Pitney Bowes Inc. (NYSE: PBI) faded in late Wednesday trading, after the company reported Q3 adjusted earnings of $0.33 per share on sales of $843 million and announced a strategic review.
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CEO Marc Lautenbach said in a statement, “Our third quarter revenue performance was largely in-line with our expectations; however our bottom line results fell short as we continued to realign our businesses to higher growth areas and invest in new business opportunities, products and solutions,.
"During the third quarter, we validated that the next chapter of revenue growth will come from shipping, parcels and address verification, all of which transcends our entire business. And while I was disappointed in our financial results in the third quarter, I am encouraged about our path forward as we continue to transform our company."
Lautenbach continued: "We have made substantial progress against our strategic objectives over the past four years and remain committed to improving margins and driving efficiencies throughout the business by deploying a $200 million spend reduction program."
Internationally, revenue declined largely due to lower recurring revenue streams. Equipment sales were relatively flat driven by growth in France and the U.K., and offset primarily by weakness in Italy and Japan.
Shares enjoyed a 52-week high of $16.60, reached last January. PBI shares plummeted Wednesday $2.17, or 15.8%. to a plumb a new low for the last 52 weeks of $11.56.
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