Office Depot Shares Surge on Stellar Q2 Report

ODP beat EPS and revenue estimates for Q2

Office Depot (NASDAQ:ODP) stock was flying high today following the release of its earnings report for the second quarter of 2018.

Office Depot reported earnings per share of 5 cents during the second quarter of the year. This is down from the office supplies company’s earnings per share of 6 cents from the same time last year. However, it was good news for ODP stock by coming in above Wall Street’s earnings per share estimate of 4 cents for the quarter.

Net income reported by Office Depot for the second quarter of 2018 came in at $19 million. This is a drop from the company’s net income of $21 million that was reported in the second quarter of 2017.

During the second quarter of the year, Office Depot reported operating income of $48 million. This is better than the company’s operating income of $41 million that was reported in the same period of the year prior.

Office Depot’s earnings report for the second quarter of 2018 also includes revenue of $2.63 billion. The company’s revenue from the second quarter of the previous year was $2.36 billion. Analysts were looking for Office Depot to report revenue of $2.58 billion for the period.

Office Depot also takes time in its most recent earnings report to discuss its guidance for the full year of 2018. It is expecting revenue for the year to come in around $10.80 billion. Wall Street is estimating revenue of $10.87 billion for the year.

ODP stock was up 14% as of Tuesday morning, but is down 29% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/08/office-depot-stock-up-on-q2-earnings/.

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