10:01 AM EDT, 08/07/2024 (MT Newswires) -- ODP's (ODP) shares fell 26% in early Wednesday trading after the company reported Q2 adjusted earnings of $0.56 per diluted share, down from $1.22 a year earlier.

Three analysts polled by Capital IQ expected $1.20.

Sales for the quarter ended June 29 were $1.72 billion, down from $1.91 billion a year earlier.

Three analysts surveyed by Capital IQ expected $1.76 billion.

The company said it now expects full-year 2024 adjusted earnings of $4.25 to $5 per diluted share on sales of at least $7 billion. Three analysts polled by Capital IQ forecast adjusted earnings of $6.37 per share on sales of $7.39 billion.

Price: 28.20, Change: -9.73, Percent Change: -25.65