Core-Mark Reports Mixed Q2 Earnings, Reaffirms Guidance
Core-Mark Holding Co (NASDAQ: CORE) reported second-quarter earnings of 50 cents per share, which beat the analyst consensus estimate of 43 cents by 16.28%. This is a 42.86% increase over earnings of 35 cents per share from the same period last year.
The company reported quarterly sales of $4.3 billion, which missed the analyst consensus estimate of $4.31 billion by 0.23%. This is a 1.73% increase over sales of $4.227 billion the same period last year.
Core-Mark Holding Co reaffirms guidance for the full year of 2019 and reported annual net sales for 2019 are expected to be between $16.8 billion and $17.0 billion.
"Our results in the second-quarter reflect continued execution on our strategic priorities that drove strong same store sales growth in higher margin non-cigarettes, margin expansion from a favorable sales mix shift within the non-cigarette category and operating expense leverage," said CEO Scott McPherson. "Our results, both for the quarter and year-to-date, demonstrate our ability to drive earnings growth as we execute on multiple levers to grow sales, expand margins and leverage costs."
Shares closed Tuesday at $35.20. The stock has a 52-week high of $40.95 and a 52-week low of $22.53.
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