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Jun 25, 2022
ODP Q2 2022 Earnings Report
Announced second quarter 2022 results, with revenue of $2.0 billion and GAAP EPS of $0.39.
Key Takeaways
The ODP Corporation reported second quarter revenue of $2.0 billion, with GAAP EPS of $0.39 and adjusted EPS of $0.79. The company's low-cost model helped drive GAAP operating income of $28 million and adjusted operating income of $54 million. Improving back-to-office trends supported growth in the Business Solutions Division.
Total reported sales of $2.0 billion, down 2% versus last year, with lower sales in the Retail division offset by higher sales in the BSD division.
GAAP operating income of $28 million and net income from continuing operations of $20 million, or $0.39 per diluted share.
Adjusted operating income of $54 million, compared to $43 million in the second quarter of 2021; adjusted EBITDA of $91 million, compared to $84 million in the second quarter of 2021.
Adjusted net income from continuing operations of $39 million, or adjusted diluted earnings per share from continuing operations of $0.79.
Forward Guidance
The Company’s full year guidance for 2022 is as follows: Sales $8.45 - $8.60 billion, Adjusted EBITDA $430 - $460 million, Adjusted Operating Income $285 - $315 million, Adjusted Earnings per Share $4.10 - $4.50, Adjusted Free Cash Flow $200 - $225 million
Positive Outlook
- Sales between $8.45 - $8.60 billion
- Adjusted EBITDA between $430 - $460 million
- Adjusted Operating Income between $285 - $315 million
- Adjusted Earnings per Share between $4.10 - $4.50
- Adjusted Free Cash Flow between $200 - $225 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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