Pitney Bowes Provides Update on Accelerated Progress of Cost Rationalization Program and Increases Savings Targets; Cost Rationalization Program's Increased Savings Target Is $120M-$160M, Up From $60M-$100M
Portfolio Pulse from Benzinga Newsdesk
Pitney Bowes (NYSE:PBI) has updated its cost rationalization program, increasing its savings target to $120M-$160M from $60M-$100M. The company has already implemented $70M in cost reductions and expects these to impact pre-tax earnings in the second half of 2024 and fully in 2025.
July 01, 2024 | 12:16 pm
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Pitney Bowes has increased its cost savings target to $120M-$160M, up from $60M-$100M. The company has already implemented $70M in cost reductions, which are expected to impact pre-tax earnings in the second half of 2024 and fully in 2025.
The significant increase in cost savings target and the already implemented $70M in cost reductions are likely to positively impact Pitney Bowes' earnings in the short term. This should be reflected in the company's pre-tax earnings in the second half of 2024 and fully in 2025, potentially boosting investor confidence and stock price.
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