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Mar 27, 2021
ODP Q1 2021 Earnings Report
ODP reported a decrease in sales but an increase in net income, driven by its low-cost model and strategic initiatives.
Key Takeaways
The ODP Corporation announced its first quarter 2021 results, reporting a decrease in sales to $2.4 billion but an increase in net income to $53 million, or $0.95 per diluted share. The company's low-cost model helped drive operating income of $55 million. ODP also announced plans to separate into two independent, publicly-traded companies and approved a new $300 million stock repurchase authorization plan.
Total sales were $2.4 billion, a 13% decrease compared to the prior year.
GAAP operating income was $55 million, and net income was $53 million, or $0.95 per diluted share.
Adjusted operating income was $91 million, down from $108 million in the first quarter of 2020, and adjusted EBITDA was $138 million, down from $157 million in the first quarter of 2020.
The company had $1.7 billion in total available liquidity, including $753 million in cash and cash equivalents.
Forward Guidance
No specific forward guidance was provided in the document.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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