Business
Matthews International Reports Results for Fourth Quarter and Fiscal Year Ended September 30, 2020
Financial Highlights – Fiscal 2020: Operating cash flow of $180.4 million, representing new annual Company recordDebt reduction of $106.2 million for fiscal
About this update from Matthews International Corporation
[{"type":"text","content":"Financial Highlights – Fiscal 2020:\n Operating cash flow of $180.4 million, representing new annual Company recordDebt reduction of $106.2 million for fiscal 2020; net debt reduction of $112.2 million Financial Highlights – 4th Quarter: Sales increased to $399.1 million vs. $392.4 million a year agoAdjusted EBITDA increased to $64.1 million vs. $59.2 million last yearFourth quarter GAAP EPS of $0.24; Non-GAAP adjusted EPS of $1.11Debt reduction of $26.4 million during fiscal 2020 4th quarter PITTSBURGH, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its fiscal 2020 fourth quarter and fiscal year ended September 30, 2020. In discussing the Company’s results for the quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “We had a strong finish to fiscal 2020 and we believe the Company performed very well on a consolidated basis in this difficult environment. For the current quarter, the Company reported growth in consolidated sales, adjusted EBITDA and adjusted earnings per share compared to the same quarter last year. In addition, for the fiscal year ended September 30, 2020, we generated record operating cash flow for the Company, despite the challenges of the pandemic, which allowed us to repay over $100 million of debt in fiscal 2020. “Sales and adjusted EBITDA for the Memorialization segment were higher during the fiscal 2020 fourth quarter compared to a year ago driven by strong sales of caskets, cemetery memorial products and cremation equipment. An increase in deaths, primarily resulting from the impact of COVID-19, was the principal factor in the year-over-year sales growth. Sales for the Industrial Technologies segment were lower than a year ago, primarily reflecting lower warehouse automation sales. However, order rates for these solutions remained strong and, while COVID-19 unfavorably impacted access to customer sites to deliver these solutions during the current quarter, we are beginning fiscal 2021 with a record backlog level. “Although fourth quarter sales for the SGK Brand Solutions segment were lower than a year ago, we believe the segment performed well under challenging conditions. While the pandemic continued to unfavorably impact this segment, particularly in Europe and our retail-focused businesses, the U.S...