Global technology firm Pitney Bowes recorded a fall in revenue from its financing and rental activities in the first half of the year compared to the same period in 2014.
In the first six months of 2015, revenue of its financing activities stood at $207.1m (188.7m), down from $217.7m in H1 2014.
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Rental activities generated revenue of $225.3m in the first half of the year, a drop from the $246m recorded in the same period of the previous year.
The company’s Small and Medium Business Solutions (SMB) division – offers mailing equipment, financing, services and supplies for SMEs to create mail and evidence shortage- saw its revenue drop by 11% year-on-year to $945.4m in H1 2015.
The SMB witnessed a 5% year-on-year decrease in earnings before interest and taxes (EBIT), which stood at $348.9m.
International Mailing – includes all SMB operations outside North America – saw its profits fall by 50% year-on-year in H1 2015 to $25.8m.
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By GlobalDataPitney Bowes’s revenue in the first half of the year was $1.77bn, down from $1.895bn in H1 2014.
Marc B. Lautenbach, president and chief executive officer of Pitney Bowes said:"We are at an inflection point in our transformation where the cumulative effects of the steps we have taken over the past 30 months position us for long-term growth and profitability. While we continued to make progress on our way to transform Pitney Bowes, our second quarter financial results were mixed. Our Presort Services business performed well and our North American Small and Medium Business continued to improve. However, growth in our Ecommerce business was negatively affected by the strong dollar and our performance in Europe was below our expectations.
"That said, the actions we have taken over the last two years have strengthened our hand and improved our competitive position. As a result, we are poised for sustained improvement in the second half and beyond. For this reason, we will begin executing our authorized share repurchase program with the intent to complete the program by the end of this year."
Over the second quarter of 2015, Pitney Bowes acquired cross-border shipping firm Borderfree for approximately $400m. In addition, it sold its marketing services business Imagitas, which the company expects to generate net proceeds of approximately $270m.
