Matthews International Reports Results for Fiscal 2024 First Quarter
- Consolidated sales increased by $0.7 million, or 0.2%, compared to the same quarter a year ago.
- Adjusted EBITDA for SGK Brand Solutions was higher than a year ago.
- The company renewed its $750 million revolving credit facility in January 2024.
- Backlog for the energy storage solutions business exceeded $100 million at the end of the current quarter.
- Net loss attributable to the Company for the quarter ended December 31, 2023 was $2.3 million, or $0.07 per share, compared to income of $3.7 million, or $0.12 per share in the prior year.
- Non-GAAP adjusted earnings for the fiscal 2024 first quarter were $0.37 per share, compared to $0.53 per share a year ago.
- Adjusted EBITDA for the fiscal 2024 first quarter was $45.5 million, compared to $49.3 million a year ago.
Insights
The reported marginal increase in consolidated sales for Matthews International Corporation is a subtle indicator of the company's stability in revenue generation. However, the concern arises from the net loss reported, a stark contrast to the net income from the previous year. The transition from a net income of $3.7 million to a net loss of $2.3 million underscores a significant downturn in profitability. This shift is further accentuated by the decline in non-GAAP adjusted net income and EPS, which could suggest operational challenges or increased costs that are not immediately apparent from the top-line figures.
Furthermore, the renewal of the $750 million revolving credit facility could be seen as a strategic move to maintain liquidity. The unchanged terms and extended maturity to 2029 provide the company with a stable line of credit to manage cash flow or invest in capital expenditures. However, investors might be concerned about the company's future interest obligations and how they might affect net income, as indicated by the higher interest expense contributing to the decrease in adjusted earnings.
Matthews International's performance in different segments provides a mixed outlook on market demand and sector-specific trends. The growth in the Industrial Technologies and Memorialization segments suggests resilience and possibly an effective strategy in capturing market share or benefiting from industry tailwinds, such as the acquisition of Eagle Granite. Nonetheless, the decline in casket sales due to lower death rates indicates a reversion to mean after the exceptional circumstances of the COVID-19 pandemic, which could normalize sales volumes in the long term.
The reported backlog exceeding $100 million in the energy business is a robust indicator of demand and future revenue potential. Still, the caveat provided by the company regarding the timing of order execution highlights the volatility and unpredictability associated with large, long-term projects. This can create uncertainty for investors trying to gauge the company's performance in the forthcoming quarters.
The modest 0.2% increase in sales juxtaposed with a significant net loss and a decrease in adjusted EBITDA suggests that Matthews International may be facing macroeconomic headwinds or operational inefficiencies. The impact of foreign currency exchange rates also plays a role in the financial results, with a favorable impact this quarter. However, such fluctuations can be double-edged, potentially posing risks in future reporting periods.
Investors should also consider broader economic factors such as inflationary pressures, which could affect both the cost structure of the company and the purchasing power of its customers. The unchanged fiscal 2024 outlook, despite the challenges faced in the first quarter, may reflect management's confidence in their strategic initiatives and the underlying strength of their market position. Yet, the caution expressed regarding the predictability of growth levels indicates that external economic conditions could still significantly influence the company's performance.
Fiscal 2024 First Quarter Financial Highlights:
- Consolidated sales of
$450.0 million , compared to$449.2 million a year ago - Industrial Technologies and Memorialization report another quarter of sales growth
- Adjusted EBITDA for SGK Brand Solutions higher than a year ago
- Company renews
$750 million revolving credit facility in January 2024 - Fiscal 2024 outlook remains unchanged
PITTSBURGH, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its first quarter of fiscal 2024.
In discussing the results for the Company’s fiscal 2024 first quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated:
“Our operating performance for the fiscal 2024 first quarter was generally in line with our expectations across our businesses, except energy solutions. As we advised last quarter, the timing of activity in our energy business can have a significant influence on our quarterly results, and it did in the first quarter of fiscal 2024.
