Last $51.69 USD
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As of 5:20 PM 10/1/14 All times are local (Market data is delayed by at least 15 minutes).

core-mark holding co inc (CORE) Key Developments

Core-Mark Holding Company, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Year 2014

Core-Mark Holding Company, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported that net sales were $2,623.2 million compared to $2,509.9 million a year ago. Income from operations was $20.5 million compared to $20.6 million a year ago. Income before income taxes was $19.9 million compared to $19.8 million a year ago. Net income was $12.0 million or $0.52 per diluted share compared to $11.7 million or $0.51 per diluted share a year ago. Adjusted diluted EPS was $0.55 compared to $0.51 a year ago. Adjusted EBITDA was $34.2 million compared to $32.5 million a year ago. Net sales increased 5.3%. Sales growth was due primarily to market share gains and the execution of core strategies. Non-cigarette sales grew 5.6%, or 6.4% excluding foreign currency fluctuations. This growth was driven primarily by sales in Food category which increased 8.5% compared with the second quarter last year. Cigarette sales grew 4.0% driven largely by market share gains. For the six months, the company reported that net sales were $4,924.1 million compared to $4,655.6 million a year ago. Income from operations was $25.1 million compared to $25.7 million a year ago. Income before income taxes was $23.9 million compared to $23.9 million a year ago. Net income was $14.4 million or $0.62 per diluted share compared to $14.3 million or $0.62 per diluted share a year ago. Net cash provided by operating activities was $67.0 million compared to $35.8 million a year ago. Additions to property and equipment net were $14.8 million compared to $6.7 million a year ago. Adjusted diluted EPS was $0.70 compared to $0.68 a year ago. Adjusted EBITDA was $50.1 million compared to $48.4 million a year ago. Net sales increased 6.7%. Sales growth was due primarily to market share gains and the execution of core strategies. Non-cigarette sales grew 7.8%, while cigarette sales increased 4.8%. For the year 2014, the company expects 2014 annual net sales to reach the lower end of original guidance of $10.4 billion to $10.7 billion. Adjusted EBITDA is now expected to be between $118 million and $122 million compared to previous guidance of $116 million to $120 million. Diluted earnings per-share for the full year, are now expected to be between $1.73 and $1.81 compared to previous guidance of $1.75 to $1.82 adjusted for the stock split. This includes an increase in LIFO expense from $13 million to approximately $15 million. Diluted per-share estimates, excluding LIFO expense, are now between $2.12 and $2.20 compared to prior guidance of $2.07 and $2.15 adjusted for the stock split. Revised EPS estimates assume a 39% tax rate and 23.3 million fully diluted shares outstanding after the recent two for one stock split. The company also previously increased its 2014 forecast for capital expenditures which are now expected to be approximately $50 million related to the new distribution center in Ohio, expansion projects and maintenance investments. The company increased depreciation and amortization estimates between $0.6 million and $0.8 million related to expansion activities and market share gains. The company expects 39% tax rate. The company is also decreasing free cash flow forecast from the previous $55 million to $60 million to $35 million to $40 million for the year, or on a per share basis, free cash flow is now expected to be between $1.50 to $1.70 compared to $2.35 to $2.55 previously.

Core-Mark Holding Company, Inc. Declares Quarterly Cash Dividend, Payable on September 15, 2014

Core-Mark Holding Company, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per common share. The dividend is payable on September 15, 2014 to shareholders of record as of the close of business on August 22, 2014.

Core-Mark Holding Company, Inc. to Report Q2, 2014 Results on Aug 07, 2014

Core-Mark Holding Company, Inc. announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Aug 07, 2014

Core-Mark Holding Company, Inc., Q2 2014 Earnings Call, Aug 07, 2014

Core-Mark Holding Company, Inc., Q2 2014 Earnings Call, Aug 07, 2014

Core-Mark Announces Strategic Geographical Expansion Into Ohio

Core-Mark Holding Company, Inc. announced that it will be opening a new distribution center in Glenwillow, Ohio. From this new division, the company expects to service approximately 1,000 new stores and to transfer an additional 1,000 existing stores from other Core-Mark divisions by the end of the first quarter in 2015. This transfer is expected to result in transportation cost savings as the company reduces mileage to service customers in the region. Start-up costs are expected to be approximately $1.5 million, and capital expenditures are expected to be approximately $16 million. As a result of this new distribution center, Core-Mark's management now expects total capital expenditures to be approximately $50 million for 2014.

 

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CORE

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Valuation CORE Industry Range
Price/Earnings 29.7x
Price/Sales 0.2x
Price/Book 2.8x
Price/Cash Flow 27.8x
TEV/Sales 0.1x
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