Shares of The ODP Corporation (ODP) are climbing more than 17% Thursday morning after reporting better-than-expected third quarter results.
The ODP Corporation provides business services and supplies, products, and technology solutions for small, medium, and enterprise businesses.
Net income in the third quarter was $57 million or $1.04 per share compared with 60 million or $1.-09 per share in the same quarter a year ago.
Adjusted earnings of $1.80 per share beat the average estimate of analysts polled by Thomson Reuters at $1.09 per share.
Sales for the quarter decreased to $2.539 billion from $2.782 billion a year ago. The consensus estimate was for $2.51 billion.
The company plans to resume the share buyback program in the fourth quarter, that was temporarily suspended in May this year as a result of the economic uncertainty due to Covid-19.
ODP stock is currently trading at $24.97. It has been trading in the range of $13.60- $29.90 in the last one year.
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