BUZZ-Pitney Bowes climbs to near four-year high after rosy report, new CFO named

Shares of Pitney Bowes PBI.N up 10.8% at $9.68 on Weds after encouraging report and it named new CFO

PBI shares rose as much as 13.8% to $9.95, highest since Apr 2021

Stamford, Connecticutt-based shipping and mailing firm late Tues posted full year 2024 adj EBIT of $385 mln, up 25% from 2023, topping its prior guidance of $355-$360 mln

Rev in 2024 fell 3% y/y to $2.03 bln

For 2025, it expects rev of $1.95-$2 bln and adj EBIT of $450-$480 mln

Co also appointed Bob Gold as CFO to succeed John Witek, effective Mar 10

Gold was most recently CFO at EyeCare Partners, a national network of optometrists and ophthalmologists. He has also held finance chief roles at various other firms, including AM General, maker of the military Humvee vehicle, Culligan International and United Plastics Group

On Jan 23, PBI shares jumped nearly 13% after co announced early paydown of notes issued to Oaktree Capital as part of efforts to deleverage its balance sheet

"Last year was a transformational one for Pitney Bowes," CEO Lance Rosenzweig said, adding co has significantly improved free cash flow and has no debt maturing over the next two years

With move on the session, PBI shares up ~34% YTD. Stock closed at $4.19 a year ago