(RTTNews) - Mail processing equipment and integrated mail solutions provider Pitney Bowes Inc. (PBI) said Tuesday after the markets closed that its third quarter profit rose from last year, as better cost control helped offset a 12% decline in revenue. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations. A the same time, the company narrowed its full year earnings outlook range.

The Stamford, Connecticut-based company reported net income for the third quarter of $103.2 million or $0.50 per share, compared to $98.2 million or $0.47 per share for the year-ago quarter.

Income from continuing operations for the third quarter was $105.7 million or $0.51 per share, compared to $100.3 million or $0.48 per share in the prior year quarter.

Excluding items, adjusted income from continuing operations for the third quarter was $114.2 million or $0.55 per share, compared $139.4 million or to $0.67 per share in the third quarter of last year.

On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.54 per share for the third quarter. Analysts' estimates typically exclude special items.

Total revenue for the third quarter fell 12% to $1.36 billion from $1.55 billion in the same quarter last year. Five analysts had a consensus revenue estimate of $1.41 billion for the third quarter.

Equipment sales for the quarter fell 24% to $225.8 million from $296.5 million a year earlier.

Mailstream Solutions revenue for the third quarter declined 14% year-over-year to $925 million. Within mailstream solutions, U.S. mailing revenue for the quarter fell 12% to $491 million, while international mailing revenue dropped 17% to $225 million.

Worldwide production mail revenue fell 18% to $126 million and software revenue declined 13% to $82 million.

Mailstream Services revenue for the third quarter declined 10% to $259 million.

For the first nine months, the company reported net income of $324.9 million or $1.57 per share, compared to $345.8 million or $1.64 per share for the same period last year.

Income from continuing operations for the nine-month period was $319.6 million or $1.54 per share, compared to $354.6 million or $1.68 per share in the prior year period.

Adjusted income from continuing operations for the nine-month period was $340.1 million or $1.64 per share, compared to $423.2 million or $2.01 per share in the corresponding year-ago period.

Total revenue for the nine-month period fell to $4.11 billion from $4.71 billion in the last year period.

Looking forward, the company said it now expects now expects earnings from continuing operations of $2.09 to $2.21 per share and adjusted earnings from continuing operations of $2.19 to $2.31 per share for the full year 2009. Previously, the company expected earnings from continuing operations of $2.09 to $2.29 per share and adjusted earnings from continuing operations of $2.15 and $2.35 per share.

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