Pitney Bowes Announces Third Quarter 2014 Results

Reflected in the quarter are a number of actions related to the International Mailing go-to-market and geographic coverage models. At the end of June, the Company exited additional non-core product lines in Norway and during the third quarter expanded its indirect sales activities by transitioning from a direct sales model to a dealer network in six smaller European markets. Excluding the revenue related to these transactions in both the current and prior years, revenue on a comparative basis would have declined 2 percent, which is in line with the Company’s stabilization objectives. The Company continued to shift additional client accounts to inside sales in the major European markets. In addition to creating a more variable cost structure, these changes lessen our sensitivity to the uncertain economic conditions in Europe. EBIT margin improved due to the changes in go-to-market, including the shift in strategy for smaller markets.

Enterprise Business Solutions Group

 
               
  3Q 2014 Y-O-Y Change Change ex Currency
Revenue $225 million 2% 2%
EBIT   $ 31 million   2%    
 

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