Odp Corporation ( (ODP) ) has released its Q3 earnings. Here is a breakdown of the information Odp Corporation presented to its investors.
The ODP Corporation is a leading provider of products, services, and technology solutions to businesses and consumers, leveraging a B2B distribution platform and an omni-channel presence, including retail stores and online operations.
In its third-quarter 2024 earnings report, ODP Corporation announced a revenue of $1.8 billion, indicating an 11% decrease compared to the previous year. The company highlighted significant new business wins and continued progress in its pivot towards B2B opportunities, despite facing challenging macroeconomic conditions affecting performance.
Key financial metrics showed a decline, with GAAP operating income decreasing to $102 million from $108 million, and adjusted operating income dropping significantly to $41 million from $112 million in the previous year. The company also reported a decrease in adjusted EBITDA to $62 million from $138 million. ODP continued its strategic shift, securing a major multi-year B2B contract and forging new third-party relationships in high-value industry segments.
Despite lower retail sales due to fewer stores and reduced consumer traffic, ODP remains focused on leveraging its supply chain strengths to target high-growth B2B opportunities. The company completed the sale of its Varis Division to streamline operations and drive capital towards core business investments.
Moving forward, ODP Corporation is adjusting its full-year guidance for 2024, aiming for approximately $7 billion in sales and an adjusted EBITDA between $260 million and $300 million. The company is committed to its strategic initiatives and confident in its path to deliver long-term shareholder value despite current economic challenges.
