Executive Summary

• Pitney Bowes reported 1Q19 revenue of $868.4 million, down 3.1% year over year but ahead of the $866.0 million consensus estimate. Adjusted EPS was $0.12, below the consensus estimate of $0.21.
• The company’s commerce services segment revenue grew 5%, driven by global e-commerce, which grew 8%. Revenues in the SMB solutions and software services segments declined year over year.
• The company reduced guidance for revenue growth to 1-3% from 1-4% and for adjusted EPS to $0.90-1.05 from $1.05-1.20.