Core-Mark Holding Company Inc. (CORE) shares gained 0.14% to trade at $42.19 in after-market on Tuesday, May 19, 2921. Earlier, CORE’s stock gained 6.85% to close Tuesday’s session at $45.08. CORE shares have risen 71.73% over the last 12 months, and they have moved up 5.85% in the past week. Over the past three months, the stock has soared 45.84%, while over the past six months, it has jumped 30.03%.
Let’s discuss its recent developments briefly.
Core-Mark merger with Performance Food Group
On May 18, 2021, Grocery distributor Performance Food Group announced that it is going to acquire Core-Mark Holding in a $2.5 billion deal including debt, in a move that would expand its business with convenience stores.
According to the deal, Core-Mark shareholders would receive $23.875 per share in cash and 0.44 Performance Food Group shares for each Core-Mark share.
The deal values each Core-Mark share at about $46.64 per share.
Financial results announcement
On May 06, 2021, Core-Mark Holding Company, Inc reported its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
- Core-Mark Holding reported net sales of $3.93 billion in Q1 2021 compared to $3.94 billion for the same period in 2020.
- Gross profit in the first quarter of 2021 was $217.4 million compared to $218.4 million for the same period in 2020.
- The Company’s operating expenses were $203.4 million in Q1 2021 compared to $208.6 million for the same period in 2020.
- Net income for Q1 2021 was $8.5 million compared to $4.3 million for the same period in 2020.
- Adjusted EBITDA, was $44.3 million in Q1 2021 compared to $35.3 million for the first quarter of 2020.
FY 2021 financial outlook
For FY 2021, Core-Mark Holding is expecting
- Net sales to be between $17.2 billion and $17.5 billion.
- Adjusted EBITDA to be between $208 million and $218 million.
- Diluted EPS to be between $1.39 and $1.54.
- Free cash flow of $80 million to $100 million.
Q4 & FY2020 financial results announcement
On March 01, 2021, Core-Mark Holding Company, Inc released its financial results for the fourth quarter and the year ended December 31, 2020.
FY-2020 financial highlights
- FY-2020 net sales were $17.0 billion compared to $16.7 billion in 2019.
- Gross profit in 2020 was $888.3 million compared to $924.2 million in 2019.
- The gross profit margin was 5.24% of total net sales compared to 5.54% in 2019.
- Operating expenses were $793.6 million in FY 2020 compared to $831.6 million the prior year.
- Net income was $63.2 million in 2020 compared to $57.7 million in 2019.
- Adjusted EBITDA, was $202.2 million in 2020 compared to $190.7 million in 2019.
The CORE stock price went up after the breaking merger news. The CORE stock price can further surge in the coming days.