Pitney Bowes Announces Second Quarter 2018 Financial Results

North America Mailing

Revenue declined in equipment sales and recurring revenue streams but was partially offset by growth in services. Equipment sales declined as a result of weaker sales execution primarily in the top of the line and a lower backlog entering the quarter compared to prior year. Recurring revenue streams declined largely around financing, supplies and rentals, partially offset by growth in business and support services. EBIT and EBITDA margins were higher than prior year due to lower expenses.

International Mailing

Equipment sales and recurring revenue streams both contributed to the revenue decline. The equipment sales decline was driven by weakness in the UK and Italy, which was partially offset by growth in Germany. EBIT and EBITDA margins decreased versus prior year primarily driven by lower gross margins due to the mix of products sold, but partially offset by lower expenses.

     

Software Solutions

($ millions) Second Quarter

2018

   

2017

   

Y/Y

Reported

   

Y/Y

Ex Currency

Revenue $92 $81 13% 12%
EBIT $18 $5 262%
EBITDA $21 $7 182%
 

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