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Dec 26, 2020
ODP Q4 2020 Earnings Report
ODP Corporation announced fourth quarter and full year results, with fourth quarter revenue of $2.3 billion and GAAP EPS of $0.34.
Key Takeaways
The ODP Corporation reported Q4 2020 sales of $2.3 billion, a 9% decrease year-over-year. GAAP EPS was $0.34, while adjusted EPS was $0.55. The company's low-cost model drove significant cash flow, with $1.7 billion in total available liquidity at year-end. ODP is making continued progress on its B2B pivot, including the acquisition of an industry-leading eProcurement platform and a technology collaboration.
Total reported sales were $2.3 billion, down 9% versus last year.
GAAP operating income was $21 million and net income was $18 million, or $0.34 per share, versus $74 million and $55 million, respectively, in the prior year.
Adjusted net income was $30 million, or adjusted earnings per share of $0.55, each down 56% year-over-year.
The company had $1.7 billion of total available liquidity including $729 million in cash and cash equivalents at the end of the quarter.
Forward Guidance
Despite the challenges caused by COVID, we drove solid results in 2020 and our team is committed to unlocking the value of our asset base by driving our digital transformation and building upon our B2B platform for the benefit of all of our stakeholders.
Positive Outlook
- Continue leveraging our diverse channels to market and expanded value proposition to meet our customers’ needs.
- Continue to execute our Maximize B2B Restructuring Plan optimizing our retail footprint.
- Invest in top-line revenue growth in BSD
- Leverage our omni-channel customer base.
- Continue to invest in our digital platform and B2B pivot, including in our technology development and supply chain capabilities
Historical Earnings Impact
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Avg. Return Before/After Earnings
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