The ODP Corporation announced second quarter 2024 results, with total reported sales of $1.7 billion, a 10% decrease compared to the prior year. GAAP operating income was approximately $400 thousand, and net loss from continuing operations was $(4) million, or $(0.12) per diluted share. Adjusted EPS was $0.56. The company repurchased $104 million of shares in the second quarter.
Total reported sales were $1.7 billion, down 10% versus the prior year.
GAAP operating income was approximately $400 thousand, and net loss from continuing operations was $(4) million, or $(0.12) per diluted share.
Adjusted operating income was $33 million, compared to $67 million in the second quarter of 2023; adjusted EBITDA was $57 million, compared to $95 million in the second quarter of 2023.
Adjusted net income from continuing operations was $20 million, or adjusted diluted earnings per share from continuing operations of $0.56.
Repurchased nearly 2.4 million shares at a cost of $104 million in the second quarter of 2024
The company updated full-year guidance for 2024. Sales are expected to be at least $7 billion. Adjusted EBITDA is projected to be between $310 million and $350 million. Adjusted Operating Income is expected to range from $200 million to $240 million. Adjusted Earnings per Share are anticipated to be $4.25 to $5.00 per share. Adjusted Free Cash Flow is estimated to be approximately $200 million.
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