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
Saudi Arabia's oil major Aramco is reportedly planning to list its much hyped initial public offering on the Saudi stock market, Tadawu only. Earlier, the Dhahran-based Saudi Arabian national petroleum company was planning for a wider international listing. Following a disastrous week of public-relations fiascoes involving transportation of pets, United Airlines said Tuesday it is suspending its Petsafe program with immediate effect. PetSafe is United Airlines' specially designed program for transporting animals that are not eligible to travel in the aircraft cabin. The program offers airport-to-airport travel for animals to nearly 300 destinations. Chipotle Mexican Grill, the Mexican food-chain that continues to struggle from its food-borne illness scandal, on Tuesday said it has appointed Chris Brandt as its new Chief Marketing Officer to replace Mark Crumpacker, who resigned last week. Most recently, Brandt worked at Bloomin' Brands, where...
comments powered by Disqus
Follow RTT