UPDATE 1-Pitney Bowes Q1 results beat Wall Street

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May 6 (Reuters) - Pitney Bowes Inc (PBI.N), the biggest U.S. supplier of postage meters and mailing machines, posted better-than-expected quarterly results, helped by strength at its mailstream services segment.

The company, which also reaffirmed its 2008 profit outlook, reported a first-quarter net income of $119.1 million, or 56 cents per share, down from $144.8 million, or 65 cents per share, a year ago.

Total revenue rose 11.3 percent to $1.57 billion.

Excluding items, it earned 66 cents a share.

Analysts on average expected earnings of 65 cents a share, excluding exceptional items, on revenue of $1.50 billion, according to Reuters Estimates.

Revenue from mailstream services rose 17 percent to $478 million, or about 30 percent of total revenue.

The company said it continues to expect adjusted earnings of $2.80 to $2.90 a share for 2008. Analysts were expecting earnings of $2.86 a share, excluding special items.

Pitney Bowes shares closed at $36.65 Tuesday on the New York Stock Exchange. (Reporting by John Tilak in Bangalore; Editing by Himani Sarkar)