Why ODP Shares Are Surging Today

ODP Corp ODP expects the second-quarter fiscal year 2022 sales of $2.0 billion, marginally below the consensus of $2.04 billion.
The company expects Q2 adjusted EPS of $0.78 - $0.80 and adjusted EBITDA of $89 million - $91 million.
ODP expects operating cash flow from continuing operations of $(113 million) - $(115 million).
The company sees FY22 sales of $8.45 billion - $8.60 billion, above the consensus of $8.41 billion. Adjusted EPS of $4.10 - $4.50 and adjusted EBITDA of $430 million - $460 million.
The company's Board of Directors has approved a new $600 million share repurchase authorization, available through June 30, 2024.
As a part of this new authorization, ODP also launched a $300 million modified "Dutch auction" cash tender offer to be funded through its cash on hand and asset-based lending facility.
Price Action: ODP shares are trading higher by 6.32% at $33.50 in premarket on the last check Monday.