ODP Corp. Sees Solid Q2 Results; Issues FY22 Guidance

(RTTNews) - The ODP Corp. (ODP) said, based on its preliminary assessment, it expects second quarter adjusted net income from continuing operations in the range of $38 to $40 million, or adjusted earnings per share from continuing operations in the range of $0.78 to $0.80.

Second quarter GAAP net income from continuing operations is projected in the range of $19 to $21 million, or $0.38 to $0.40 per share. The company estimates total reported sales of approximately $2.0 billion.

For fiscal 2022, the company expects: adjusted earnings per share of $4.10 - $4.50; and sales of $8.45 - $8.60 billion.

The company's Board has unanimously approved a new $600 million share repurchase authorization, available through June 30, 2024. As a part of the new authorization, the company is launching a $300 million modified Dutch auction cash tender offer to be funded through its cash on hand and its asset-based lending facility.

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