Pitney Bowes Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, on February 11, 2025. For the full year 2024, revenue was $2.027 billion, down 3% year-over-year, while Adjusted EPS increased 34% to $0.82, and Adjusted EBIT rose 25% to $385 million. Free cash flow was $290 million, excluding restructuring payments.
In Q4 2024, revenue was $516 million, down 2% year-over-year, but Adjusted EBIT increased 33% to $114 million, and Adjusted EPS was $0.32, up $0.12 year-over-year. The company highlighted significant progress on strategic initiatives, including the near completion of the Global Ecommerce wind-down with expected one-time costs of $165 million offset by a $164 million tax asset.
Pitney Bowes achieved an annualized cost savings run rate of $120 million exiting 2024, targeting $170 million to $190 million in total net annualized savings. Cash optimization efforts unlocked over $200 million, and the company fully paid off its $275 million Oaktree notes and refinanced its credit facilities, extending the nearest maturity to March 2027.
The company outlined a new capital allocation framework, including a new $150 million share repurchase authorization and a $0.01 per share increase in its quarterly dividend, bringing it to $0.05 per share. This commitment to returning capital reflects improved financial strength.
For full year 2025, Pitney Bowes provided guidance of revenue between $1.95 billion and $2.00 billion, Adjusted EBIT between $450 million and $480 million, and Adjusted EPS between $1.10 and $1.30. Free cash flow for 2025 is projected to be robust, ranging from $330 million to $370 million, excluding restructuring payments and CapEx.
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