|PBI Nov. article|
My PBI-B not doing too well either
Pitney Bowes Inc. shares PBI, -0.44% surged 7.4% in premarket trade Wednesday before reversing course to trade down 11%, after the technology company that's best known for its postage meters and mailing equipment said it has started a review of its strategic alternatives. The company said it has hired Lazard as a financial adviser and Cravath, Swaine and Moore LLp as a legal adviser to help with the process. It made the announcement as it reported third-quarter earnings, with net income of $57.4 million, or 31 cents a share, down from $65.5 million, or 35 cents a share, in the year-earlier period. Adjusted per-share earnings came to 33 cents, below the FactSet consensus of 42 cents. Revenue came to $842.8 million, up from $839.0 million, ahead of the FactSet consensus of $832 million. "Our third-quarter revenue performance was largely in-line with our expectations; however our bottom line results fell short as we continued to realign our businesses to higher growth areas and invest in new business opportunities, products and solutions," Chief Executive Marc Lautenbach said in a statement. The company lowered its guidance for full-year EPS to a range of $1.38 to $1.46 from a prior $1.70 to $1.78. Shares are down about 10% in 2017 through Tuesday, while the S&P 500 SPX, +0.38% has gained 15%.