🔒Shelton-based Pitney Bowes reports higher profit, advances strategic review

Mailing and shipping technology company Pitney Bowes reported sharply higher first-quarter profit on Tuesday and said it is moving ahead with a broader strategic review as the company continues efforts to reshape its business following a recent headquarters relocation from Stamford to Shelton. The company posted net income of $58.1 million, or 39 cents per diluted share, for the first quarter, up from $35.4 million, or 19 cents per diluted share, a year earlier. Revenue, however, declined 3% to $477.4 million. Pitney Bowes, which employs about 6,600 people, in February disclosed that it had relocated its corporate headquarters to Shelton effective Jan. 1, ending a more than century-long run in Stamford as part of a broader restructuring and cost-cutting effort. The company has undergone significant restructuring in recent years as it adapts to declining traditional mail volumes and changing shipping and logistics demands. Pitney Bowes has reduced its workforce, cut costs, paid down debt and exited parts of its e-commerce business while refocusing on its core mailing, shipping and financial services operations. CEO Kurt Wolf was appointed to his role in 2025 following a proxy battle and board reconstitution. In a letter to shareholders on Tuesday, Wolf said the company is benefiting from improved cost management, operational changes and stronger execution across the organization. The company reaffirmed recently upgraded full-year guidance and said it remains on track to launch the “external portion” of a strategic review process by the end of the second quarter. Pitney Bowes said its board has begun evaluating financial and legal advisers related to the review. No further details about the review were disclosed. Pitney Bowes also continued returning cash to shareholders. The company said it repurchased 17.2 million shares for $186 million year-to-date through May 1, and increased its quarterly dividend to 10 cents per share, marking the fifth dividend increase in the past six quarters. Wolf said the company remains focused on reducing debt while pursuing long-term growth opportunities in its shipping, mailing and banking operations.