Pitney Bowes, Inc. (NYSE:PBI) reported Tuesday weaker-than expected second quarter earnings, driven primarily by low revenues resulting from poor business conditions, and weakened demand amid the still downtrodden economy.
The Stamford, Connecticut-based company posted a net income of $61.4 million, or 48 cents a share, down from $117.3 million, 55 cents a share, in the same quarter last year, and falling below average analyst estimates of 57 cents.
Revenue for the provider of mail-based products and services was $1.3 billion, down 6% from $1.4 billion in the earlier-year period, and marginally short of the Street’s view of $1.37 billion.
“We continue to implement a broad range of actions to manage through a prolonged period of global economic weakness,” Pitney Bowers CEO Murray D. Martin said. “Our actions are positioning the company to deliver long-term value to customers and shareholders, despite the near-term impact of weaker demand.”
Given slow global economic growth the company reduced its full-year earnings guidance, now reflecting a range of $2.10 to $2.30.