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The ODP Corp (NASDAQ:ODP) reported a Q3 FY23 sales decline of 8% Y/Y to $2.01 billion, missing the consensus of $2.04 billion.
The year-over-year revenue decline was due to lower sales in its Office Depot consumer division, primarily due to 71 fewer retail locations in service versus the prior year and lower retail and online consumer traffic and transactions.
ODP Business Solutions Division reported sales of $1.0 billion, down 3% Y/Y. Office Depot Division reported sales of $1.0 billion, down 12% Y/Y in the quarter.
Adjusted operating income was $95 million, flat Y/Y, and adjusted EBITDA in the quarter under review was $125 million, lower than $131 million in the year-ago period.
The business services provider registered an adjusted EPS of $1.88, beating the analyst consensus of $1.56.
Operating cash flow from continuing operations came in at $112 million in Q3.
At quarter end, the company had $1.2 billion of total available liquidity, including $384 million in cash and equivalents.
ODP bought back 659 thousand shares for $32 million in Q3 under its previously announced $1 billion share repurchase authorization, available through year-end 2025.
Outlook: ODP lowered the FY23 revenue guidance to $7.8 billion-$7.9 billion from $8 billion (vs. cons. $8 billion) and raised Adjusted EPS to $5.30-$5.60 (from $5.00- $5.30) vs. $5.20 estimate.
Price Action: ODP shares are trading lower by 3.34% at $45.87 on the last check Wednesday.
Posted In: ODP
