Business
Matthews International Reports Results for Fiscal 2023 First Quarter
Financial Highlights: Sales increased $10.6 million from last year; $27.6 million on a constant currency basisIndustrial Technologies sales 47% higher than a
About this update from Matthews International Corporation
[{"type":"text","content":"Financial Highlights: Sales increased $10.6 million from last year; $27.6 million on a constant currency basisIndustrial Technologies sales 47% higher than a year agoCompany reaffirms guidanceWebcast: Friday, January 27, 2023, 9:00 a.m., (201) 689-8471 PITTSBURGH, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its first quarter of fiscal 2023. In discussing the results for the Company’s fiscal 2023 first quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “We had a strong start to fiscal 2023. Order rates in our Industrial Technologies segment have grown significantly. Total orders for the segment were almost $270 million for the quarter, including the recently announced orders received for our energy storage solutions business. “On a consolidated basis for the three months ended December 31, 2022, we reported another consecutive quarter of year-over-year sales growth, primarily resulting from a 47% increase in sales for our Industrial Technologies segment. “The continued strength in orders for our energy storage solutions business reaffirms our commitment to the energy space. Our goal is to be the premier, global supplier of highly engineered, clean energy equipment with industry-leading customers across renewable energy services, transportation, and infrastructure. We are confident that the global and growing shift to electrification, coupled with our recent acquisitions, will continue to drive growth for our Company. “Memorialization sales were relatively steady for the current quarter as the segment reported only a modest decline despite lower death rates compared to a year ago. Consistent with last quarter, U.S. death rates have substantially normalized from higher pandemic levels, impacting unit volumes for caskets and bronze memorials. However, these impacts were largely mitigated by improved pricing and higher granite memorial products and U.S. cremation equipment sales. “For our SGK Brand Solutions segment, currency rate changes compared to a year ago, particularly the Euro and British Pound, represented over half of the reported decline in sales, while continued challenges in Europe also negatively impacted sales and profitability. However, we expect the cost reduction actions initiated last quarter will begin to pr...