Core-Mark Holding (CORE) Tops Q1 EPS by 4c, Revenues Miss; Affirms FY19 EPS Guidance Above Consensus, Offers FY19 Revenue Outlook

Core-Mark Holding (NASDAQ: CORE) reported Q1 EPS of $0.14, $0.04 better than the analyst estimate of $0.10. Revenue for the quarter came in at $3.75 billion versus the consensus estimate of $3.85 billion.

• Diluted EPS of $0.03 per share, or $0.14 Excluding LIFO Expense (Non-GAAP)
• Net Income of $1.3 Million; Adjusted EBITDA (Non-GAAP)(1) Increased 22%, to $29.7 Million
• Gross Profit Increased 4.2%; Non-cigarette Gross Profit Increased 5.2%
• 2019 Guidance Reaffirmed
• Announced $0.11 Dividend Payable June 14, 2019

“Our results in the first quarter reflect continued progress on our key priorities and a solid start towards meeting our strategic objectives for the year,” said Scott E. McPherson, President and Chief Executive Officer. “We were pleased to deliver improved profitability in the quarter, including growth in higher margin non-cigarette sales to existing customers and operating expense leverage, and we are committed to executing on our top-line growth initiatives.”

GUIDANCE:

Core-Mark Holding sees FY2019 EPS of $1.50-$1.60, versus the consensus of $1.48. Core-Mark Holding sees FY2019 revenue of $16.8-17 billion, versus the consensus of $16.9 billion.

• The Company reaffirms prior guidance for the full year of 2019.
• Annual net sales for 2019 are expected to be between $16.8 billion and $17.0 billion.
• Diluted EPS for the year are estimated to be between $1.09 and $1.19 and Diluted EPS, excluding LIFO expense, in a range of $1.50 to $1.60.
• The Company expects Adjusted EBITDA to be between $176.0 million and $182.0 million.
• Key assumptions include $25.0 million in LIFO expense, a 25% tax rate and 46.0 million fully diluted shares outstanding.
• The Company’s financial outlook includes cigarette inventory holding gains, but does not include any other significant holding gains.
• Capital expenditures for 2019 are expected to be approximately $30 million.

For earnings history and earnings-related data on Core-Mark Holding (CORE) click here.

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