ODP Cuts FY24 Outlook Below Market After Weak Q3 Results - Update

(RTTNews) - Workplace and technology solutions provider ODP Corp. (ODP), while reporting weak third-quarter results, on Wednesday trimmed its forecast for fiscal 2024, below market estimates.

For fiscal 2024, the company now expects adjusted earnings per share of $3.10 to $3.80, lower than previous estimate of $4.25 to $5.00

Analysts on average expect the company to report earnings of $4.27 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA is now expected to be $260 million to $300 million, compared to $310 million to $350 million expected earlier.

Sales are now projected to be approximately $7 billion, while previously the company expected sales to be at least $7 billion, while analysts expect $7.09 billion.

In its third quarter, ODP's earnings decreased to $68 million or $2.04 per share from last year's $82 million, or $2.09 per share.

Adjusted earnings were $24 million or $0.71 per share for the period.

The company's revenue for the quarter fell 11.3 percent to $1.780 billion from $2.007 billion last year.

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