Shares of Pitney Bowes Inc. PBI, -15.42% tumbled 15.6% in midday trading Tuesday, enough to pace the NYSE’s decliners, after the shipping and mailing company reported fourth-quarter profit that fell below expectations, amid disappointing domestic parcel volumes. Net income fell to $1.3 million, or 1 cent a share, from $20.3 million, or 11 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 6 cents from 14 cents, missing the FactSet consensus of 11 cents. Revenue declined 4.3% to $983.7 million, but beat the FactSet consensus of $691.6 million. Global ecommerce revenue fell 8.7% to $473 million, with Chief Financial Officer Ana Maria Chadwick saying the decline was “driven primarily by lower-than-expected domestic parcel volumes,” given a move by many customers to shop via brick-and-mortar store, or to buy online for in-store pickup, rather than online for delivery to ensure they got their products in a timely manner as a result of supply-chain concerns. The stock, on track for the lowest close since Nov. 2, 2020, has plunged 29.7% over the past three months while the S&P 500 SPX, +0.69% has slipped 2.0%.
