SAN FRANCISCO (Reuters) - U.S. mail service provider Pitney Bowes Inc slashed its full-year forecasts and posted weaker-than-expected quarterly results.
Pitney Bowes, which competes with France's Neopost
The company, which does not provide quarterly forecasts, expects adjusted earnings from continuing operations in the range of $2.15 to $2.35 per share, down from a May forecast of $2.40 to $2.60 per share, in 2009.
It forecast 2009 revenue to decline 4 percent to 7 percent on a constant currency basis, versus 1 percent to 4 percent previously.
The Stamford, Connecticut-based company reported net income of $117.26 million, or 57 cents a share, in the second quarter ended June 30, compared with $128.51 million, or 61 cents a share, a year earlier.
Excluding certain items, Pitney Bowes posted a profit of 55 cents a share, compared with 69 cents a share in the year ago period and lagging analysts' average forecast of 60 cents a share, according to Reuters Estimates.
Revenue fell 13 percent from a year ago to $1.38 billion from $1.59 billion, below Street expectations of $1.43 billion.
Shares of Pitney Bowes fell 7.4 percent in after-hours trading to $21.76 after closing at $23.50 on the New York Stock Exchange.
(Reporting by Clare Baldwin; Editing by Carol Bishopric)
