Office Depot Surges 16% After Q4 Earnings

Office Depot ODP released its Q4 earnings results prior to the opening bell on Tuesday. The company reported net income attributable to common shareholders of $12.28 million or $0.04 per share, versus a loss of $108.63 million, or $0.39 per share, in the year ago period. On an adjusted basis, which is comparable to analysts' consensus, earnings per share were $0.03, compared to a loss of $0.10, in last year's fourth quarter. This compared to analysts' consensus EPS estimates of break-even per share. Sales for the quarter came in at $2.97 billion compared to $2.96 billion in the year ago period. This compared to Wall Street revenue estimates of $3 billion. "Fourth quarter 2011 results were encouraging despite a slow economic recovery in the U.S. and increasing business pressures across Europe," said Neil Austrian, Chairman and Chief Executive Officer of Office Depot. During Tuesday's trading session, ODP shares have surged 16.23% to $3.51 on the back of the better than expected earnings results.