Core-Mark Holding (CORE) Misses Q1 EPS by 6c, Revenues Beat

Core-Mark Holding (NASDAQ: CORE) reported Q1 EPS of $0.09, $0.06 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $3.94 billion versus the consensus estimate of $3.85 billion.

• First Quarter Net Sales Increased 4.9% to $3.94 Billion
• Net Income increased to $4.3 Million versus $1.3 Million last year
• Diluted EPS increased to $0.09 per share versus $0.03 last year
• Adjusted EBITDA increased 18.9% to $35.3 Million(1)
• Announced $0.12 Dividend Payable June 19, 2020
• Company Provides Update on COVID-19 Impact and Response Strategies

“I want to start out by thanking each and every employee of Core-Mark whose focus on safety and commitment to providing essential goods and services to our customers has been nothing short of spectacular,” said Scott E. McPherson, President and Chief Executive Officer. “While the COVID-19 crisis did not cause a material disruption to our business during most of the first quarter, beginning in late March and continuing through April we have seen significant declines in sales and profitability as a result of shelter-in-place orders by states, provinces, cities and counties, resulting in a significant downturn in convenience retail store visits across North America. We have taken aggressive actions to better align our cost structure with the declining volume trends and will take further actions as needed in response to changing industry conditions. We are well-positioned to operate our business efficiently through this crisis and emerge in a healthy financial condition ready to lead our industry.”

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

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