WASHINGTON (dpa-AFX) - (Adds Outlook)
The ODP Corp. (ODP) announced a profit for first quarter that decreased from last year and missed the Street estimates.
The company's earnings totaled $15 million, or $0.40 per share. This compares with $72 million, or $1.71 per share, in last year's first quarter.
Excluding items, The ODP Corporation reported adjusted earnings of $40 million or $1.05 per share for the period.
Analysts on average had expected the company to earn $1.66 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 11.4% to $1.87 billion from $2.11 billion last year.
Outlook
For fiscal 2024, the company now expects adjusted earnings per share of $6.30 to $6.60, higher than previously expected $5.60 to $5.80 per share.
The Street g for earnings of $5.67 per share for the year.
Adjusted operating income outlook has been increased to $320 million to $340 million from previous view of $280 million to $300 million.
Adjusted EBITDA outlook has been increased to $430 million to $450 million from previously expected $410 million to $430 million.
Meanwhile, the company affirmed the lower end of sales guidance of a decline of 2% to 5%.
Gerry Smith, chief executive officer of ODP, said, 'As we continue to move forward into 2024, we remain cautious regarding the macroeconomic and business environment, and we will remain focused on executing upon our strategy through Project Core, meeting our near term commitments, and positioning ODP for long-term success.'
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