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Sep 25, 2021
ODP Q3 2021 Earnings Report
ODP reported revenue of $2.2 billion with GAAP EPS of $1.33 and adjusted EPS of $1.76. Commitment to low cost model helped drive GAAP operating income of $104 million and adjusted operating income of $122 million. Continued progress on separation including previously announced CEO appointments. Repurchased shares under previously announced stock repurchase authorization.
Key Takeaways
The ODP Corporation reported third quarter 2021 results, with total sales of $2.2 billion, a decrease of 7% compared to the third quarter of 2020. GAAP operating income was $104 million and net income from continuing operations was $73 million, or $1.33 per diluted share. Adjusted operating income was $122 million and adjusted net income from continuing operations was $96 million, or $1.76 per diluted share.
Total reported sales of $2.2 billion, down 7% versus last year, largely driven by 160 fewer retail locations in service compared to last year and lower demand year-over-year in certain product categories related to the COVID-19 pandemic
GAAP operating income of $104 million and net income from continuing operations of $73 million, or $1.33 per diluted share, versus $102 million and $34 million, or $0.63 per diluted share, respectively in the prior year
Adjusted operating income of $122 million, compared to $136 million in the third quarter of 2020 and adjusted EBITDA of $162 million, compared to $175 million in the third quarter of 2020
Adjusted net income from continuing operations of $96 million, or adjusted diluted earnings per share from continuing operations of $1.76, versus adjusted net income from continuing operations of $102 million or $1.88, respectively in the prior year
Forward Guidance
The company continues to make progress on its plans to separate ODP into two, independent, publicly-traded companies, making advancements in all areas of the separation including organizational structure, operating and supply chain mechanics, IT support, and on the anticipated market-based commercial agreements between the companies. The expected timing remains the same as previously announced, with estimated completion in the first half of 2022.
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