Office Depot tops profit and sales estimates, raises guidance
Office Depot Inc. said Wednesday it had net income of $60 million, or 11 cents a share, in the third quarter, down from $92 million, or 18 cents a share, in the year-earlier period. Adjusted per-share earnings came to 13 cents, ahead of the FactSet consensus of 12 cents. Sales rose to $2.887 billion from $2.620 billion, also ahead of the FactSet consensus of $2.825 billion. Chief Executive Gerry Smith said the company's business solutions division had its best quarter in more than a decade, while investment in building the company's services capabilities was also paying off. The office goods retailer raised its full-year sales guidance to $11.0 billion from $10.8 billion and reiterated its full-year 2019 sales guidance of $11.1 billion. Shares rose 1.1% premarket but are down 21.3% in 2018, while the S&P 500 has gained 3.1%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.