The Odp Corp Stock Price, News & Analysis

ODP Corporation has announced a $600 million share repurchase authorization with a $300 million cash tender offer. The preliminary results for Q2 2022 show total sales of approximately $2.0 billion, with a GAAP operating income between $27 million and $29 million. Adjusted earnings per share are expected to range from $0.78 to $0.80. Operating cash flow from continuing operations is projected at $(113 million) to $(115 million).

ODP Business Solutions has launched its 2022 Diverse Supplier Catalog, featuring over 1,400 products from certified minority-, women-, disabled-, LGBTQ+-, veteran-owned, and small businesses. The catalog includes a variety of product categories, with more than 600 items showcasing eco-attributes. Notable new vendors are Centon Electronics and Innovation Computers. This initiative aims to enhance supplier diversity for organizations while supporting small businesses. The president, David Centrella, emphasized the importance of diversity in procurement.

The ODP Corporation (NASDAQ:ODP) has decided to retain its B2B and B2C businesses under common ownership, following a review of acquisition proposals for its consumer segment. The Board unanimously concluded that maintaining the consumer business is in the best interests of the company and its shareholders. Additionally, ODP anticipates strong second-quarter performance, projecting revenues of around $2.0 billion and adjusted EBITDA of $85 to $90 million. The company continues to focus on enhancing value through its integrated distribution platform and realigning its operational structure.

The ODP Corporation has partnered with Taylor Corporation, Meda, and the Latino Chamber of Commerce of Minnesota to support Black and Hispanic small businesses through the Elevate Together initiative. Launched in 2021, the program has invested nearly $3 million and offers access to technical assistance, mentoring, and cash grants for eligible businesses. The initiative addresses systemic discrimination and aims to enhance economic stability in underrepresented communities, highlighting the importance of small businesses in Minnesota's economy.

The ODP Corporation (NASDAQ:ODP) announced the promotion of David Centrella to Executive Vice President and President of ODP Business Solutions, replacing Stephen M. Mohan, who will leave the company. Centrella, who has over 30 years of experience and joined in 1998, aims to enhance B2B operations and customer service. CEO Gerry Smith emphasized Centrella's strong leadership skills and deep industry knowledge as vital for driving profitable growth.

The ODP Corporation reported first-quarter 2022 revenue of $2.2 billion, showing no growth compared to the previous year. GAAP operating income increased to $76 million, while net income declined to $55 million, or $1.09 per diluted share. Adjusted EPS was $1.27. The Business Solutions Division saw a 9% sales increase due to improving back-to-office trends, despite a 9% drop in Retail Division sales. The company is focused on strategic initiatives, including a potential sale of its Consumer business and progress on its Varis digital platform, while managing ongoing supply chain challenges.

The ODP Corporation (NASDAQ: ODP) is set to announce its first quarter 2022 financial results before market open on May 4, 2022. A conference call for investors and financial analysts will occur at 9:00 am Eastern Time, accessible to the media and the public. The results will be available on the company’s Investor Relations website, which includes a replay of the call and supplemental disclosures. ODP is a prominent provider of business services and digital solutions, operating through various banner brands, and maintaining approximately 1,000 stores.