Pitney Bowes' revenue down
Pitney Bowes' third-quarter revenue declined 3% to $1.3 billion year-over-year, the company announced Nov. 1, attributing the loss to declines in equipment sales and business services revenue, as well as to press coverage of the U.S. Postal Service's struggles.
“Our revenue performance this quarter reflects the impact of sustained economic uncertainty on most of our global customer base,” Pitney Bowes chairman, president and CEO Murray Martin said in a statement. “This weakness is affecting the buying confidence of some of our customers. As a result, they have become more cautious and are delaying making capital and lease commitments."
“We also believe that some of the conflicting perceptions and media reports about the mailing industry are having an adverse impact on parts of the business,” he added.
The Stamford, Conn.-based company's third-quarter 2011 marketing services revenue increased 5% to $41 million year-over-year. Revenue from the company's North American mailing segment increased 8% to $476 million, compared with the same quarter the prior year.
Martin said earlier this year that he expected overall 2011 revenue, excluding the impact of currency, to be in the range of flat to 3% growth.