The ODP Corporation reported second-quarter revenue of $1.9 billion with a GAAP EPS of $0.87 and an adjusted EPS of $0.99. The company's GAAP operating income was $46 million, and net income was $34 million. They repurchased $31 million of shares during the quarter.
Total reported sales of $1.9 billion, down 6% versus the prior year, primarily due to lower sales in its Office Depot consumer division, largely driven by 68 fewer retail locations in service compared to the prior year, as well as lower retail and online consumer traffic and transactions
GAAP operating income of $46 million and net income from continuing operations of $34 million, or $0.87 per diluted share, versus $28 million and $20 million, or $0.39 per diluted share, respectively in the prior year
Adjusted operating income of $53 million, compared to $54 million in the second quarter of 2022; adjusted EBITDA of $86 million, compared to $91 million in the second quarter of 2022
Adjusted net income from continuing operations of $39 million, or adjusted diluted earnings per share from continuing operations of $0.99, versus $39 million or $0.79, respectively in the prior year
The Company is updating its full year guidance for 2023. Sales approximately $8 billion. Adjusted EBITDA $400 - $430 million. Adjusted Operating Income $270 - $300 million. Adjusted Earnings per Share $5.00 - $5.30 per share. Adjusted Free Cash Flow $200 - $230 million. Capital Expenditures $100 - $120 million.
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