Matthews International Corp. (MATW) reported second-quarter net income attributable to the company of $14.2 million, or $0.51 per share. On an adjusted basis, earnings for the current quarter were $0.61 per share. The company said its earnings for the quarter were impacted by unusual items which included costs in connection with the recent strategic initiatives, an impairment of certain intangible assets, and a gain on the final settlement of an acquisition. Net income attributable to the company was $15.3 million, or $0.54 per share, for the prior year quarter.
The company reported higher sales, gross profit and lower operating profit for the quarter, compared to the prior year quarter. Consolidated sales were $256.4 million compared to $225.5 million a year ago, representing an increase of 13.7%. The company said the increase in consolidated sales resulted from higher sales in all of the company's segments, reflecting volume growth in several businesses and the benefit of recent acquisitions.
On average, four analysts polled by Thomson Reuters expected the company to report profit of $0.60 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $244.14 million for the quarter.
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