NASDAQ$ODP
The ODP Corporation · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
ODP reported strong first quarter results driven by operational excellence and a low-cost model.
The ODP Corporation reported first quarter revenue of $2.1 billion with GAAP EPS of $1.71 and adjusted EPS of $1.78. The company's ODP Business Solutions division drove 3% top-line revenue growth. ODP repurchased $202 million of shares in the first quarter of 2023.
- Total reported sales were $2.1 billion, down 3% versus the prior year.
- GAAP operating income was $95 million and net income from continuing operations was $72 million, or $1.71 per diluted share.
- Adjusted operating income was $99 million and adjusted EBITDA was $131 million.
- Operating cash flow from continuing operations was $157 million and adjusted free cash flow was $133 million.
Headline financials
Revenue & EPS history
ODP · Revenue · Quarterly
$2.11B
Revenue by segment
ODP · $1.1B total across 2 segments · Q4 2022
- Office Depot Division$1.09B—99.1%
- Veyer Division$10M—0.9%
Forward guidance
The Company’s full year guidance for 2023 remains as follows: Sales $8.0 - $8.4 billion, Adjusted EBITDA $400 - $430 million, Adjusted Operating Income $270 - $300 million, Adjusted Earnings per Share $4.50 - $5.10 per share and Adjusted Free Cash Flow $200 - $230 million.
Tailwinds
- Pursue long-term profitable growth by driving our four business unit model
- Executing along our three horizons strategy
- Expanding our product offerings
- Remaining focused on prudently deploying capital to maximize shareholder value
- Stabilization in overall economic trends throughout 2023.
Headwinds
- Challenging macroeconomic environment
- Negative impact on consumer activity
- Cautious on the state of the consumer
- General macroeconomic conditions
- Potential discrete (tax) items that may affect quarter to quarter fluctuations
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 15 quarterly earnings reports · overlaid with Q1 2023
+0.1%
Avg return
Earnings day
-2.0%
Avg return
5 days after
-1.4%
Avg return
30 days after
48%
32 / 67 earnings
Positive
+27.8%
Q3 2014
Best reaction
-31.0%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | +0.1% | +0.2% | +0.6% | |
| Q2 2025 | +9.3% | +3.6% | +26.4% | |
| Q1 2025 | +1.0% | +40.0% | +30.1% | |
| Q4 2024 | -21.7% | -24.9% | -24.7% | |
| Q3 2024 | -10.9% | -13.6% | -16.6% | |
| Q2 2024 | -31.0% | -31.8% | -25.6% | |
| Q1 2024 | -16.8% | -19.5% | -25.8% | |
| Q4 2023 | +6.6% | +1.2% | +0.1% | |
| Q3 2023 | -7.0% | -1.3% | -1.1% | |
| Q2 2023 | +5.8% | +0.2% | -0.5% | |
| Q1 2023 | -0.2% | +0.7% | +4.3% | |
| Q4 2022 | +13.5% | +7.8% | -0.6% | |
| Q3 2022 | +1.2% | +2.8% | +21.1% | |
| Q2 2022 | +0.5% | +2.2% | -2.4% | |
| Q1 2022 | +3.8% | -2.0% | -14.0% | |
| Q4 2021 | +3.7% | +2.4% | +6.9% | |
| Q3 2021 | -1.3% | — | — | |
| Q2 2021 | -4.9% | — | — | |
| Q1 2021 | +4.7% | — | — | |
| Q4 2020 | -12.9% | — | — | |
| Q3 2020 | +15.4% | — | — | |
| Q2 2020 | -10.6% | — | — | |
| Q1 2020 | +8.6% | — | — | |
| Q4 2019 | -3.0% | — | — | |
| Q3 2019 | +16.0% | — | — | |
| Q2 2019 | -5.1% | — | — | |
| Q1 2019 | -6.7% | — | — | |
| Q4 2018 | +6.1% | — | — | |
| Q3 2018 | +22.5% | — | — | |
| Q2 2018 | +20.2% | — | — | |
| Q1 2018 | -3.0% | — | — | |
| Q4 2017 | -16.9% | — | — | |
| Q3 2017 | +8.6% | — | — | |
| Q2 2017 | -27.2% | — | — | |
| Q1 2017 | +1.6% | — | — | |
| Q4 2016 | +15.6% | — | — | |
| Q3 2016 | +17.4% | — | — | |
| Q2 2016 | +6.7% | — | — | |
| Q1 2016 | -1.3% | — | — | |
| Q4 2015 | -3.4% | — | — | |
| Q3 2015 | +0.4% | — | — | |
| Q2 2015 | -0.8% | — | — | |
| Q1 2015 | -2.0% | — | — | |
| Q4 2014 | -1.1% | — | — | |
| Q3 2014 | +27.8% | — | — | |
| Q2 2014 | -3.3% | — | — | |
| Q1 2014 | +19.9% | — | — | |
| Q4 2013 | -6.7% | — | — | |
| Q3 2013 | -6.5% | — | — | |
| Q2 2013 | +1.4% | — | — | |
| Q1 2013 | +1.1% | — | — | |
| Q4 2012 | -20.7% | — | — | |
| Q3 2012 | +14.7% | — | — | |
| Q2 2012 | -6.3% | — | — | |
| Q1 2012 | -12.2% | — | — | |
| Q4 2010 | +9.3% | — | — | |
| Q4 2011 | +9.3% | — | — | |
| Q3 2011 | -8.7% | — | — | |
| Q2 2011 | +8.5% | — | — | |
| Q1 2010 | +8.2% | — | — | |
| Q1 2011 | -2.9% | — | — | |
| Q4 2008 | +0.0% | — | — | |
| Q3 2010 | -1.5% | — | — | |
| Q3 2009 | -1.5% | — | — | |
| Q4 2009 | -8.0% | — | — | |
| Q2 2009 | -8.0% | — | — | |
| Q2 2010 | -8.0% | — | — |
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