Matthews International Corp. (MATW) reported that its first-quarter net income attributable to the Company was $11.3 million, down from $13.2 million in the year ago quarter. Earnings per share for the fiscal 2012 first quarter were $0.40 per share, compared to $0.45 per share for the same quarter a year ago.
On a non-GAAP adjusted basis, earnings for the latest quarter were $0.47 per share, compared to $0.49 per share a year ago quarter.
Sales for the fiscal 2012 first quarter increased approximately 5% to $217.2 million, compared to $207.3 million in the same quarter a year ago. The increase was principally attributable to sales growth in the Company's Brand Solutions businesses and Cremation segment, and the impact of recent acquisitions.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share on revenues of $213.04 million for the quarter. Analysts' estimates typically exclude special items.
The company said that its board declared at its regularly scheduled meeting today a dividend of $0.09 per share on the Company's common stock for the quarter ended December 31, 2011. The dividend is payable February 20, 2012 to stockholders of record February 6, 2012.
" we expect our recent acquisitions to favorably impact fiscal 2012 results. In November 2011, we provided guidance that fiscal 2012 earnings were projected to grow in the mid-single digit percentage range over fiscal 2011 (excluding unusual items from both years). Based on the fiscal 2012 first quarter operating results and our current forecasts, we are maintaining our projections at this time, " said Joseph Bartolacci, President and Chief Executive Officer.
Analysts expect the company to report earnings of $2.57 per share for fiscal 2012.
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