Patriot National (PN) Reports In-Line Q2 EPS

Patriot National (NYSE: PN) reported Q2 EPS of $0.18, in-line with the analyst estimate of $0.18. Revenue for the quarter came in at $47.3 million versus the consensus estimate of $45.14 million.

"Our strong second quarter results and increased financial outlook for 2015 reflect solid execution of our growth strategy," said Steven M. Mariano, Chief Executive Officer of Patriot National. "During the second quarter, fee income increased to $47.4 million from $43.0 million last quarter and Adjusted EBITDA grew to $11.4 million from $10.8 million last quarter.

"We continue to execute on our strategy to grow Patriot National through a combination of organic growth and strategic acquisitions. Since our IPO in January, we have acquired a number of highly attractive businesses that firmly position us as a leading technology enabled outsourced services provider offering a one-stop shop for employers looking to manage risk and reduce costs.

"Our dedicated M&A and onboarding teams have seamlessly acquired and integrated 13 acquisitions to date and we recently added two highly experienced executives, Todd Wilson and Nabeel Tanveer, to our M&A team to support our continued growth.

"We now offer a suite of services that are must-haves for employers, from workers' compensation to health benefits to background checks. The combination of these mandatory services will allow us to sell more services directly to employers and build deeper relationships with them.

Mariano added, "We are excited about the growth opportunities ahead as we continue to execute on our disciplined acquisition strategy focused on adding value-added, high margin services that help employers mitigate risk, comply with complex regulations, and save time and money. We believe we have a significant opportunity to cross-sell acquired services through our 1,750 agents in the field and to the more than 27,000 employers we work with today."

For earnings history and earnings-related data on Patriot National (PN) click here.

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