Pitney Bowe‘s (NYSE:PBI) struggles continued in the second quarter, as its profits and revenue declined even more.
The mail and document services company reported a profit of $99.6 million, or 50 cents a share, down from $100.9 million, or 49 cents a share, a year earlier. Analysts had been expecting 49 cents per share.
Revenue fell 5.2% to $1.25 billion, as Wall Street expected.
The company also lowered its full-year outlook to $1.95 to $2.15, as opposed to a previous forecast of $2.05 to $2.25 a share. Revenue is expected to be anywhere between flat and 4% lower year-over-year, down from the previous range between a 2% drop to a 2% increase.
Uncertainty in Europe was the reasoning behind the lowered forecast. The weak economy at home and abroad is thought to be quickening the decline of mail, The Wall Street Journal reports.
Pitney Bowes has been trying to shift away from old-school mail, though, and recently launched a cloud-based service to print postage and shipping labels, on top of signing an agreement with Facebook (NASDAQ:FB) to offer global geocoding services.
The company is also one of InvestorPlace’s list of Dependable Dividend Stocks — a list of companies that are rock-solid when it comes to preserving capital and making regular dividend payments.
The company has a striking 11.6% yield and has been paying its dividend since 1934.
Still, shares are down 24% year-to-date and over 30% in the past year total.