Matthews International Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2016; Provides Tax Rate Guidance for the Fiscal Year 2016
July 29, 2016 at 01:45 am IST
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Matthews International Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2016. For the quarter, the company reported sales of $382,061,000 compared with $364,752,000 for the same period a year ago. Operating profit was $40,670,000 compared with $27,405,000 for the same period a year ago. Income before income taxes was $35,397,000 compared with $32,459,000 for the same period a year ago. Net Income attributable to company was $23,915,000 or $0.73 per diluted share compared with $23,140,000 or $0.70 per diluted share for the same period a year ago. Adjusted EBITDA was $66,987,000 compared with $58,964,000 for the same period a year ago. Adjusted earnings per share was $0.97 compared with $0.88 for the same period a year ago. Higher sales for the current period resulted principally from the acquisition of Aurora and an increase in sales in international markets for the SGK Brand Solutions segment. The net amount of the non-GAAP adjustments for the fiscal 2016 third quarter was $0.24 per share compared to $0.18 for the same quarter a year ago.
For the nine months, the company reported sales of $1,103,469,000 compared with $1,057,730,000 for the same period a year ago. Operating profit was $79,143,000 compared with $72,265,000 for the same period a year ago. Income before income taxes was $61,851,000 compared with $64,600,000 for the same period a year ago. Net Income attributable to company was $42,886,000 or $1.30 per diluted share compared with $46,475,000 or $1.40 per diluted share for the same period a year ago. Adjusted EBITDA was $170,064,000 compared with $154,292,000 for the same period a year ago. Adjusted earnings per share was $2.31 compared with $2.10 for the same period a year ago.
The company is currently estimating an effective tax rate for fiscal 2016 of 31.5%, excluding the benefits.
Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions. The Company operates through three segments: Memorialization, Industrial Technologies and SGK Brand Solutions. The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial technologies segment includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions, product identification and warehouse automation technologies and solutions. The SGK Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.
Matthews International Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2016; Provides Tax Rate Guidance for the Fiscal Year 2016