Core-Mark Q3 Profit Rises; Boosts 2013 EPS Outlook - Quick Facts

(RTTNews) - Core-Mark Holding Co., Inc. (CORE) reported that its third-quarter net income increased to $12.3 million or $1.06 per share from $10.5 million or $0.90 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $1.14 per share, compared to last year's $0.98 per share.

On average, four analysts polled by Thomson Reuters expected the company to report profit of $1.27 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew 13.2 percent to $2.62 billion from $2.31 billion in the same quarter last year. Analysts expected revenue of $2.61 billion for the quarter. Excluding excise taxes, net sales increased 15.0 percent.

Non-cigarette sales increased 16.5 percent, while cigarette sales grew 11.7 percent from last year.

Looking ahead to fiscal 2013, Core-Mark raised its adjusted earnings guidance, excluding LIFO expenses, to a range of $4.00 to $4.10 per share from the prior forecast range of $3.90 to $4.05 per share.

Meanwhile, the company tightened its annual net sales guidance to between $9.8 and $9.9 billion from the prior forecast in the range of $9.8 to $10 billion.

Street is currently looking for full-year 2013 earnings of per share $3.99 per share on annual revenues of $9.77 billion.