ODP (NASDAQ:ODP) Issues Earnings Results

ODP (NASDAQ:ODP) issued its quarterly earnings data on Wednesday. The specialty retailer reported $1.05 EPS for the quarter, missing the consensus estimate of $1.64 by ($0.59), Briefing.com reports. ODP had a return on equity of 19.45% and a net margin of 1.77%. The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter last year, the company posted $1.78 earnings per share. The firm’s revenue for the quarter was down 11.2% compared to the same quarter last year. ODP updated its FY24 guidance to $6.30-6.60 EPS and its FY 2024 guidance to 6.300-6.600 EPS.

ODP Price Performance

ODP stock opened at $49.00 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.54 and a current ratio of 0.99. The firm has a 50 day moving average price of $51.59 and a 200-day moving average price of $50.75. ODP has a 52-week low of $39.36 and a 52-week high of $58.98. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 0.65 and a beta of 1.68.

Wall Street Analysts Forecast Growth

Several analysts have commented on ODP shares. TheStreet lowered shares of ODP from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. StockNews.com upgraded ODP from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Insider Buying and Selling

In other news, CFO Diego Anthony Scaglione sold 25,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $55.00, for a total value of $1,375,000.00. Following the sale, the chief financial officer now directly owns 96,104 shares of the company’s stock, valued at $5,285,720. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.60% of the stock is currently owned by company insiders.

ODP declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 28th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to buy up to 48.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

ODP Company Profile

The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses in the United States, Puerto Rico, and the U.S. Virgin Islands. The company operates through four divisions: ODP Business Solutions, Office Depot, Veyer, and Varis.