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Why ODP Shares Are Surging Today

ODP Corp (NASDAQ:ODP) expects the second-quarter fiscal year 2022 sales of $2.0 billion, marginally below the consensus of $2.04 billion.…
byShivani Kumaresan
July 18, 2022
1 minute read
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  • ODP Corp (NASDAQ:ODP) expects the second-quarter fiscal year 2022 sales of $2.0 billion, marginally below the consensus of $2.04 billion.
  • The company expects Q2 adjusted EPS of $0.78 – $0.80 and adjusted EBITDA of $89 million – $91 million.
  • ODP expects operating cash flow from continuing operations of $(113 million) – $(115 million).
  • The company sees FY22 sales of $8.45 billion – $8.60 billion, above the consensus of $8.41 billion. Adjusted EPS of $4.10 – $4.50 and adjusted EBITDA of $430 million – $460 million.
  • The company’s Board of Directors has approved a new $600 million share repurchase authorization, available through June 30, 2024.
  • As a part of this new authorization, ODP also launched a $300 million modified “Dutch auction” cash tender offer to be funded through its cash on hand and asset-based lending facility.
  • Price Action: ODP shares are trading higher by 6.32% at $33.50 in premarket on the last check Monday.
 
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