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
Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines Bimbo Bakeries is recalling packages of certain bread products across 11 states, after it received three consumer-reports of small pieces of glass found on the outside of the bread. Design software maker Autodesk, Inc. said Thursday after the markets closed that it swung to a second quarter loss, hurt by lower revenue and a hefty tax charge. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast.
comments powered by Disqus
RELATED NEWS
Trade MATW now with 
Follow RTT