---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-055043"
form_type: "8-K"
ticker: null
cik: "0000800240"
company_name: "ODP Corp"
filed_at: "2024-05-08T23:59:59+00:00"
generated_at: "2026-06-02T14:45:04.325184+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-055043
- form_type: 8-K
- cik: 0000800240
- company_name: ODP Corp
- filed_at: 2024-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/800240/000095017024055043/0000950170-24-055043-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/800240/000095017024055043/odp-20240508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-055043
- JSON: https://secwatch.observer/filing/0000950170-24-055043.json
- Plain text: https://secwatch.observer/filing/0000950170-24-055043.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/800240/000095017024055043/0000950170-24-055043-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.