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Apr 01, 2023
ODP Q1 2023 Earnings Report
ODP reported strong first quarter results driven by operational excellence and a low-cost model.
Key Takeaways
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.
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.
Positive Outlook
- 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.
Challenges Ahead
- Challenging macroeconomic environment
- Negative impact on consumer activity
- Cautious on the state of the consumer
- General macroeconomic conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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