Pitney Bowes' marketing revenue down 3% in Q4
Pitney Bowes' fourth-quarter 2010 marketing services revenue declined 3% to $32.5 million compared with the same period of 2009. However, its full-year marketing services revenue increased 0.4% year-over-year to $141.5 million, the company said February 8 on an earnings call.
Revenue from US mailings dropped 7% for full-year 2010 to $1.9 billion. Fourth-quarter 2010 revenue from US mailings dropped 5% year-over-year to $472 million.
The Stamford, CT-based company's overall 2010 revenue declined 3% to $5.4 billion compared with 2009. Its revenue for Q4 2010, which ended December 31, 2010, dropped 1% to $1.43 billion compared with the same period of last year. Full-year net income dropped 14.8% to $292.4 million, while Q4 net income dropped 36% to $63 million compared with the prior year.
“As we anticipated, 2010 was a year in which we had a stronger performance in the second half of the year as we saw some initial signs of stabilization in various sectors and geographies,” said Murray Martin, chairman, president and CEO of Pitney Bowes, on an earnings call. “During the year, we continued to execute our strategic transformation program in order to lay the foundation for sustained growth and value creation for customers and shareholders alike. Our transformation initiatives are giving us a more variable cost structure, improved customer processes and infrastructure, as well as greater financial flexibility to continue investing in our future.”
Martin added that he expects the company to see slight revenue growth this year due to continued improvement in equipment sales and increased client implementation of Volly, its recently revealed secure digital delivery service.
“We expect 2011 revenue, excluding the impacts of currency, to be in the range of flat to 3% growth as compared to 2010's 3% decline.”