Office Depot Inc. Earnings: A Swing to Quarterly Profit

Office Depot Inc. (NYSE:ODP) reported its results for the first quarter. Office Depot is a global supplier of office products and services under the Office Depot brand and other proprietary brand names.

Investing Insights: What’s the Future of Microsoft’s Stock?

Office Depot Earnings Cheat Sheet for the First Quarter

Results: Reported a profit of $41.3 million (14 cents per diluted share) in the quarter. Office Depot Inc. had a net loss of $14.6 million or a loss 5 cents per share in the year-earlier quarter.

Revenue: Fell 3.4% to $2.87 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Office Depot Inc. reported adjusted net income of 5 cents per share. By that measure, the company fell in line with the mean estimate of 5 cents per share. Analysts were expecting revenue of $2.89 billion.

Quoting Management: “Our first quarter 2012 results showed continued year-over-year earnings improvement despite lower sales,” said Neil Austrian, Chairman and Chief Executive Officer of Office Depot. “The North American Business Solutions Division delivered a strong performance again this quarter.”

Key Stats:

The company fell in line with estimates last quarter after beating forecasts in the previous quarter with net income of 3 cents versus a mean estimate of 0 cents per share.

Revenue fell last quarter after increasing in the previous quarter. Revenue rose 0.3% to $2.97 billion in the fourth quarter of the last fiscal year from the year earlier.

The company’s cost of sales slipped to $1.99 billion, a dip of 70.5% from a year ago. Last quarter, cost of sales was 69.3% of revenue versus 70.5% a year earlier.

Looking Forward: The average estimate for the second quarter remains unchanged at 3 cents a share. At 7 cents per share, the average estimate for the fiscal year has fallen from 10 cents ninety days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

Don’t Miss These Additional Hot Stories:

Does the Dow Need Apple and Google?>>

Barnes & Noble and Microsoft Still Have an Uphill Battle>>

Here’s Evidence Startup Euphoria Lacks Logic … Again>>