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Core-Mark Holding Company reported a 5.4% increase in net sales to $4.5 billion for Q2 2021, driven by a 16.4% rise in non-cigarette sales. Gross profit rose 14.4% to $243.7 million, with diluted EPS at $0.34. Adjusted EBITDA increased 9% to $57.3 million. The company announced a $0.13 dividend payable September 24, 2021, and a merger agreement with Performance Food Group. Despite these positives, net income fell to $15.5 million from $16.9 million in the previous year.
Performance Food Group (PFG) announced its acquisition of Core-Mark Holding Company in a stock and cash deal valued at approximately $2.5 billion. Core-Mark shareholders will receive $23.875 per share plus 0.44 PFG shares for each Core-Mark share. Post-transaction, Core-Mark shareholders will own about 13% of the combined entity. The acquisition aims to enhance PFG's Vistar segment and is projected to add $17 billion in net sales, bringing PFG's total to approximately $44 billion. Closing is anticipated in the first half of 2022, pending regulatory approvals.
Core-Mark Holding Company reported a 98% increase in net income to $8.5 million for Q1 2021, with Adjusted EBITDA up 25% to $44.3 million. Diluted EPS rose to $0.19, and $0.36 excluding LIFO expenses. While net sales slightly decreased to $3.93 billion, there was a 1% increase when adjusted for foreign exchange and fewer selling days. The company announced a $0.13 dividend, reaffirming its 2021 full-year guidance of $17.2-17.5 billion in net sales and Adjusted EBITDA of $208-218 million.
Core-Mark Holding Company (NASDAQ: CORE) will announce its first-quarter earnings for 2021 on May 6, 2021, before market opening. An investor call is scheduled for the same day at 8:00 a.m. Central Time, accessible by calling 800-351-9852 with the code 50154241. The call can also be streamed live on the company's website. An audio replay will be available for 90 days post-call. Core-Mark, a major player in food and supply solutions for convenience retail, serves around 40,000 customer locations across North America.
Core-Mark Holding Company (NASDAQ: CORE) will present at the Raymond James 2021 Institutional Investors Conference on March 3, 2021, at 2:10 p.m. Eastern. The live webcast can be accessed via Core-Mark's website and will be archived for 30 days. Core-Mark, founded in 1888, is a leading marketer of food and supply solutions for convenience retailers, servicing around 40,000 customer locations across North America.
Core-Mark Holding Company reported a Q4 2020 net sales increase of 2.3% to $4.3 billion and net income growth of 17.3% to $19.0 million. For the full year, net sales reached a record $17.0 billion, up 1.7%, with net income up 9.5% to $63.2 million. Core-Mark expects 2021 net sales between $17.2 billion and $17.5 billion and a new $375 million shareholder return plan. Adjusted EBITDA for Q4 was $55.1 million, and guidance for 2021 Adjusted EBITDA is $208 million to $218 million.
Core-Mark Holding Company (NASDAQ: CORE) will release its earnings on March 1, 2021, for Q4 and the full year ending December 31, 2020. The company's earnings call is scheduled for 8:00 a.m. Central time that day, accessible via phone at 800-588-4973, code 50101500, or through their website. An audio replay will be available for 90 days post-call. Core-Mark is a leading marketer of food and supply solutions for the convenience retail sector, serving approximately 41,000 customer locations across North America.
Core-Mark has signed a new five-year supply agreement with Murphy USA, which is expected to solidify its role as the primary distributor, providing over 75% of merchandise sold in Murphy USA stores. Andrew Clyde, CEO of Murphy USA, expressed confidence in Core-Mark as a strategic partner, emphasizing goals of profitable growth and operational efficiency. Similarly, Scott E. McPherson, CEO of Core-Mark, highlighted the commitment to enhancing sales and margins in alignment with Murphy USA’s focus on expanding food offerings.
Core-Mark Holding Company (NASDAQ: CORE) has announced two key executive appointments aimed at enhancing operational efficiency and growth. Chris Hobson has been promoted to Executive Vice President & Chief Operating Officer, leveraging over 20 years of experience to drive EBITDA growth. Andy Newkirk takes on the role of Senior Vice President of Operations, focusing on productivity and competitive advantage. These changes are designed to streamline leadership, support strategic initiatives, and ultimately enhance shareholder returns as the Company aims to achieve its objectives for 2021.
Core-Mark Holding Company reported a 1.8% increase in third-quarter net sales to $4.50 billion. The company reduced operating expenses by 5.9% to $200.2 million. Net income grew slightly to $23.0 million with a diluted EPS of $0.51. Adjusted EBITDA was $59.3 million, marginally up from $59.2 million last year. The company increased its quarterly dividend by 8% to $0.13 per share and raised its 2020 guidance for diluted EPS to $1.17 and adjusted EBITDA to $188 million at midpoint.
