Nash Finch 3Q Profit Rises On Legal Settlement
MINNEAPOLIS (AP) ¿ Food distributor Nash Finch Co. said Thursday its third-quarter profit nearly tripled due to a gain from a lawsuit settlement and greater sales to the military.
Nash Finch said its profit jumped to $21.9 million, or $1.64 per share, from $7.7 million, or 58 cents per share, in the same period last year. The latest quarter included a gain of 47 cents per share from a lawsuit settlement.
In the third quarter of last year, the company recorded a charge of 45 cents per share to account for inventory.
Revenue rose 15 percent to $1.63 billion from $1.42 billion. Nash Finch said its food distribution sales fell 3 percent to $818.2 million because the company did less business with older customers. But military distribution revenue climbed 63 percent to $637.1 million. The company bought three military distribution centers in January.Retail revenue fell 4 percent to $178 million. The company's retail business includes Econofoods, Family Thrift Center, Avanza, Family Fresh Market, and Sun Market supermarkets. It distributes food in the U.S., Europe, Cuba, Puerto Rico, the Azores, and Egypt. Nash Finch also declared a quarterly dividend and a stock buyback plan.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV