Business
Matthews International Reports Results for Fiscal 2022 First Quarter
Financial Highlights: Sales increased $51.9 million (13.4%) compared to prior year 1st quarterAll business segments report higher salesGAAP net loss of $19.8
About this update from Matthews International Corporation
[{"type":"text","content":"Financial Highlights: Sales increased $51.9 million (13.4%) compared to prior year 1st quarterAll business segments report higher salesGAAP net loss of $19.8 million ($0.62 per share); adjusted net income of $23.6 millionAdjusted EBITDA of $53.3 million; non-GAAP adjusted EPS of $0.74 per shareCompany sets fiscal 2022 adjusted EBITDA outlook to be at least $220 million PITTSBURGH, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its first quarter of fiscal 2022. In discussing the results for the Company’s fiscal 2022 first quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “We generated strong sales growth for the fiscal 2022 first quarter, with all segments contributing to our year-over-year improvement. Our higher growth businesses within the Industrial Technologies segment continued to perform well, particularly energy solutions and warehouse automation. Our Memorialization businesses also reported another quarter of revenue growth across all of its main product lines. In addition, despite the ongoing challenges of the pandemic, our SGK Brand Solutions segment also reported higher sales. “Sales for the Industrial Technologies segment for the current quarter were $74.3 million, compared to $53.4 million a year ago, representing an increase of $20.9 million, or 39.1%. The increase resulted from higher engineering (principally energy solutions) sales and an increase in warehouse automation sales. Product identification sales were also higher than the same quarter last year. Order rates across these businesses continued to remain strong. “Sales for the Memorialization segment for the fiscal 2022 first quarter were $210.7 million, compared to $183.3 million for the same quarter a year ago, representing an increase of $27.4 million, or 15.0%. The increase was mainly the result of higher sales of caskets and cemetery memorials, primarily driven by COVID-19. Improved price realization and increases in sales of cremation equipment and mausoleum projects also contributed to the segment’s sales improvement. “The SGK Brand Solutions segment sales increased to $153.5 million for the current quarter, compared to $150.0 million a year ago. The segment’s retail-based sales were higher than a year ago reflecting continued recovery from the ...