The Odp Corp Stock Price, News & Analysis

Office Depot has launched a new advertising campaign titled “OD Does It,” featuring Montell Jordan's hit song “This is How We Do It.” The campaign highlights Office Depot's wide range of products and services, which include custom signs, banners, furniture, office supplies, dorm décor, technology, and even TSA Pre-Check services. The ad aims to showcase Office Depot's commitment to aiding small businesses, home offices, and educational customers. The campaign is being aired nationally across various media platforms including social media, online display, and streaming services like ESPN, Paramount+, ABC, and Peacock.

The ODP (NASDAQ:ODP) announced notable changes to its Board of Directors. Effective June 10, 2024, Amy Schioldager and Evan Levitt will join the board, and Wendy Schoppert will assume the role of independent Board Chair, succeeding Joseph Vassalluzzo, who is stepping down after 11 years of service. The board will expand from seven to eight members, with an average tenure of five years. Amy Schioldager brings 25 years of experience from BlackRock, providing technical and strategic investment expertise, while Evan Levitt offers extensive financial and audit knowledge. These appointments aim to drive future profitable growth and enhance shareholder value.

The ODP (NASDAQ:ODP) has released its 2024 Corporate Sustainability Report, detailing its Environmental, Social, and Governance (ESG) practices and goals. Key achievements from 2023 include a 36% reduction in greenhouse gas emissions from 2019 levels, a 6.7% reduction in plastic use in packaging and e-commerce, and diverting 92% of waste from landfills. The company also raised $5.6 million to support Title I public schools. CEO Gerry Smith emphasized ODP’s commitment to sustainability through a ‘People, Planet, and Prosperity’ approach, underscored by their 5C Culture. The report aims to support customers' sustainability commitments and contribute positively to communities.

The ODP (NASDAQ:ODP) has announced its participation in the B. Riley Securities Institutional Investor Conference scheduled for May 22, 2024. The Company, a prominent provider of business services, products, and digital workplace technology solutions, will be represented by its executive vice president and chief financial officer, D. Anthony Scaglione, alongside vice president of investor relations and treasurer, Tim Perrott. This event aims to provide valuable insights about ODP's business strategies, financial performance, and future outlook to institutional investors.

The ODP (NASDAQ:ODP) has renewed and extended its existing asset-based credit facility to May 2029, with a value of $800 million, strengthening its financial position. The company has secured more attractive credit terms, enhancing its balance sheet and liquidity to support future growth. The renewal was oversubscribed, reflecting strong lender support and providing financial flexibility to drive business growth.

The ODP reported first quarter 2024 results with revenue of $1.9 billion and GAAP EPS of $0.40; adjusted EPS of $1.05. Despite challenges in the macroeconomic environment, the company remains on track to meet 2024 guidance. The Board of Directors approved a plan to sell the Varis Business Unit, and the company repurchased approximately $90 million of shares year to date.