Office Depot Narrows Loss But Revenue Falls (ODP)

Boca Raton, Florida based Office Depot, Inc. ODP released financial results on Tuesday morning that beat Wall Street earnings estimates but missed revenue estimates. Office Depot, Inc. (ODP) announced that its 2nd quarter net loss, after preferred stock dividends, narrowed to $18.7 million, or 7 cents per share, from a loss of $82.6 million, or 31 cents per share, a year earlier. Revenue fell to $2.7 billion, from $2.82 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 17 cents per share, on revenue of $2.74 billion. Office Depot, Inc closed the previous trading day at $4.73 per share. The consensus price target of analysts covering the company's stock is $6.89 per share. Read more from Benzinga's Company news.