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Office Depot (ODP) 3Q18 Results: Beats Consensus Estimates and Raises Guidance

Executive Summary

  • Office Depot reported 3Q18 adjusted EPS of $0.13, beating the consensus estimate by a penny. Revenues were $2.89 billion, beating the $2.83 billion consensus estimate.
  • Sales increased by 6% as reported and by 1% organically in the Business Solutions division. Services revenues increased by 28% in the Business Solutions division and by 11% in the Retail division. Retail sales declined by 6% as reported and by 5% according to a new revenue recognition standard.
  • The company raised its FY18 revenue guidance to $11.0 billion from $10.8 billion previously and offered FY19 revenue guidance of $11.1 billion, above the consensus estimate of $10.8 billion.

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