ODP (NASDAQ:ODP) Releases FY 2024 Earnings Guidance

ODP (NASDAQ:ODP) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 6.300-6.600 for the period, compared to the consensus EPS estimate of 5.670. The company issued revenue guidance of $7.4 billion-$7.4 billion, compared to the consensus revenue estimate of $7.5 billion. ODP also updated its FY24 guidance to $6.30-6.60 EPS.

Wall Street Analyst Weigh In

ODP has been the subject of a number of recent analyst reports. TheStreet cut ODP from a b- rating to a c+ rating in a research report on Wednesday, February 28th. StockNews.com raised shares of ODP from a hold rating to a buy rating in a report on Tuesday, March 12th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $62.00.

ODP Trading Down 16.1 %

ODP traded down $8.33 during mid-day trading on Wednesday, hitting $43.57. 673,715 shares of the stock were exchanged, compared to its average volume of 306,667. The firm’s fifty day moving average is $51.59 and its two-hundred day moving average is $50.75. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.15. ODP has a 1-year low of $39.36 and a 1-year high of $58.98. The company has a market cap of $1.60 billion, a PE ratio of 13.36, a PEG ratio of 0.65 and a beta of 1.68.

ODP (NASDAQ:ODP) last announced its quarterly earnings data on Wednesday, May 8th. The specialty retailer reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.59). ODP had a net margin of 1.77% and a return on equity of 19.45%. The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same quarter in the previous year, the business posted $1.78 earnings per share. The firm’s revenue was down 11.2% on a year-over-year basis. Equities analysts forecast that ODP will post 5.64 earnings per share for the current fiscal year.

ODP announced that its Board of Directors has initiated a share buyback program on Wednesday, February 28th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to purchase up to 48.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at ODP

In related news, CFO Diego Anthony Scaglione sold 25,000 shares of ODP stock in a transaction on Friday, March 1st. The shares were sold at an average price of $55.00, for a total transaction of $1,375,000.00. Following the sale, the chief financial officer now directly owns 96,104 shares in the company, valued at approximately $5,285,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.60% of the stock is currently owned by corporate insiders.

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.