ODP Q3 Profit Down, Backs FY22 Outlook; To Buy Back $1 Bln Shares

(RTTNews) - ODP Corp. (ODP), a provider of business services, products and digital workplace technology solutions, reported Wednesday that its third-quarter net income declined to $67 million from last year's $101 million.

Earnings per share were $1.35, down from $1.85 a year ago.

Net income from continuing operations was $67 million or $1.36 per share, compared to $73 million or $1.33 per share in the prior year.

Adjusted net income from continuing operations was $73 million or $1.48 per share, compared to $96 million or $1.76 per share a year ago.

Total reported sales were $2.172 billion, flat versus the prior year's $2.179 billion.

Further, the company said its Board of Directors has unanimously approved a new $1 billion share repurchase authorization, available through year end 2025, replacing its prior $600 million authorization.

The new authorization is expected to be completed by year-end 2025.

ODP also reconfirmed its outlook for the balance of the fiscal year.

The company previously said it expects fiscal 2022 sales to be in the range of $8.45 billion- $8.60 billion and adjusted earnings per share to be in the range of $4.10 - $4.50.

ODP had adjusted earnings of $4.28 per share in the previous year with sales of $8.465 billion.