OfficeMax Draws up a Winning Quarter
Shares of OfficeMax (NYSE: OMX) are seeing much strength during Tuesday's trading session after the company reported first quarter results which impressed investors.
The company reported first-quarter EPS of $0.23 versus the estimated $0.16 per share, beating by +43.8%. Revenues came in at $1.87B versus the estimated $1.87B, in-line.
Results for the first quarter 2012 include charges recorded in our Retail segment related to store closures in the U.S. The effect of these charges reduced operating income by $25.3 million, and net income by $15.4 million, or $0.18 per diluted share.
Excluding this item, adjusted operating income in the first quarter of 2012 was $43.1 million, or 2.3% of sales, an increase of 51% from $28.6 million, or 1.5% of sales, in the first quarter of 2011. Adjusted net income available to OfficeMax common shareholders in the first quarter of 2012 was $20.3 million, or $0.23 per diluted share, compared to $11.4 million, or $0.13 per diluted share, in the first quarter of 2011.
"We are off to a good start in 2012 and the team delivered solid first quarter results," said Ravi Saligram, President and CEO of OfficeMax. "We are making steady progress in executing the early stages of our strategic plan."
Currently, shares of OfficeMax are trading about 12% higher at $4.92 per share.
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