MINNEAPOLIS (AP) -- Food distributor Nash Finch Co. said Thursday that its third-quarter profit tumbled 34 percent to $10.1 million as its revenue fell and it recorded $6.3 million in one-time charges.
Excluding one-time items, however, the company's profit rose to $16.4 million, or $1.25 per share, from $14.3 million, or $1.09 per share, a year earlier. And that pleased investors.
Nash Finch shares rose $1.86, or 7 percent, to $28.36 in afternoon trading as the overall markets edged up only slightly.
Minneapolis-based Nash Finch earned $10.1 million, or 77 cents per share, for the 16 weeks that ended Oct. 8. That's down from $15.3 million, or $1.18 per share, for a similar period a year earlier.
The recent quarter's results included one-time charges of $6.3 million or 48 cents per share, while the year-ago period included a one-time gain of $1.1 million, 9 cents per share.
Nash Finch's third-quarter revenue fell 2.6 percent to $1.47 billion from $1.51 billion a year earlier. Food distribution and retail sales dropped 6.1 percent to $761.6 million, while military sales rose 1.4 percent to $709.7 million.
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