Office Depot beats 3Q profit forecasts

Markets Associated Press

FILE - This July 12, 2010, file photo shows signage at an Office Depot store in Mountain View, Calif. Office Depot, Inc. reports earnings Wednesday, Nov. 2, 2016. (AP Photo/Paul Sakuma, File) (The Associated Press)

Office Depot Inc. (ODP) on Wednesday reported third-quarter profit of $44 million.

Continue Reading Below

On a per-share basis, the Boca Raton, Florida-based company said it had net income of 8 cents. Earnings, adjusted for one-time gains and costs, were 16 cents per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.

The office supply retailer posted revenue of $2.84 billion in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $3.49 billion.

The company's shares closed at $3.05. A year ago, they were trading at $7.48.


Continue Reading Below

This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on ODP at


Keywords: Office Depot, Earnings Report