logo
Share SHARE
FONT-SIZE Plus   Neg

Matthews Int'l Q1 Profit Declines - Update

Casket maker Matthews International Corp. (MATW), 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Gambling resorts operator Wynn Resorts Ltd. (WYNN), has again postponed the opening of its Wynn Palace casino resort in Macau to August. The opening of the $4 billion hotel project in Macau, the gambling hub in China, was initially planned on March 25, but was later dropped due to construction delays.... PepsiCo Inc., (PEP) Monday confirmed that it would bring back the Diet Pepsi with aspartame in the US stores in September, one of the latest efforts by the beverage giant to boost its slowing sales. The company said it would continue to sell sucralose-sweetened Diet Pepsi, which was launched last... Burger giant Wendy's Co. (WEN) Monday announced its entry in to the Brazilian market through a joint venture with affiliates of Sao Paolo-based Infinity Services and Starboard, one of Wendy's largest U.S. franchisees and a subsidiary of the fast-food company. Wendy's Brazil plans to hold the grand...
comments powered by Disqus
Follow RTT