09:26 AM EDT, 05/08/2024 (MT Newswires) -- ODP (ODP) reported fiscal Q1 adjusted earnings Wednesday of $1.05 per diluted share, down from $1.78 a year earlier.

Two analysts surveyed by Capital IQ expected $1.67.

Revenue for the quarter ended March 30 was $1.87 billion, down from $2.11 billion a year earlier. Three analysts surveyed by Capital IQ expected $1.96 billion.

ODP raised its guidance for fiscal 2024 adjusted EPS to a range of $6.30 to $6.60 from $5.60 to $5.80. Two analysts surveyed by Capital IQ expect $5.67.The company also said it now expects the lower end of its previous sales guidance of a decline of 2% to 5%.

Shares of the company were down nearly 6% in recent Wednesday premarket activity.

Price: 49.00, Change: -2.90, Percent Change: -5.59