Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Matthews Int'l Q1 Profit Declines - Update

RELATED NEWS
Trade MATW now with 

Casket maker Matthews International Corp. (MATW: Quote), Thursday reported a lower first-quarter profit despite higher revenues, as expenses increased and investment income declined. Earnings for the quarter missed analysts' estimates by a penny, while revenues surpassed expectations.

Moving ahead, the company confirmed its earnings guidance for the full year 2013.

Commenting on the results, Chief Executive Joseph Bartolacci said, "The decline in adjusted non-GAAP earnings primarily reflected higher interest costs (due to increased borrowings for acquisitions and share repurchases over the past twelve months) and lower investment income during the current quarter."

The Pittsburgh, Pennsylvania-based company's profit for the quarter dropped to $8.3 million or $0.30 per share from $11.3 million or $0.40 per share last year.

Adjusted earnings dropped to $0.42 per share from $0.47 per share a year ago. On average, three analysts polled by Thomson Reuters expected earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter grew 3.9 percent to $225.6 million from $217.2 million last year. Four analysts expected revenues of $220.48 million for the quarter.

Selling and administrative expenses for the quarter increased to $63.5 million from $59.1 million last year. Other deductions rose to $4.1 million from $1.5 million last year.

Going forward, the company confirmed its full-year 2013 adjusted earnings guidance of $2.45 to $2.55 per share. Analysts now expect fiscal year 2013 earnings of $2.49 per share.

Further, the company declared a dividend of $0.10 per share, payable February 11 to stockholders of record January 28.

MATW closed Thursday's trading at $33.64, up 2.53%, on the Nasdaq.

Register
To receive FREE breaking news email alerts for Matthews International Corporation and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
South African blade-runner Oscar Pistorius has been sentenced to five years in prison over the killing of his girlfriend and model Reeva Steenkamp. Judge Thokozile Masipa, who found Pistorius guilty of culpable homicide last month, delivered the verdict at the High Court in Pretoria Tuesday. Separately, the 27-year-old Paralympian has also been handed a three-year suspended sentence for a firear The Chinese economy logged its weakest expansion since early 2009 in the third quarter as slowdown in investment, particularly in the property sector, continued to drag the recovery. Gross domestic product grew 7.3 percent in the third quarter from a year ago, slower than the 7.5 percent expansion seen a quarter ago, the National Bureau of Statistics reported Tuesday. Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.