The ODP Corp.
ODP,
-3.61%
reported a second-quarter net loss of $88 million, or $1.62 per share, after a loss of $439 million, or $8.19 per share, last year. Adjusted EPS of 51 cents missed the FactSet consensus for 52 cents. Sales of $2.286 billion were up from $2.158 billion last year and beat the FactSet consensus for $2.221 billion. ODP is the parent company to Office Depot, Compucom and other business service and office supply names. ODP has updated its separation strategy, with plans for a tax-free spin-off of the consumer business, "Newco," which will include Office Depot and OfficeMax, and ODP, the B2B business solutions provider, as the other entity. The company's current management team is expected to stay on with the new ODP business. The new entities will shares commercial agreements in order to leverage size and scale. The separation is expected to be complete by the first half of 2022. ODP stock has jumped 63.4% for the year to date, while the S&P 500 index
SPX,
-0.48%
is up 17.8% for the period.