NASDAQ$ODP
The ODP Corporation · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
ODP Corporation's third quarter results were announced, with revenue of $1.8 billion and GAAP EPS of $2.04.
The ODP Corporation reported a decrease in sales by 11% compared to the previous year, with total sales of $1.8 billion. GAAP EPS was $2.04 and adjusted EPS was $0.71. The company is progressing on its B2B pivot, with significant new business wins, and completed the Varis sale subsequent to the quarter end. The company repurchased approximately $295 million of shares year to date.
- Total reported sales were $1.8 billion, down 11% versus the prior year, primarily due to lower sales in the Office Depot and ODP Business Solutions Divisions.
- GAAP operating income was $102 million, and net income from continuing operations was $68 million, or $2.04 per diluted share.
- Adjusted operating income was $41 million, and adjusted EBITDA was $62 million.
- Adjusted net income from continuing operations was $24 million, or adjusted diluted earnings per share from continuing operations of $0.71.
Headline financials
Revenue & EPS history
ODP · Revenue · Quarterly
$1.78B
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 is amending its 2024 full-year guidance due to performance below expectations, impacted by deteriorating macroeconomic conditions and severe weather. However the company is fast-forwarding investments in resources necessary to pursue the new and exciting opportunities in our B2B and supply chain businesses.
Tailwinds
- Sales Approximately $7 billion
- Adjusted EBITDA $260 million - $300 million
- Adjusted Operating Income $160 million - $200 million
- Adjusted Earnings per Share (fully diluted) $3.10 - $3.80 per share
Headwinds
- Deteriorating macroeconomic conditions
- Challenging competitive landscape
- Severe weather conditions
- Performance to date in 2024 has clearly been below expectations
- Adjusted Free Cash Flow Suspends
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 Q3 2024
+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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