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Market movers

Pitney Bowes surges despite profit drop

Pitney Bowes, known for postage meters, also provides shipping and weighing systems, software, online postage services, and document management services.

Scott Olson/Getty Images/File 2012

Pitney Bowes, known for postage meters, also provides shipping and weighing systems, software, online postage services, and document management services.

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Pitney Bowes Inc. posted sharply lower net income but adjusted earnings beat Wall Street estimates, and the stock surged. The company earned $110.3 million, or 55 cents per share, for the last three months of 2012, down 57 percent from $257.5 million, or $1.28 per share, a year earlier — results that included a big tax gain. Adjusted earnings were 56 cents per share; analysts expected 51 cents.

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