Northern, WI 2/28/12 (StreetBeat) -- Saved by not repeating charges that smacked financial reports in 2010, office products supplier Office Depot, Inc. (NYSE: ODP) swung to profitability in the fourth quarter of 2011. The company reported net earnings of $12.28 million or $0.04 per share for Q4, compared to a net loss of $108.63 million or $0.39 per share in the 2010 quarter. In the 2010 period, the financial report was damaged by charges related to restructuring, assets sales and asset impairment that totaled 29 cents a share. Total sales rang-in at $2.97 billion from $2.96 billion in the year prior quarter.The latest results topped earnings estimates by analysts, but came up just a hair shy on the revenue front.
During the quarter, sales in North America were flat while international sales decreased, but gross profit margins rose from 28.6 percent to 30.3 percent to help boost some stats.
For the full 2011 year, sales slid by 1 percent to $11.5 billion as compared to 2010. The company reported an adjusted net loss of $8 million or 3 cents per share, contracting from $39 million or 14 cents per share in 2010.
Office Depot CEO and Chairman Neil Austrian said, "Fourth quarter 2011 results were encouraging despite a slow economic recovery in the U.S. and increasing business pressures across Europe. I'm pleased with both the traction we're getting in improving our North American businesses and the restructuring actions being taken in the International Division.”
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