Welcome to our dedicated page for Matthews International news (Ticker: MATW), a resource for investors and traders seeking the latest updates and insights on Matthews International stock.
Matthews International Corporation (MATW) is a leading provider of brand solution services, memorialization products, and industrial products. Established over a century ago, the company has grown and diversified, now operating through three main business segments: Brand Solutions, Memorialization, and Industrial. These segments collectively generate over $1.4 billion in sales annually and boast a workforce of more than 10,000 employees spanning six continents.
Brand Solutions focuses on managing brand standards across all packaging components. The acquisition of SGK, a prominent brand development, activation, and deployment company, has further strengthened Matthews' capabilities in this sector. SGK operates in over 20 countries, driving brand performance for consumer packaged goods and packaging industries. The services offered include brand development, creative design, printing equipment, and embossing tools.
Memorialization is another cornerstone of Matthews' operations, with a legacy of over 150 years in the industry. The company provides a comprehensive range of products and services to cemeteries and funeral homes, including bronze and granite memorials, caskets, and cremation equipment. This segment is built on a foundation of quality and customer service, key aspects that have sustained its leadership position over the decades.
The Industrial segment caters to various markets with high-quality products and services. Although this segment is less highlighted compared to Brand Solutions and Memorialization, its contribution remains significant.
Financially, Matthews International is strong, with a significant portion of its revenue generated from the U.S. market, supported by a notable European customer base. The company's continuous focus on quality improvement in every business facet ensures sustained growth and market leadership.
For more detailed and up-to-date information, including the latest news and financial results, visit Matthews International Corporation's official website or contact their corporate office.
Barington Capital Group, owning approximately 2% of Matthews International (MATW), has filed a preliminary proxy statement to nominate three directors to Matthews' Board at the 2025 Annual Meeting. The nominees are Ana B. Amicarella, Chan W. Galbato, and James Mitarotonda.
The action follows what Barington describes as years of stock price underperformance, poor capital allocation, and excessive spending under CEO Joseph Bartolacci's 18-year tenure. Barington calls for a new CEO and a refreshed, declassified Board to enhance shareholder value. The investment firm cites Matthews' underperformance compared to its peer group, the S&P 500, and the Russell 2000.
Matthews International (MATW) has responded to Barington Capital's recent statement and nomination notice, highlighting strong performance across its core businesses. The company reports improvements in its Memorialization segment through pricing actions and strategic acquisitions, while SGK achieved three consecutive quarters of higher sequential sales. The Industrial Technologies segment anticipates demand recovery in fiscal 2025, and the Energy Solutions business maintains strong interest in its innovative solutions.
The company has retained J.P. Morgan to evaluate strategic alternatives and recently declared its 31st consecutive annual dividend increase. Under CEO Joseph Bartolacci's leadership, Matthews has grown from $700 million to $1.8 billion in revenues. The company maintains an active dialogue with Barington Capital, though recent attempts to continue consulting were unsuccessful.
Barington Capital Group, owning approximately 2% of Matthews International (NASDAQ: MATW), has sent a letter to the company's Board Chairman demanding immediate leadership changes and strategic reforms. The activist investor criticizes CEO Joseph Bartolacci's 18-year tenure, citing a 20.2% share price decline, increased debt, and poor capital returns.
Barington recommends several key actions: exploring divestiture of the SGK Brand Solutions segment, reviewing Warehouse Automation and Product Identification businesses, increasing cost reduction targets from $50M to $80M, and reducing debt. The investor has nominated three directors for the 2025 annual meeting and calls for declassifying the staggered Board.
Matthews International (MATW) reported Q4 FY2024 consolidated sales of $446.7 million, down 7% from $480.2 million in Q4 FY2023. Full-year sales reached $1.80 billion, a 4.5% decrease from prior year. The company reported a Q4 net loss of $68.2 million, compared to net income of $17.7 million last year. Adjusted EBITDA for Q4 was $58.1 million, down from $61.9 million. The company reduced outstanding debt by $53.8 million during the quarter and set FY2025 adjusted EBITDA guidance of $205-215 million. Notable developments include ongoing cost reduction programs, improved performance in SGK Brand Solutions, and customer delays in the energy business.
Matthews International (NASDAQ: MATW) has announced a quarterly dividend increase to $0.25 per share on its common stock. This marks the company's 31st consecutive annual dividend increase since becoming publicly traded. The dividend will be payable on December 16, 2024, to stockholders of record as of December 2, 2024. The company's CEO expressed confidence in their cash generation capabilities and long-term growth strategies.
Matthews International (MATW) has announced it will release its fourth quarter and fiscal year 2024 earnings results after market close on Thursday, November 21, 2024. The company will host a conference call and webcast on Friday, November 22, 2024, at 9:00 a.m. Eastern Time to discuss financial and operating results, as well as its outlook. President and CEO Joseph C. Bartolacci and CFO Steven F. Nicola will participate in the call, which will include a question-and-answer session. A transcript will be posted in the Investor Relations section of the company's website following the call.
Matthews International (NASDAQ GSM: MATW) has successfully completed a $300 million private offering of 8.625% senior secured second lien notes due 2027. The notes, which closed on September 27, 2024, will pay interest semi-annually and mature on October 1, 2027. They are callable in one year, providing flexibility in the current high-interest rate environment.
The company plans to use the net proceeds, along with borrowings under its senior credit facility, to redeem all outstanding senior notes due December 1, 2025. This redemption is scheduled for around October 24, 2024. CEO Mr. Bartolacci expressed satisfaction with the well-oversubscribed offering, highlighting its role in maintaining the company's financial stability and supporting strategic business plans.
Matthews International (NASDAQ GSM: MATW) has priced a private offering of $300 million in 8.625% senior secured second lien notes due 2027. The notes will pay interest semi-annually, starting April 1, 2025, and mature on October 1, 2027. The offering is expected to close on September 27, 2024.
The company plans to use the net proceeds, along with borrowings from its senior credit facility, to redeem all outstanding 5.25% senior notes due December 1, 2025. This redemption is scheduled for around October 24, 2024. The proceeds will also cover accrued and unpaid interest on the existing 2025 notes and satisfy the indenture governing them.
This announcement is not an offer to sell or solicitation to buy the notes, which will only be offered through a private offering memorandum.
Matthews International (NASDAQ GSM: MATW) has announced a proposed private offering of senior secured second lien notes due 2027. The company plans to amend its senior credit facility to allow these notes to be secured by a second priority lien on substantially all assets of the company and certain domestic subsidiaries. MATW intends to use the net proceeds, along with borrowings under its senior credit facility, to redeem all outstanding 5.25% senior notes due December 1, 2025, pay accrued and unpaid interest, and satisfy the indenture governing these existing notes.
The new notes will be offered and sold only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act. This announcement does not constitute an offer to sell or a solicitation of an offer to buy the notes, nor does it serve as a redemption notice for the existing 2025 notes.
Matthews International (NASDAQ: MATW) reported financial results for its fiscal 2024 third quarter. Key highlights include:
- Outstanding debt reduced by $12.6 million during the quarter
- Q3 GAAP EPS of $0.06; non-GAAP adjusted EPS of $0.56
- SGK Brand Solutions segment reports sales growth
- Energy storage sales impacted by customer delays
- Cost reduction initiatives announced
The company's consolidated sales decreased 9.3% to $427.8 million. Net income attributable to Matthews was $1.8 million, down from $8.7 million in the prior year. Adjusted EBITDA for Q3 was $44.7 million, compared to $56.2 million a year ago. The company projects fiscal 2024 adjusted EBITDA to be in the range of $205 million to $210 million.
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