Earnings Roundup: Office Depot, Valero Energy

Among the earnings stories for Tuesday, April 28, from AP Financial News:

CHICAGO (AP) — Office Depot Inc. surprised Wall Street on Tuesday when it reported that, excluding its cost-cutting efforts and other one-time events, its first-quarter profit was much better than expected.

HOUSTON (AP) — Valero Energy Corp. said Tuesday its first-quarter profit rose more than 18 percent, easily beating Wall Street expectations as higher margins for turning crude into gasoline offset weak demand for a variety of refined products.

TRENTON, N.J. (AP) — Pfizer Inc. posted a 2 percent drop in first-quarter profit Tuesday, as cost-cutting by the world's largest drugmaker couldn't offset large declines in sales for several medicines, especially a big drop for the cholesterol fighter Lipitor.

NAPERVILLE, Ill. (AP) — Tellabs Inc., which makes telecommunications equipment, said Tuesday its first-quarter profit dropped 61 percent, as the continued weak economy cut into its customers' spending.

NEW YORK (AP) — Shares of Interpublic Group of Cos. traded higher on Tuesday after the advertising and marketing conglomerate posted a wider first-quarter loss that still beat analysts' forecasts. The company also said it shed 2,800 jobs, or 6 percent of its work force, in the past six months.

NEW YORK (AP) — Shares of Parexel International Corp. surged Tuesday after the pharmaceutical services company reported stronger-than-expected fiscal third-quarter results as revenue increased.