Office Depot beats 3Q net income expectations, meets revenue forecasts

MarketsAssociated Press

BOCA RATON, Fla. (AP) — Office Depot Inc. (ODP) on Tuesday reported profit of $29 million in its third quarter.

The Boca Raton, Florida-based company said it had profit of 5 cents per share. Earnings, adjusted for non-recurring costs, were 10 cents per share.

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The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The office supply retailer posted revenue of $4.07 billion in the period, meeting Street forecasts.

Office Depot shares have fallen 4 percent since the beginning of the year. The stock has decreased 12 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. ODP stock research report from Zacks.

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Keywords:Office Depot,Earnings Report