Penny stock Office Depot (NYSE: ODP) beat analysts estimates when the company reported a $12 million profit for the fourth quarter of 2011 after losing $109 million in the year-ago quarter before the market opened today. The annual profit of $60 million represents a major turnaround for the Boca Raton company, which lost $2.1 billion over the previous three years.
Sales for the penny stock in the 14-week fourth quarter were $2.97 billion, up from $2.96 billion in the year-ago quarter, which had 13 weeks. EPS of 4 cents contrasted with a loss of 39 cents in the year-ago quarter. The latest results also beat the average analyst estimate, which called for a break-even quarter.
For the year, Office Depot had $11.49 billion in sales, down from $11.63 billion. The $60 million in profits, after preferred dividends, works out to 22 cents a share, and compares with a loss of $109 million, or 30 cents a share, in the previous year.
ODP was alerted by us on February 17th when the stock was trading at $3.14Share