Matthews International Corporation (NASDAQ GSM: MATW) has released its financial results for the fourth quarter and fiscal year ended September 30, 2024. The company reported consolidated sales of $446.7 million for the fourth quarter and $1.80 billion for fiscal 2024. These figures represent a decrease of 7.0% and 4.5% respectively from the same periods in the previous year.
The net loss attributable to Matthews International for the fourth quarter was $68.2 million, or $2.21 per share, compared to a net income of $17.7 million, or $0.56 per share, in the same quarter of the previous year. On a non-GAAP adjusted basis, the earnings for the fourth quarter were $0.55 per share, down from $0.96 per share a year ago.
For the entire fiscal year 2024, the company reported a net loss of $59.7 million, or $1.93 per share, compared to a net income of $39.3 million, or $1.26 per share, in fiscal 2023. On a non-GAAP adjusted basis, the earnings for fiscal 2024 were $2.17 per share, down from $2.88 per share in the previous fiscal year.
The adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the fourth quarter was $58.1 million, a decrease of 6.1% from the same period in the previous year. For the entire fiscal year, adjusted EBITDA was $205.2 million, down 9.1% from fiscal 2023.
The company also highlighted its efforts to reduce outstanding debt, with a reduction of $53.8 million during the fourth quarter. Additionally, it completed the refinancing of outstanding senior notes due December 1, 2025.
Notably, the Memorialization segment reported higher adjusted EBITDA for the current quarter despite lower unit volumes, while the SGK Brand Solutions segment reported consecutive quarter sales growth year-over-year. However, the Industrial Technologies segment experienced a decline in sales primarily due to customer delays in the energy business.
Looking ahead to fiscal 2025, the company is cautiously projecting adjusted EBITDA in the range of $205 million to $215 million. It anticipates growth in the Memorialization and SGK Brand Solutions segments, while also expecting recovery in the Industrial Technologies segment.
In the midst of these financial results, Matthews International Corporation has retained J.P. Morgan to evaluate potential strategic alternatives for its portfolio of businesses.
The company will be hosting a conference call and webcast on November 22, 2024, to review its financial and operating results and discuss its corporate strategies and outlook. The market has reacted to these announcements by moving the company's shares 19.9% to a price of $30.56. Check out the company's full 8-K submission here.
