-=Office Depot (ODP) reported earnings on Wed 6 Nov 19 (b/o)

• The ODP Corporation (NASDAQ:ODP) offers its products under severa; brands. including Office Depot, OfficeMax, Grand & Toy, ODP Business Solutions, Ativa, TUL, Foray, Realspace, and DiVOGA.

Office Depot beats by $0.01, misses on revs; reaffirms FY19 guidance, increases existing stock repurchase program to $200 mln, to review of potential holding company reorganization

Reports Q3 (Sep) earnings of $0.15 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.14; revenues fell 3.6% year/year to $2.78 bln vs the $2.84 bln S&P Capital IQ Consensus.

The co announced that as part of its ongoing commitment to drive shareholder value, its Board of Directors approved an increase in the authorization of its existing stock repurchase program to $200 million and an extension of the program until the end of 2021.

Co reaffirms guidance for FY19, sees FY19 revs of $10.8-10.9 bln vs. $10.8 bln S&P Capital IQ Consensus; continues to see Adj-EBITDA of $525-550 mln

The co separately announced that its Board of Directors has approved a feasibility review of the implementation of a holding company reorganization, which is expected to be completed by the end of the first quarter of 2020. If implemented, the reorganization is anticipated to create a new holding company, The ODP Corporation, that will become the new parent company of Office Depot and will replace Office Depot as the public company trading on Nasdaq under Office Depot's current ticker symbol "ODP".