ODP (NASDAQ:ODP) Issues FY 2024 Earnings Guidance

ODP (NASDAQ:ODP - Get Free Report) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ODP shares. TheStreet cut ODP from a b- rating to a c+ rating in a research note on Wednesday, February 28th. StockNews.com upgraded shares of ODP from a hold rating to a buy rating in a report on Tuesday, March 12th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, ODP currently has an average rating of Moderate Buy and an average price target of $62.00.

ODP Stock Down 16.7 %

NASDAQ:ODP traded down $8.68 during trading hours on Wednesday, hitting $43.22. 1,118,810 shares of the company's stock traded hands, compared to its average volume of 311,875. The stock's fifty day moving average price is $51.59 and its two-hundred day moving average price is $50.75. The firm has a market cap of $1.58 billion, a P/E ratio of 12.79, a P/E/G ratio of 0.65 and a beta of 1.68. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.54 and a current ratio of 0.99. ODP has a twelve month low of $39.36 and a twelve month high of $58.98.

ODP (NASDAQ:ODP - Get Free Report) last released its earnings results on Wednesday, May 8th. The specialty retailer reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.59). The business had revenue of $1.87 billion for the quarter, compared to analysts' expectations of $1.96 billion. ODP had a net margin of 1.77% and a return on equity of 19.45%. The company's revenue was down 11.2% compared to the same quarter last year. During the same period last year, the firm earned $1.78 EPS. On average, research analysts expect that ODP will post 5.64 earnings per share for the current fiscal year.

ODP announced that its board has initiated a share repurchase program on Wednesday, February 28th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 48.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other ODP news, CFO Diego Anthony Scaglione sold 25,000 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer now owns 96,104 shares in the company, valued at $5,285,720. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.60% of the company's stock.

About ODP

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.