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Pitney-Bowes (NYSE: PBI) reported Thursday that the company earned a 9 percent dip in second quarter earnings due partly to lower sales driven by weak economic conditions.
Pitney Bowes also lowered its 2009 outlook due to the ongoing global economic downturn.
The mail and document-management company reported net income of $117.3 million, or 57 cents per share, down from $128.5 million, or 61 cents per share, in the prior-year period. On a continuing operations basis, 2009 second-quarter earnings were 54 cents per share.
Revenue was down 13 percent to $1.38 billion from $1.59 billion. The company said that 5 percent of the revenue decline came from unfavorable exchange rates.
Pitney Bowes lowered its forecast for 2009 adjusted earnings to a range of $2.15 to $2.35 per share, compared with its previous estimate of $2.40 to $2.60 per share. Analysts are looking for a 2009 profit of $2.46 per share.
Shares of Pitney Bowes fell $1.80, or 7.7 percent, to $21.70 in after-hours trading when the earnings report was issued, after adding a penny in the regular session to close at $23.50.
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