- ODP Corp ODP reported a third-quarter FY21 sales decline of 7% year-on-year, to $2.18 billion, missing the analyst consensus of $2.27 million.
- Business Solutions Division sales fell 2% Y/Y, and Retail division decreased 13%.
- Adjusted EPS of $1.76 beat the analyst consensus of $1.52.
- The gross profit declined 7.9% Y/Y to $504 million with a margin of 23.1%.
- The operating margin was 4.8%, and operating income for the quarter rose 1.9% to $104 million. The adjusted operating income amounted to $122 million.
- Adjusted EBITDA declined 7% Y/Y to $162 million.
- ODP held $753 million in cash and equivalents as of September 25, 2021. Cash provided by operating activities totaled $121 million, and the free cash flow was $102 million.
- "The pace of back-to-office trends was slower during the quarter due to the well-publicized spread of the Delta variant," said CEO Gerry Smith.
- ODP said it continues to progress on its plans to separate into two, independent, publicly-traded companies.
- ODP said it is also advancing its collaboration with Microsoft Corp MSFT and remains focused on bringing BuyerQuest's value proposition to Microsoft's Business Central customers in the future.
- Price Action: ODP shares are trading lower by 3.10% at $43.00 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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