secwatch.observer — SEC 8-K summary
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Issuer:     ODP Corp (—)
CIK:        0000800240
Form:       8-K
Filed at:   2024-05-08T23:59:59+00:00
Accession:  0000950170-24-055043
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/800240/000095017024055043/0000950170-24-055043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/800240/000095017024055043/odp-20240508.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-055043

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