Home Trending Stocks Here is why Core-Mark Holding Company, Inc (CORE) stock went up on...

Here is why Core-Mark Holding Company, Inc (CORE) stock went up on Tuesday?

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%.

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Let’s discuss its recent developments briefly.

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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.

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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.

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Conclusion

The CORE stock price went up after the breaking merger news. The CORE stock price can further surge in the coming days.

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