Pitney Bowes reduces guidance for 2009 revenue, earnings per share
Associated Press
11/03/09 7:25 PM EST
STAMFORD, CONN. — Pitney Bowes Inc., a mail and document-management company, said on Tuesday that its 2009 revenue would decline more than it had previously predicted, and it reduced the high end of its profit guidance.
Pitney Bowes, which is in the fourth quarter of its fiscal year now, said it now expects revenue to decline 8 percent to 11 percent.
It said it now expects a full-year profit of $2.09 to $2.21 per share, and an adjusted profit of $2.19 to $2.31 per share.
Analysts had been expecting a profit of $2.24 for the year, on revenue of $5.65 billion, which would be a 9.7 percent drop from 2008.
Pitney Bowes had said in July that it expected to earn $2.09 to $2.29 per share, with revenue declining 4 percent to 11 percent.
The company raised its expectation for free cash flow by $50 million, to a range of $750 million to $850 million.
The new guidance came on the same day that the company said its third-quarter profit rose 5 percent, although revenue fell 12.3 percent to $1.36 billion.
Pitney Bowes shares rose 3 cents to $24.70 in late trading.
