ODP Q1 revenue down 11% to $1.9B, adjusted EPS $1.05; raises FY2024 guidance on accelerated cost cuts

ODP Corp

2024-Q1 EPS reported $0.40 revenue$1,871,000,000

GAAP operating income $18M; net income $15M ($0.40 EPS); adjusted operating income $51M, adjusted EBITDA $82M.
Accelerating Project Core; expects ~$50M in-year savings, >$100M annualized; restructuring charges $40-50M in 2024.
Board approves plan to sell Varis B2B marketplace; Varis operating loss improved to $14M in Q1.
FY2024 guidance raised: adjusted EBITDA to $430-450M (from $410-430M), adjusted EPS to $6.30-6.60 (from $5.60-5.80).
Repurchased ~$90M shares YTD; expects to maintain or increase buyback pace.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.7

ODP Corp reported first quarter ended March 30, 2024 results: revenue $1,871, net income $15 million, EPS $0.40. Guidance reaffirmed.

Period: first quarter ended March 30, 2024
Revenue: $1,871
Net income: $15 million
EPS: $0.40
Guidance: reaffirmed
Result: reported results

Exact text from the filing

today announced results for the first quarter ended March 30, 2024. Consolidated (in millions, except per share amounts) 1Q24 1Q23 Selected GAAP and Non-GAAP measures: Sales $1,871 $2,108 Sales change from prior year period (11)% Operating income $18 $95 Adjusted operating income (1) $51 $99 Net income from continuing operations $15 $72 Diluted earnings per

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Source: SEC EDGAR

accession 0000950170-24-055043

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