Office Depot Up 13% After Beating Earnings Estimates
Shares of Office Depot (NASDAQ: ODP) are up 13% after the company beat earnings estimates.
Total Company sales for the fourth quarter of 2011 were approximately $3.0 billion, essentially flat compared to the fourth quarter of 2010. Excluding sales related to dispositions and a deconsolidation in the fourth quarter of 2010, an acquisition in the first quarter of 2011, and the impact of a 53rd week in fiscal 2011, constant currency sales in the fourth quarter of 2011 were $2.8 billion, a decrease of 4% compared to the same period in the prior year.
The Company reported net earnings, after preferred stock dividends, of $12 million or $0.04 per diluted share in the fourth quarter of 2011, compared to a loss of $109 million or $0.39 per share in the fourth quarter of 2010.
Fourth quarter 2011 results included approximately $23 million of charges primarily related to restructuring activities and actions to improve future operating performance.
Fourth quarter 2011 results also included a $24 million tax benefit related to the reversal of an uncertain tax position accrual and the release of a valuation allowance.
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