Pitney Bowes Inc. announced its financial results for the third quarter of fiscal year 2024 on November 7, 2024. The company reported a GAAP loss of $138.5 million for the quarter, primarily due to the reclassification of its Global Ecommerce segment as discontinued operations.
Despite reported revenue of $499.5 million, which was down 36% from Q3 2023 due to the Global Ecommerce exit, Pitney Bowes highlighted a significant increase in adjusted EBIT and adjusted EPS from continuing operations. The company's full-year 2024 revenue is expected to decline in a low-single-digit range, while full-year Adjusted EBIT is projected to increase to between $355 million and $360 million.
For the fourth quarter of 2024, Pitney Bowes provided a revenue outlook in the range of $505 million to $515 million, compared to comparable revenue of $526 million in Q4 2023. The company also stated it is evaluating options for reducing and refinancing debt, and expects SendTech revenue softness to flatten by early fiscal year 2026.
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