Business
Matthews International Reports Results for Fiscal 2022 Third Quarter
Financial Highlights: Year-to-date consolidated sales of $1.31 billion; 5.9% higher than last yearCompany remains on track for consolidated sales growth for
About this update from Matthews International Corporation
[{"type":"text","content":"Financial Highlights: Year-to-date consolidated sales of $1.31 billion; 5.9% higher than last yearCompany remains on track for consolidated sales growth for fiscal 2022Company lowers earnings outlook reflecting currency impacts/global market conditionsGAAP EPS of $0.09; non-GAAP adjusted EPS of $0.58 for fiscal 2022 third quarterWebcast: Friday, July 29, 2022, 9:00 a.m., (201) 689-8471 PITTSBURGH, July 28, 2022 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its third quarter of fiscal 2022 and nine months ended June 30, 2022. In discussing the results for the Company’s fiscal 2022 third quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “Our Company reported another quarter of solid sales performance, despite increasingly challenged global economic conditions, and, as a result, we remain on track to deliver consolidated sales growth for fiscal 2022. We also expect to achieve this growth despite significant currency rate headwinds which have negatively impacted our year-to-date reported consolidated sales and adjusted EBITDA by $32.8 million and $6.2 million, respectively. We continue to focus our efforts toward managing through these challenges, including inflation, supply chain disruptions, currency volatility and other geopolitical events, and it is important to acknowledge the hard work and contributions of our employees in achieving these results. \"Memorialization sales continued to be strong in the fiscal 2022 third quarter. The segment reported sales of $203.2 million for the current quarter compared to $184.3 million a year ago, representing an increase of 10.2%. The increase primarily reflected growth in the sales of cemetery memorial products, steady casket sales, and improved pricing, which was necessary to mitigate commodity cost and other inflationary cost increases. “For the fiscal 2022 third quarter, the Industrial Technologies segment (which includes our energy storage solutions business) reported sales of $78.4 million, compared to $81.8 million a year ago. Currency rate changes had an unfavorable impact of $5.1 million on the segment’s sales compared to a year ago. On a constant currency basis, the segment reported another quarter of organic sales growth primarily reflecting higher warehouse automation and product identi...