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Management has Expeditiously Implemented ~$70 Million in Cost Reductions Over the Past Month and Identified New Opportunities for Strengthening Pitney Bowes
The Cost Rationalization Program's Increased Savings Target is $120 Million to $160 Million, Up from $60 Million to $100 Million
Pitney Bowes Inc. (NYSE:PBI) ("Pitney Bowes" or the "Company"), a global shipping and mailing company that provides technology, logistics and financial services, today announced an update on the first phase of the Company's cost rationalization initiative, which was previously announced in late May 2024.
The Company has identified and initiated approximately $70 million in cost savings, the majority of which has already been eliminated in the second quarter. Approximately $25 million of non-recurring charges associated with these efforts are expected to be recorded in the second quarter. The cost reductions announced today are anticipated to be largely reflected in the Company's second half of 2024 pre-tax earnings and fully reflected in 2025.
Posted In: PBI
