Office Depot Inc. (ODP) on Wednesday reported third-quarter profit of $44 million.
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.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ODP at https://www.zacks.com/ap/ODP
Keywords: Office Depot, Earnings Report