Business
Matthews International Reports Results for Fourth Quarter and Fiscal Year Ended September 30, 2023
Financial Highlights: Consolidated sales in fourth quarter increased $23.1 million, or 5.0%Industrial Technologies sales 34% higher for the quarter; FY2023
About this update from Matthews International Corporation
[{"type":"text","content":"Financial Highlights: Consolidated sales in fourth quarter increased $23.1 million, or 5.0%Industrial Technologies sales 34% higher for the quarter; FY2023 sales exceed $500 million, compared to $335.5 million for FY2022All three business segments reported higher adjusted EBITDA for the quarterCompany expects continued earnings growth and strong cash flow in fiscal 2024Webcast: Friday, November 17, 2023, 9:00 a.m., (201) 689-8471 PITTSBURGH, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for the quarter and fiscal year ended September 30, 2023. In discussing the Company’s operating results, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “We had a strong finish to fiscal 2023 as demonstrated by our fourth quarter results. I am pleased to report that the Company generated higher sales on a consolidated basis, and adjusted EBITDA growth in all three of our business segments, compared to a year ago. “In our Industrial Technologies segment, we reported another quarter of solid growth in operating results on the strength of our energy storage solutions. Fiscal 2023 sales for this segment exceeded the $500 million target that we set at the beginning of the fiscal year, resulting in growth exceeding 50% over last year’s sales of $335.5 million. Interest in our solutions remains high as we continue to work with auto manufacturers and battery producers in their development of dry battery electrode (DBE) solutions. “The Memorialization segment also performed well again in the fiscal 2023 fourth quarter, completing a very good year. Despite the continued decline in U.S. deaths (reflecting lower COVID-related deaths), the segment’s sales remained relatively stable compared to a year ago. In addition, adjusted EBITDA for the segment increased for the quarter and fiscal year reflecting improved price realization and continued emphasis on productivity improvements. “Finally, recent cost reduction actions taken by SGK Brand Solutions resulted in improved operating performance for the segment in the fiscal 2023 fourth quarter. Although European market conditions continued to challenge the business, we reported higher adjusted EBITDA and improved margins during the recent quarter. “We improved our net leverage ratio during the recent quarter on the str...