Sales sluggish at Pitney Bowes

Mail processing-machinery maker Pitney Bowes of Stamford saw its first quarter profits drop 6 percent to $144.8 million, as the company was hit with order delays for equipment and software. Sales grew to $1.4 billion, 4 percent above the year-ago quarter. Earnings per share were 65 cents – several cents short of Wall Street’s expectations. Michael J. Critelli, current CEO of the company, is expected to take on the newly created role of executive chairman of the firm on May 14, when current COO Murray D. Martin takes over as CEO.