Pitney Bowes soars on selling controlling stake in global ecommerce segment

Pitney Bowes

09/08/2024 15:10

** Shares of Pitney Bowes  PBI.N  touches nearly three-year
high, last up 14.5% at $6.51 
    ** PBI set for the best day in over three months if gains
hold
    ** Shipping and mailing co sells controlling stake in global
ecommerce segment to affiliate of Hilco Global
    ** PBI says segment struggling to achieve profitability over
the past several years in the face of macroeconomic and industry
headwinds 
    ** Few parts of the segment under Hilco filed for Chapter 11
bankruptcy
    ** Co plans to wind down business; deal to allow PBI to
eliminate $136 mln in annual loss 
    ** Wind down process to conclude in early 2025 
    ** PBI increased savings target to $120-$160 mln in July 
    ** Co also reports Q2 revenue at $793.2 mln vs estimates of
$771.65 mln - LSEG data 
    ** Stock up 29% YTD 

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))