Core-Mark Holding (CORE) Misses Q2 EPS by 7c

Core-Mark Holding (NASDAQ: CORE) reported Q2 EPS of $0.37, $0.07 worse than the analyst estimate of $0.44. Revenue for the quarter came in at $4.3 billion versus the consensus estimate of $4.3 billion.

GUIDANCE:

Core-Mark Holding sees FY2017 EPS of $1.20-$1.24, versus the consensus of $1.24.

The Company is revising guidance for 2017 based on the outlook for the fourth quarter and updates in certain key assumptions. Annual net sales for 2017 are expected to be between $15.7 billion and $15.8 billion. The Company expects Adjusted EBITDA to be between $152 million and $156 million. Diluted earnings per share for the year are estimated to be between $0.93 and $0.97 and excluding LIFO expense to be $1.20 to $1.24. The key assumptions the Company now expects are a tax rate of 36.0% rather than 37.5% and $20 million in LIFO expense rather than $18 million. In addition, the Company also expects interest expense of $10.5 million for the year and fully diluted shares outstanding to be 46.4 million. The Company's projections include cigarette inventory holding gains, but do not include candy or other significant holding gains, nor any pension settlement expenses.

Capital expenditure estimates for 2017 are expected to be approximately $50 million, which will be utilized for expansion projects, including expenditures associated with our supply agreement with Walmart and maintenance investments.

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

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