On Monday, Shares of Office Depot, Inc. (NASDAQ:ODP), gained 0.64% to $9.38.
Today, Office Depot, declared results for the first quarter ended March 28, 2015.
Merged Results
Stated (GAAP) Results
Total stated sales for the first quarter of 2015 were $3.9 billion contrast to $4.4 billion in the first quarter of 2014, a decrease of 11%.
In the first quarter of 2015, Office Depot stated operating income of $88 million and net income attributable to Office Depot, Inc. of $45 million, or $0.08 earnings per share. In the first quarter of 2014, the stated operating loss was $79 million and the net loss attributable to Office Depot, Inc. was $109 million, or $0.21 loss per share.
Adjusted (non-GAAP) Results
Total adjusted sales in the first quarter of 2015 declined 4% contrast to the preceding year period, not taking into account the impact of foreign currency translation, U.S. retail store closures, and first quarter 2014 sales from the company’s interest in the Grupo OfficeMax joint venture which was sold in August 2014.
Adjusted operating income for the first quarter of 2015 was $135 million contrast to $68 million in the first quarter of 2014. Adjusted net income attributable to Office Depot, Inc. for the first quarter of 2015 was $71 million, or $0.13 earnings per share, contrast to $37 million, or $0.07 earnings per share, in the first quarter of 2014.
Office Depot, Inc., together with its auxiliaries, supplies office products and services. The company’s North American Retail division sells an assortment of merchandise, counting office supplies, technology products and solutions, business machines and related supplies, facilities products, and office furniture under various brands through its chain of office supply stores.
Shares of Harris Corporation (NYSE:HRS), gained 0.02% to $80.47, during its last trading session.
Today, Harris Corporation stated revenue in the third quarter of fiscal 2015 of $1.19 billion contrast with $1.27 billion in the preceding year. Income from ongoing operations was $126 million, or $1.20 per diluted share on a GAAP basis and $139 million, or $1.32 per diluted share on a non-GAAP basis, not taking into account acquisition-related costs. In the preceding year, GAAP income from ongoing operations was $137 million, or $1.27 per diluted share. Orders in the third quarter were $1.21 billion contrast with $1.11 billion in the preceding year. The company generated strong free cash flow (net cash offered by operating activities less capital expenditures) of $150 million in the third quarter contrast with $120 million in the preceding year.
RF Communications
RF Communications segment revenue in the third quarter was $451 million contrast with $457 million in the preceding year. Tactical Communications revenue was $356 million, increasing 6 percent, and Public Safety revenue was $95 million contrast with $122 million in the preceding year. Segment operating income was $151 million contrast with $144 million in the preceding year.
Orders for the segment totaled $393 million, counting $286 million in Tactical Communications and $107 million in Public Safety. Book-to-bill for the segment was 0.87 and funded backlog was $453 million in Tactical Communications and $501 million in Public Safety.
Tactical radio orders comprised of $47 million and $22 million from two countries in the Middle East, $26 million and $16 million from two NATO countries, and $27 million from the U.S. Special Operations Command. Public Safety orders comprised of $14 million from the Port Authority of New York and New Jersey and $13 million from the Republic of Trinidad and Tobago.
Following the close of the quarter, Harris received a $74 million order from an international customer for the next phase of a tactical communications modernization program. Harris was also awarded a 10-year (5-year base, 5 option years) $3.9 billion ceiling, multi-award Indefinite Delivery Indefinite Quantity (IDIQ) contract from the U.S. Army for rifleman radios and associated services under the Joint Tactical Radio System (JTRS) Handheld, Manpack and Small-form Fit (HMS) program.
Harris Corporation, together with its auxiliaries, operates as an international communications and information technology company worldwide. The company operates through RF Communications, Integrated Network Solutions, and Government Communications Systems segments.
Finally, Towers Watson & Co. (NASDAQ:TW), ended its last trade with 1.67% gain, and closed at $131.63.
Today, Towers Watson declared financial results for the third quarter of fiscal year 2015, which ended March 31, 2015.
Total revenues were $921 million for the quarter, an enhance of 2% (7% constant currency and organic) from $905 million for the third quarter of fiscal 2014.
EBITDA for the third quarter of fiscal 2015 was $205 million, or 22% of revenues, as compared to Adjusted EBITDA of $183 million, or 20% of revenues, for the preceding-year third quarter.
Income from ongoing operations for the third quarter of fiscal 2015 was $104 million, an enhance from $102 million from the preceding-year third quarter. For the quarter, diluted earnings per share from ongoing operations were $1.49, and adjusted diluted earnings per share from ongoing operations were $1.63. The tax rate for the quarter for ongoing operations was 36%, as contrast to 28% for the preceding-year third quarter. The preceding-year third quarter tax rate benefited from one-time reserve adjustments.
“We are very happy with our third quarter results. Healthcare and pension consulting in addition to pension administration drove revenue growth in the Benefits segment. Talent and Rewards delivered its strongest quarter in almost four years due to the high level of global M&A activity, and Exchange Solutions continued to exceed expectations, as demand for retiree exchange and healthcare administration remained strong,” said John Haley, Towers Watson’s chief executive officer. “The fiscal year-to-date results are a testament to the work ethic of our associates, and their commitment to creating value for our clients. These factors are critical as we continue to focus on building long-term sustainable earnings growth.”
Towers Watson & Co., a professional services company, provides human capital and financial consulting services worldwide. The company’s Benefits segment provides benefits consulting and administration services, such as retirement solutions, which provides actuarial and consulting services for large defined benefit and defined contribution plans, counting consulting on plan design, funding, and risk administration strategies; health and group benefits services, such as plan administration consulting across the health and group benefit programs, counting health, dental, disability, life, and other coverage.
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