The Odp Corp Stock Price, News & Analysis

Office Depot is rolling out its back-to-school promotions, offering significant discounts, including 25% off most backpacks and up to 60% off best-selling school supplies until Sept. 10. The company aims to assist students, parents, and teachers in preparing for the school year through a range of products and convenient shopping options, including 20-minute pickup and same-day delivery. Additionally, rewards program members can earn 2% back on qualifying purchases and special bonuses, aiding both educational and shopping experiences.

The ODP Corporation (NASDAQ:ODP) has initiated a modified Dutch auction tender offer to buy back its shares for a cash price between $31.50 and $36.00, with a total purchase cap of $300 million. The offer will conclude at midnight, New York City time on August 12, 2022. Additionally, ODP plans to execute a $600 million share repurchase program. The tender offer may allow ODP to buy back up to 19.6% of its outstanding shares, contingent on the final price. Shareholders should consult their advisors before participating.

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.