20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
The ODP Corp (NASDAQ:ODP) reported a second-quarter FY23 sales decline of 6% year-on-year to $1.908 billion, beating the consensus of $1.980 billion.
The business services provider registered an adjusted EPS of $0.99, beating the analyst consensus of $0.770.
The year-over-year revenue decline was due to lower sales in its Office Depot consumer division, primarily driven by 68 fewer retail locations in service compared to the prior year and lower retail and online consumer traffic and transactions.
ODP Business Solutions Division reported sales of $1.0 billion, flat Y/Y. Office Depot Division reported sales of $0.9 billion, down 13% Y/Y.
Second-quarter adjusted operating income was $53 million, lower than $54 million in the second quarter of 2022.
Adjusted EBITDA in the quarter under review was $86 million, lower than $91 million in the year-ago period.
At quarter end, the company had $1.1 billion of total available liquidity, including $335 million in cash and equivalents.
"Our low-cost business model, multiple routes to market, and strong balance sheet have us well positioned to continue navigating the ongoing challenging macroeconomic conditions," CEO Gerry Smith said.
"We remain cautiously optimistic about the second half of the year and are excited about the opportunity to continue driving operational excellence and delivering strong value for our shareholders," said Smith.
FY23 Outlook: ODP expects adjusted EPS of $5.00-$5.30 (Prior View: $4.50 - $5.10). ODP expects FY23 sales of approximately $8 billion versus a consensus of $8.2 billion (Prior View: $8 billion-$8.4 billion).
Price Action: ODP shares are trading higher by 3.19% at $49.76 at publication Wednesday.
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Photo: Shutterstock
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
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