Office Depot (ODP) Jumps Higher on Surprise Q1 Beat, But Tone Still Cautious
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Shares of Office Depot, Inc. (NYSE: ODP) are surging 23% in mid-day action after reporting better-than-expected adjusted Q1 results this morning. The company reported an adjusted profit of $0.10 per share, well ahead of the consensus of a $0.10 loss. Revenues fell 19% to $3.225 billion, versus the consensus of $3.26 billion.
The company held their conference call, which mostly had a cautious tone. The company said it doesn't see technology purchases improving soon, said state government's are cutting back spending and said it is concerned about the liquidity of small business customers. Nonetheless, shareholders are rallying the stock again. Shares of ODP are up 430% from the March $0.59 low.
The company held their conference call, which mostly had a cautious tone. The company said it doesn't see technology purchases improving soon, said state government's are cutting back spending and said it is concerned about the liquidity of small business customers. Nonetheless, shareholders are rallying the stock again. Shares of ODP are up 430% from the March $0.59 low.
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