Business
Matthews International Reports Results for Fiscal 2023 Third Quarter
Fiscal 2023 3rd Quarter Financial Highlights: Sales increased $50.2 million from a year ago; Industrial Technologies sales 66% higherNet income of $8.7
About this update from Matthews International Corporation
[{"type":"text","content":"Fiscal 2023 3rd Quarter Financial Highlights: Sales increased $50.2 million from a year ago; Industrial Technologies sales 66% higherNet income of $8.7 million vs. $2.9 million last year; adjusted EBITDA 22.1% higherOutstanding debt declined $3.0 million during current quarterCompany re-affirms guidance for fiscal 2023Webcast: Friday, July 28, 2023, 9:00 a.m., (201) 689-8471 PITTSBURGH, July 27, 2023 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its third quarter of fiscal 2023. In discussing the results for the Company’s fiscal 2023 third quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “We continued to deliver on our strategies in the fiscal 2023 third quarter as the Company generated strong growth in consolidated sales and adjusted EBITDA (net income before interest expense, income taxes, depreciation and amortization, and other adjustments) for the fiscal 2023 third quarter compared to a year ago. Our performance for the current quarter reflected continued growth in the Industrial Technologies segment, the ongoing strength and stability of our Memorialization segment, and improved results for the SGK Brand Solutions segment. “Our Industrial Technologies segment reported significant growth from the same quarter a year ago primarily resulting from the continued high growth of our energy storage solutions business. Interest in our solutions remains very strong as the industry increasingly recognizes the significant economic and technical advantages of our proprietary dry battery electrode production technology. The segment also benefited from recent acquisitions that increased capacity and resources required to support the execution of recent orders and the growing demand for our energy storage solutions. “The Memorialization segment reported higher sales and adjusted EBITDA for the current quarter compared to a year ago. The segment continues to perform well post-pandemic reflecting good market share performance, price realization, and cremation-related products sales. The strength of our brands, strong customer service, continued innovation in our production processes, and the growing level of our cremation-related products sales remain significant elements in the ongoing success of this segment. “Our SGK Brand Solutions segment als...