Office Depot Parent ODP Corp.'s Q2 Earnings Beats Expectations Despite Sales Decline, Raises Annual Outlook
Portfolio Pulse from Nabaparna Bhattacharya
ODP Corp, the parent company of Office Depot, reported a 6% YoY decline in Q2 FY23 sales to $1.908 billion, beating the consensus of $1.980 billion. The company's adjusted EPS was $0.99, surpassing the analyst consensus of $0.770. The revenue decline was attributed to lower sales in its Office Depot consumer division. Despite the decline, ODP raised its annual outlook and expects an adjusted EPS of $5.00-$5.30 and FY23 sales of approximately $8 billion. ODP shares are trading higher by 3.19% at $49.76.
August 09, 2023 | 5:38 pm
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ODP Corp reported better than expected Q2 results despite a sales decline, leading to a rise in its stock price. The company also raised its annual outlook.
ODP Corp's better than expected Q2 results and raised annual outlook are positive signals for investors, leading to increased confidence in the company's performance and a rise in its stock price.
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