PBI Off To A Solid Start, Brean Murray Reports

In a report focusing on Pitney Bowes Inc. (NYSE: PBI), Brean Murray reports that the company had a “solid in-line Mar Q and reiteration of 2011 guidance” that left “us feeling the year is off to a solid start.”

“Revenue and EPS of $1.3 and $0.53 was in-line with the Street, and PBI reiterated its 2011 guidance of 0% - 3% revenue growth and EPS of $2.15 - $2.35,” Brean Murray writes. “Essentially offsetting each other were ~$0.02 tax benefit and $0.02 from a warehouse fire in Dallas that disrupted sales, which is on the way to being resolved. Free Cash Flow was very strong at $286M vs. our $162M forecast; PBI reiterated its 2011 FCF guidance of $750M - $850M, but we believe there's a good chance it will exceeds this."

Pitney Bowes closed Friday $24.56.