Core-Mark boosts FY EPS ex-LIFO expense to $1.31-$1.40 from $1.13-$1.29
Consensus is $1.25. Annual net sales for 2018 are now expected to be between $16.2 billion and $16.4 billion, compared to $16.6 billion to $16.8 billion previously forecast. Consensus is $16.7B. Diluted EPS for the year are estimated to be between $0.88 and $0.96 compared to prior expectations of $0.84 to $1.00. The Company raised the low end of Adjusted EBITDA expectations to $162 million while maintaining its high end expectations of $167 million. Key assumptions have also been updated. The Company has raised its LIFO expense forecast from $18 million to $27 million, and expects 46.2 million diluted outstanding shares as opposed to the 46.4 million shares estimated previously. Projections of a tax rate of 25% remain the same. Capital expenditures for 2018 are expected to be approximately $30 million.