Pitney Bowes Inc. ended 2016 with declining revenues, according to the Stamford-based technology company’s latest earnings report.
For the full year of 2016, Pitney Bowes’ revenue totaled $3.4 billion, down 5 percent from the $3.57 billion in revenue recorded in 2015. For the fourth quarter, revenue totaled $887 million, a 5 percent decline from the $936 million in revenue in the previous year.
As a result of its latest earnings report, the company updated 2017 annual guidance. In this new guidance, 2017 revenue is forecast to be in the range of a 2 percent decline to 1 percent growth when compared with 2016, while the adjusted earnings per share will be in the range of $1.70 to $1.85 compared with the original range of $1.80 to $1.95. Furthermore, Pitney Bowes’ expected free cash flow is now forecast to be in the range of $400 million to $460 million, compared with the original range of $415 million to $485 million.
“Our fourth-quarter and full-year results were not what we wanted or expected,” said Marc B. Lautenbach, president and CEO. “While we were disappointed in our fourth-quarter performance, especially in our software solutions business, we closed the year with much of the heavy lifting and short-term disruptions from our transformation initiatives behind us. We are poised to take advantage of all of the hard work we completed in 2016 and over the past four years. Going forward, I remain confident in our long-term strategy, our competitive position, our operational excellence initiatives, and our ability to unlock value for our shareholders.”