The ODP Corporation reported third quarter 2024 consolidated sales of $1.8 billion, an 11% decrease compared to the same period last year. GAAP diluted earnings per share (EPS) from continuing operations was $2.04, while adjusted diluted EPS was $0.71.
The company's adjusted EBITDA for the quarter was $62 million, and cash provided by operating activities of continuing operations totaled $81 million. Adjusted free cash flow for the third quarter was $68 million, reflecting ongoing working capital management efforts.
ODP amended its full-year 2024 guidance, now expecting sales of approximately $7 billion, adjusted EBITDA between $260 million and $300 million, and adjusted operating income of $160 million to $200 million. Adjusted EPS is projected to be $3.10 to $3.80 per share, with adjusted free cash flow guidance suspended for the year.
During the quarter, ODP repurchased 3 million shares at a cost of $102 million, contributing to approximately $295 million in share repurchases year-to-date. The company also announced a new 10-year B2B contract worth up to $1.5 billion and the launch of supply chain services for a major social media-focused e-commerce platform.
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