The ODP Corporation (ODP) stock plunged 8.86% in pre-market trading on Wednesday, following the release of the company's disappointing fourth quarter 2024 earnings results.
The office supplies retailer reported adjusted earnings per share of $0.66 for the quarter, falling short of analysts' consensus estimate of $0.80 EPS. This earnings miss weighed heavily on investor sentiment, triggering the sharp sell-off in the stock.
While ODP's revenue of $1.624 billion for the quarter surpassed expectations of $1.608 billion, it was not enough to offset the weaker-than-expected profitability. The company highlighted progress in its pivot towards the B2B segment, but investors appeared focused on the bottom-line miss.
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