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Pitney Bowes Q1 Net Profit Down, Backs Full-Year Adj. EPS View - Quick Facts

Pitney Bowes Inc. (PBI), a provider of provides shipping and mailing solutions, Wednesday reported a drop in net earnings for the first quarter, chiefly as increases in costs offset the growth in revenues. The company reaffirmed its earnings and revenues outlook for 2014.

For the first quarter, net earnings declined to $44.67 million or $0.22 per share, from $67.51 million or $0.33 per share a year earlier.

Adjusted earnings from continuing operations were $86.39 million or $0.42 per share for the first quarter, compared with $74.8 million or $0.37 per share a year ago.

For the three months to March, EBIT increased by 15 percent to $226.32 million from $196.89 million a year ago.

Total costs and expenses rose to $882.99 million from $827.49 million a year earlier.

Total revenues for the 3-month period increased to $937.49 million from $909.36 million a year earlier.

For 2014, the company confirmed its guidance for adjusted earnings of $1.75 to $1.90 per share. The company also reaffirmed that it expects revenue, excluding currency impacts, to be in the range of 1 percent decline to two percent growth during the year.

Reflecting the debt extinguishment costs and restructuring costs incurred in the first quarter, the company lowered its guidance for earnings per share for continuing operations to $1.53 to $1.68 from the previously projected $1.75 to $1.90.

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