During Friday’s Morning trade, Shares of Spartan Nash Co (NASDAQ:SPTN), lost -2.91% to $23.38.
SpartanNash Company, stated financial results for the 12-week third quarter and 40-week period ended October 10, 2015.
Third Quarter Results
Merged net sales for the 12-week third quarter reduced 1.9 percent to $1.78 billion contrast to $1.81 billion last year primarily due to lower sales in the Military and Retail segments.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) were $55.2 million contrast to $55.9 million for the preceding year quarter, representing 3.1 percent of net sales in each year. Adjusted EBITDA is a non-Generally Accepted Accounting Principles (GAAP) financial measure. Please see the financial tables at the end of this press release for a reconciliation of Adjusted EBITDA to operating earnings, and a reconciliation of each non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP.
Stated operating earnings were $29.2 million contrast to $33.6 million for the preceding year quarter. The decrease was primarily due to higher restructuring and asset impairment charges of $2.0 million contrast to the preceding year quarter, in addition to higher merger integration and acquisition expenses of $3.0 million associated with the repositioning of the distribution network and remodeled retail stores in the western division together with retail system conversions.
Spartan Nash Company operates as a grocery distributor and retailer primarily in the United States. The company operates in three segments: Military, Food Distribution, and Retail. The Military segment sells and distributes grocery products to military commissaries and exchanges located in 37 states across the United States and the District of Columbia, Europe, Puerto Rico, Cuba, Egypt, and Bahrain Honduras.
Shares of Dana Holding Corporation (NYSE:DAN), declined -1.71% to $14.96, during its current trading session.
Agritechnica 2015, Dana Holding Corporation, declared that the company’s Spicer® steer axles are fitted on three of four “Tractor of the Year 2016” award recipients. The winners were selected by an independent panel of 23 agricultural industry journalists.
The award-winning tractors with Spicer axles comprise:
- The Fendt 1050 Vario, which earned top honors in the principal “Tractor of the Year” division. It features the new Spicer Model 990 suspended steer axle;
- The Massey Ferguson 5713Sl, the inaugural winner in the “Best Utility Tractor” competition, equipped with a new Spicer modular steer axle; and
- The Valtra N174 V, which placed first in the “Golden Tractor for the Design” category. It also features a new Spicer modular steer axle.
“At Dana, we nurture a culture designed to produce driveline innovations that deliver maximum performance, fuel efficiency, maneuverability, and operator comfort,” said Aziz Aghili, president of Dana Off-Highway Driveline Technologies. “We are delighted to be closely associated with the winners of these prestigious awards and offer our congratulations.”
Developed in partnership with Fendt, the Spicer Model 990 steer axle used on 1000 Series Fendt tractors features an independent front suspension to offer isolation from body vibration. This configuration provides improved vehicle control, operator comfort, traction, and handling characteristics for safer operation, especially at on-road speeds.
Spicer modular steer axles for agricultural tractors offer a unique global platform that allows engineers to reduce the time from design to production while still supporting a wide range of customization options.
Dana Holding Corporation manufactures and sells driveline, sealing, and thermal-administration products for vehicle manufacturers in North America, Europe, South America, and the Asia Pacific. The company operates in four segments: Light Vehicle Driveline Technologies, Commercial Vehicle Driveline Technologies, Off-Highway Driveline Technologies, and Power Technologies.
Finally, Shares of Patriot National, Inc. (NYSE:PN), lost -1.84%, and is now trading at $13.33.
Patriot National, declared its financial results for the third quarter ended September 30, 2015.
Recent Developments:
- Patriot Technology Solutions’ InsuranceExpert platform chosen to replace and modernize Missouri Employers Mutual’s current technology systems
- Added 16th turnkey carrier relationship during the third quarter
Administration Commentary
“Our record third quarter results reflect solid execution across all of our business lines. We delivered very strong organic growth driven by our success in expanding relationships with insurance carriers, employers and agencies, and the successful onboarding of acquisitions made earlier this year,” said Steven M. Mariano, Chief Executive Officer of Patriot National.
“During the third quarter of 2015, fee income raised 86.2% to a record $58.5 million from $31.4 million for the third quarter a year ago. Organic fee income grew to $45.4 million, up 44.4% contrast to the third quarter of 2014, driven primarily by the addition of new carriers, deepening relationships with current carrier partners and additional flow of business from insurance agencies. Adjusted EBITDA grew to a record $14.6 million up from $8.4 million for the third quarter ended September 30, 2014.
“In addition, our strong performance year-to-date reflects solid execution of both our organic and acquisition growth strategies. For the nine months ended September 30, 2015, fee income grew to $148.9 million, up 138.3% contrast to $62.5 million for the corresponding preceding-year period, primarily driven by organic fee income of $127.2 million, which grew 103.6% contrast to the nine months ended September 30, 2014. For the nine months ended September 30, 2015, Adjusted EBITDA grew to $36.8 million up from $17.3 million for the nine months ended September 30, 2014.
Patriot National, Inc., together with its auxiliaries, provides various outsourcing solutions within the workers compensation marketplace for insurance companies, employers, local governments, and reinsurance captives in the United States.+