The ODP Corp Reports Mixed Q3 Results Amid Economic Challenges
For the quarter ended September 30, 2023, The ODP Corp reported total sales of $2.009 billion, an 8% decrease from the $2.172 billion reported in the same period last year. The decline was primarily attributed to the Office Depot consumer division, which saw a reduction in retail locations and lower consumer traffic. Despite the sales dip, The ODP Corp achieved a GAAP operating income of $91 million, up from $84 million in Q3 2022, and a GAAP net income of $70 million, resulting in a GAAP EPS of $1.79, a significant increase from $1.36 per diluted share in the prior year.
For more information, visit the The ODP Website.
Epson extends warranty on business printers
Epson has introduced an extended warranty and parts replacement program for its business printers, extending contract life cycles by up to eight years. This move aims to improve sustainability by using heat-free printing technology, reducing stresses on serviceable parts, and ensuring continued use beyond the established four-to-five-year print contract period.
To read the full article, visit the The Recycler Website.
TD SYNNEX Focuses on Circular Economy
TD SYNNEX has updated its services business unit to focus on promoting the circular economy with partners. The new strategy includes offering trade-in and IT asset disposition options, financial services, and value-added services. Partners can offer subscription-based products and services, flexscription TD CAPITAL, and tailored configurations. The circular economy is becoming a core part of the IT ecosystem, and TD SYNNEX believes that delivering sustainable choices and maximizing value from IT products’ entire life cycle is vital for future business partnerships.
To read the full article, visit the Workplace 360 Website.
ACCO Brands Reports Third Quarter 2023 Results
ACCO Brands reported a significant gross margin improvement in Q3, expanding 400 basis points year over year. This improvement was attributed to pricing actions and cost savings from restructuring and footprint rationalization. However, macroeconomic weakness and a stronger US dollar led to lower sales.The company reported net sales of $448 million, gross margin expanding 400 basis points, operating income of $32 million, adjusted EPS of $0.15, and net operating cash flow of $80 million.
To read the full article, visit the Busines Wire Website.
