Core-Mark Holding Company, Inc.(CORE) reported that its fourth-quarter profit increased from the previous year quarter.
Core-Mark, a distributor of packaged consumer products, recorded fourth quarter net income of $8.5 million or $0.76 per share, compared to $7.4 million or $0.70 per share last year.
Excluding charges, earnings per share would have been $0.53 for the quarter, compared to $0.64 in the fourth quarter of 2008.
On average, two analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share. Analysts' estimates typically exclude special items.
The company stated that gross profit for the fourth quarter of 2009 was $94.1 million compared to $92.9 million for the same period in 2008.
Net sales grew to $1.65 billion from $1.49 billion in the prior year quarter. Two analysts estimated revenues of $1.59 billion.
For the fiscal year 2009, net income was $47.3 million or $4.35 per share, compared to $17.9 million, or $1.64 per share for 2008. Excluding charges, earnings per share would have been $2.61 for the year compared to $2.17 in 2008.
Net sales were $6.53 billion for 2009, compared to $6.04 billion for the same period in 2008.
The company reiterated its annual guidance of $6.9 billion in net sales for 2010. This guidance contemplates a decline in cigarette carton volumes offset by higher cigarette taxes and manufacturers' price increases, the company added.
CORE is traded at $34.05 down $0.17 or 0.50% on the Nasdaq.
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