ODP Corp. (ODP), while reporting higher earnings and weak revenues in its third quarter, on Wednesday raised its fiscal 2023 earnings view, but trimmed revenue foreccast.
In pre-market activity on Nasdaq, ODP shares were gaining around 5.4 percent to trade at $50.
For fiscal 2023, the company now projects adjusted earnings in a range of $5.30 to $5.60 per share on revenues of about $7.8 billion to $7.9 billion.
Previously, the company expected adjusted earnings in a range of $5.00 to $5.30 per share on revenues of about $8 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.2 per share on sales of $8 billion for the year. Analysts' estimates typically exclude special items.
Joseph Vassalluzzo, ODP's chairman of the board, said, "As we look ahead, we anticipate the macroeconomic environment to remain challenging throughout the remainder of the year. However, we are confident in our position of strength.."
In its third quarter, ODP's earnings increased from last year and beat the Street estimates.
The company's bottom line totaled $70 million, or $1.79 per share. This compares with $67 million, or $1.35 per share, in last year's third quarter.
Adjusted earnings were $73 million or $1.88 per share for the period. Analysts had expected the company to earn $1.56 per share.
The company's revenue for the quarter fell 7.4 percent to $2.01 billion from $2.17 billion last year.
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