ODP Corporation (ODP) Misses Q2 EPS by 15c

ODP Corporation (NASDAQ: ODP) reported Q2 EPS of ($0.07), $0.15 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $2.16 billion versus the consensus estimate of $2.12 billion.

• Completed Holding Company Reorganization And Initiated Strategic Restructuring Plan With B2B Focus
• Operational Execution And Broad Ecosystem Met Customer Needs During Challenging Period Due To Pandemic
• Maintained Strong Balance Sheet with $1.5 Billion In Total Available Liquidity
• GAAP Results Include Non-Cash Impairment Charges Related To Goodwill And Other Intangibles
• Announced CFO And CTO Appointments With Strong B2B Expertise

“I'm extremely proud of how our organization has risen to the challenge of helping keep our employees safe, leveraging our supply chain and service delivery for the marketplace, and giving back to our communities in a time of need. I want to recognize and thank our colleagues around the country who have shown their dedication, courage, and agility in these efforts,” said Gerry Smith, chief executive officer of The ODP Corporation. “Our diversified channel offering positioned us to meet the needs of business customers and consumers alike, while our value proposition continued to expand, launching new product categories such as Personal Protective Equipment (PPE), quickly satisfying the needs of customers and driving additional growth in our adjacency categories. We prudently managed cash and maintained our strong balance sheet with $1.5 billion in liquidity, providing a solid foundation to navigate the challenges, while continuing to pursue future growth opportunities,” he added.

“We continued to make progress on our strategy to position our B2B platform to drive growth, strengthening our foundation and positioning ODP for future success. We completed our holding company reorganization and initiated our “Maximize B2B” restructuring plan, a multiyear plan designed to accelerate our B2B platform, reduce reliance on retail, generate new growth, and achieve cost savings. We significantly strengthened our senior management team, appointing a new chief financial officer and chief technology officer, with both individuals bringing strong B2B backgrounds and expertise to help drive our strategy. While the business environment in North America is still recovering, our strong balance sheet and asset base provides an excellent foundation to navigate the challenges and pursue profitable growth. Through our powerful ecosystem, which includes our global sourcing capabilities, expansive and unique supply chain and distribution network, sales force, and large customer base, we are well positioned to pursue and capture profitable growth in the future,” he added.

For earnings history and earnings-related data on ODP Corporation (ODP) click here.

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