaaS shipping solutions and mailing innovation, reported adjusted earnings per share of $0.32 for the fourth quarter, surpassing the analyst consensus of $0.21. Revenue came in at $516 million, beating estimates of $489.77 million despite a 2% YoY decline.
For the full year 2024, Pitney Bowes generated revenue of $2.027 billion, down 3% YoY. Adjusted EPS for the year was $0.82, a 34% improvement over 2023.
Looking ahead, the company provided strong guidance for fiscal year 2025, projecting revenue between $1.95 billion and $2 billion, compared to analyst expectations of $1.973 billion. Pitney Bowes also forecast adjusted EPS of $1.10 to $1.30, above the consensus estimate of $1.04.
"Last year was a transformational one for Pitney Bowes. By continuing to successfully execute our four key priorities, we have positioned the Company to be more efficient and profitable," said CEO Lance Rosenzweig.
The company also announced a new $150 million share repurchase authorization and increased its quarterly dividend to $0.06 per share.
Pitney Bowes reported progress on its strategic initiatives, including the near-completion of its Global Ecommerce exit and achieving $120 million in annualized cost savings by the end of 2024. The company now expects to reach total net annualized cost savings of $170 million to $190 million.
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