Business
Matthews International Reports Results for Fiscal 2024 Third Quarter
Fiscal 2024 Third Quarter Financial Highlights: Outstanding debt reduced by $12.6 million during the quarter3rd Quarter GAAP EPS of $0.06; non-GAAP adjusted
About this update from Matthews International Corporation
[{"type":"text","content":"Fiscal 2024 Third Quarter Financial Highlights: Outstanding debt reduced by $12.6 million during the quarter3rd Quarter GAAP EPS of $0.06; non-GAAP adjusted EPS of $0.56SGK Brand Solutions segment reports sales growth for the quarterEnergy storage sales impacted by customer delaysCompany announces cost reduction initiativesWebcast: Friday, August 2, 2024, 9:00 a.m., (201) 689-8471 PITTSBURGH, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its third quarter of fiscal 2024. In discussing the results for the Company’s fiscal 2024 third quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “Our consolidated financial results continue to be underpinned by the strength of our core businesses, particularly from our Memorialization and SGK Brand Solutions segments, which generated another quarter of solid performance. The Memorialization segment reported sales relatively consistent with the same quarter last year, despite a decline in U.S. casketed deaths. The impact of unit volume declines in cemetery memorials and caskets related to the lower deaths was substantially offset by improved pricing and higher sales of mausoleums. “Sales for the SGK Brand Solutions segment were modestly higher for the current quarter. The segment’s improvement primarily reflected growth in the private label market and in its European packaging business. The pricing environment to mitigate inflationary cost increases in this business also continues to improve. “With respect to the Industrial Technologies segment, sales for our product identification business also remained relatively consistent with a year ago. However, further customer delays of shipments and related installations for our energy storage business unfavorably impacted the segment’s sales compared to a year ago. Additionally, slow conditions in the general warehouse automation market contributed to the year-over-year decline in sales for this segment. “For the three months ended June 30, 2024, we reported another quarter of solid cash flow which facilitated further reduction of $12.6 million in our outstanding debt. We are currently projecting further debt reduction in the fiscal 2024 fourth quarter. With respect to our outstanding bonds, which are scheduled to mature on December 1, 2025, we e...