Pitney Bowes Inc. reported a decline in revenue for the third quarter of 2024, with total consolidated revenue of $499.5 million, down from $503.0 million in the same period of 2023. For the nine months ended September 30, 2024, revenue was $1.51 billion, a decrease from $1.55 billion in the prior year. The decline in revenue was attributed to lower support services and equipment sales, partially offset by increased business services revenue.

Total costs and expenses for Q3 2024 rose to $543.3 million, compared to $476.1 million in Q3 2023. For the nine-month period, costs were $1.51 billion, slightly down from $1.53 billion in the previous year. The net loss for Q3 2024 was $(138.5) million, significantly higher than the $(12.5) million loss reported in Q3 2023. For the nine months, the net loss was $(166.2) million, compared to $(161.8) million in the same period last year.

Despite the losses, basic earnings per share from continuing operations for Q3 2024 were $0.68, up from $0.10 in Q3 2023. For the nine months, basic earnings per share were $0.81, with no prior year figure available. The company also reported a significant tax benefit of $164 million in Q3 2024, primarily due to an affiliate reorganization.

Strategically, Pitney Bowes initiated a wind-down of its Global Ecommerce segment in August 2024, leading to the classification of certain revenues and expenses as discontinued operations. The company also established a debtor-in-possession (DIP) facility of up to $47 million to support this restructuring, with $28 million funded as of September 30, 2024. Additionally, the company undertook a worldwide cost reduction initiative, the "2024 Plan," resulting in the elimination of approximately 2,300 positions and incurring restructuring charges of $36 million in Q3 2024.

In terms of segment performance, SendTech Solutions reported revenue of $312.8 million for Q3 2024, down from $327.0 million in Q3 2023. However, Presort Services saw revenue growth, reaching $166.4 million, up from $152.5 million in the prior year. The company’s adjusted segment EBIT for SendTech Solutions increased to $104.2 million, while Presort Services reported a significant increase in adjusted EBIT to $46.2 million.

As of September 30, 2024, Pitney Bowes had cash and cash equivalents of $561.5 million, down from $600.1 million at the end of 2023. The company remains in compliance with its financial covenants and expects existing cash and operational cash flow to meet its needs for the next 12 months.