Business
Matthews International Reports Results for Fourth Quarter and Fiscal Year Ended September 30, 2021
Financial Highlights – Fiscal 2021: Record annual sales of $1.67 billion, exceeded prior year by $172.7 millionOperating cash flow of $162.8 millionDebt
About this update from Matthews International Corporation
[{"type":"text","content":" Financial Highlights – Fiscal 2021: Record annual sales of $1.67 billion, exceeded prior year by $172.7 millionOperating cash flow of $162.8 millionDebt reduction of $70.8 million for fiscal 2021GAAP EPS of $0.09; Non-GAAP adjusted EPS of $3.28 Financial Highlights – 4th Quarter: Sales increased to $438.8 million, a new quarterly Company recordOperating cash flow of $56.0 millionDebt reduction of $28.8 million PITTSBURGH, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for the quarter and fiscal year ended September 30, 2021. In discussing the Company’s results for the quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “I am pleased to report that the Company established another record for quarterly sales in the fiscal 2021 fourth quarter. As a result, the Company surpassed its adjusted EBITDA outlook for the quarter. Each of our segments contributed to our year-over-year consolidated sales growth of approximately 10%. “It is important to start by expressing my continued appreciation and admiration for the hard work and dedication of our employees. Our success reflects their efforts during the pandemic, including managing through current supply chain and labor market challenges. “Sales for the SGK Brand Solutions segment were $188.0 million for the current quarter compared to $179.6 million a year ago. The increase primarily reflected higher engineering revenues (mainly energy solutions for the electric vehicle market) and increased retail-based sales reflecting continued recovery from the pandemic. Changes in currency rates also had a favorable impact on current quarter sales compared to a year ago. “Our Memorialization segment reported sales of $195.9 million for the fiscal 2021 fourth quarter compared to $177.7 million a year ago. The increase mainly resulted from higher casket unit sales, improved price realization, and an increase in sales of cremation equipment. The increase in casket unit sales primarily reflected COVID-19 trends during the quarter. In addition, sales for the current quarter reflected the impact of a small acquisition completed earlier this year. “Sales for the Industrial Technologies segment for the fiscal 2021 fourth quarter were $54.9 million, compared to $41.9 million a year ago, representing an incre...