Shares of South San Francisco, Calif.-based Core-Mark Holding Company (NASDAQ:CORE) slid 1.8% in Wednesday trading, despite the company reporting Q2 2013 earnings that would appear to have exceeded analyst estimates on both profits and revenues.
Core-Mark earned $1.01 per diluted share in net profits, but noted that if LIFO expenses were excluded, its earnings would have been $1.20 per share, a 10% increase over Q2 2012 performance. Revenues for the quarter, at $2.5 billion, slightly exceeded expectations of $2.49 billion.
Core-Mark is one of the nation's largest suppliers of goods sold at convenience stores -- in particular, cigarettes. Year over year, Core-Mark's net sales grew 10%; sales of goods other than cigarettes grew 14%, with the company noting that the acquisition of a Carolina division in December 2012 contributed most of the growth.
Looking forward, Core-Mark guided investors to expect 10% to 12% sales growth over the course of the rest of this year, resulting in net profits per diluted share of between $3.10 and $3.25.
Fool contributor Rich Smith has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.