Pitney Bowes Inc. (PBI) posted a plunge in first-quarter net income attributable to common stockholders to $67.51 million, or $0.33 a share, from $158.67 million, or $0.79 a share last year, with income from continuing operations falling year-over-year to $74.16 million, from $145.54 million.
Excluding items, adjusted earnings per share from continuing operations for the first quarter 2013 were $0.42. On average, 4 analysts polled by Thomson Reuters expected earnings per share of $0.44 for the quarter. Analysts' estimates typically exclude one-time items.
Revenue for the quarter was $1.17 billion, down compared with the prior-year figure of $1.22 billion. Analysts estimated revenues of $1.20 billion for the quarter. The company said the quarterly revenue benefited from growth in the Production Mail and Mail Services segments, with International Mailing revenue flat with last year. However, revenue was adversely impacted by lower recurring revenue streams in the Small and Medium Business group, lower licensing revenue in the Software segment, and some pricing pressures in the Management Services segment.
Separately, the board approved a reduced second quarter dividend of 18.75 cents per share for its common stock, payable June 12, 2013, to stockholders of record on May 10, 2013. In addition, Pitney Bowes' board has declared a quarterly cash dividend of 53 cents per share on its $2.12 convertible preference stock, payable July 1, 2013, to stockholders of record June 14, 2013, and a quarterly cash dividend of 50 cents per share on its 4 percent convertible cumulative preferred stock, payable August 1, 2013, to stockholders of record July 15, 2013.
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