Pitney Bowes Q2 net loss narrows to $25M; exits GEC via Hilco sale, updates FY guidance

PITNEY BOWES INC /DE/

2024-Q2 EPS reported -$0.16 revenue$1,623,679,000

Q2 revenue $793M (+2% YoY); GAAP EPS loss $0.14, adjusted EPS $0.03 (up $0.05 YoY).
GEC segment stake sold to Hilco Global; Chapter 11 filed Aug 8; annual loss elimination $136M.
Cost rationalization: ~$70M annual cuts realized; target $120M-$160M total savings.
Cash optimization: $100M international cash repatriated; cash needs target raised to $240M.
FY2024 guidance: revenue flat to low-single-digit decline; EBIT $340M-$355M (ex-GEC).

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