Office Depot meets 1Q earnings expectations, misses revenue forecasts

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BOCA RATON, Florida — Office Depot Inc. (ODP) on Tuesday reported first-quarter net income of $45 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Boca Raton, Florida-based company said it had profit of 8 cents. Earnings, adjusted for non-recurring costs, were 13 cents per share.

The results met Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was also for earnings of 13 cents per share.

The office supply retailer posted revenue of $3.88 billion in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $4.1 billion.

Office Depot shares have increased slightly more than 9 percent since the beginning of the year. The stock has more than doubled in the last 12 months.

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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 http://www.zacks.com/ap/ODP

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Keywords: Office Depot, Earnings Report

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