“The Industrial Technologies segment reported another quarter of sales growth compared to a year ago primarily reflecting the continued growth of our energy business. Although higher than a year ago, energy sales for the current quarter were well below anticipated levels. Customer readiness has affected the timing of our equipment projects, which significantly impacted sales for the current quarter. As we believe the challenges underlying the delays will be resolved, we currently expect this shift in timing to remain primarily within the current fiscal year.
“In addition, sales for our product identification and surfaces businesses in the Industrial Technologies segment increased for the current quarter. Sales for the warehouse automation business were lower for the current quarter; this business is typically slower in our fiscal first quarter due to the holiday shopping season.
“Our Memorialization segment reported higher sales for the fiscal 2024 first quarter compared to a year ago, primarily reflecting an increase in sales of granite memorial products and the impact of the recent acquisition of Eagle Granite. Casket sales declined reflecting lower death rates for the current quarter compared to a year ago which still included excess COVID-related deaths.
“The SGK Brand Solutions segment performed well for the fiscal 2024 first quarter. Sales in the U.S. and Asia-Pacific brand markets were relatively stable compared with a year ago, although we continued to see softness in our European brand markets. Most of the segment’s change for the quarter related to the timing of projects in our retail-based business. Adjusted EBITDA for the segment was higher than a year ago, primarily reflecting improved pricing and realized benefits from our recent cost reduction actions.
“Additionally, we renewed our
“With respect to our fiscal 2024 outlook, we are continuing to target growth in consolidated sales and adjusted EBITDA over fiscal 2023. Customer interest in our energy storage solutions remains strong. Our backlog in this business, which reflects orders from multiple customers, exceeded
| First Quarter Fiscal 2024 Consolidated Results (Unaudited) | ||||||||||||||
| ($ in millions, except per share data) | Q1 FY2024 | Q1 FY2023 | Change | % Change | ||||||||||
| Sales | $ | 450.0 | $ | 449.2 | $ | 0.7 | 0.2 | % | ||||||
| Net (loss) income attributable to Matthews | $ | (2.3 | ) | $ | 3.7 | $ | (6.0 | ) | (162.2 | ) | % | |||
| Diluted (loss) earnings per share | $ | (0.07 | ) | $ | 0.12 | $ | (0.19 | ) | (158.3 | ) | % | |||
| Non-GAAP adjusted net income | $ | 11.3 | $ | 16.4 | $ | (5.1 | ) | (31.0 | ) | % | ||||
| Non-GAAP adjusted EPS | $ | 0.37 | $ | 0.53 | $ | (0.16 | ) | (30.2 | ) | % | ||||
| Adjusted EBITDA | $ | 45.5 | $ | 49.3 | $ | (3.8 | ) | (7.7 | ) | % | ||||
| Note: See the attached tables for additional important disclosures regarding Matthews’ use of non-GAAP measures as well as reconciliations of non-GAAP measures to corresponding GAAP measures. | ||||||||||||||
Consolidated sales for the quarter ended December 31, 2023 were
Net loss attributable to the Company for the quarter ended December 31, 2023 was
Webcast
The Company will host a conference call and webcast on Friday, February 2, 2024 at 9:00 a.m. Eastern Time to review its financial and operating results and discuss its corporate strategies and outlook. A question-and-answer session will follow. The conference call can be accessed by dialing (201) 689-8471. The audio webcast can be monitored at www.matw.com. As soon as available after the call, a transcript of the call will be posted on the Investor Relations section of the Company’s website at www.matw.com.
About Matthews International Corporation
Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets, cremation-related products, and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. 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, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and provide value. The Company has approximately 12,000 employees in more than 30 countries on six continents that are committed to delivering the highest quality products and services.
Forward-looking Information
Any forward-looking statements contained in this release are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as “expects,” “believes,” “intends,” “projects,” “anticipates,” “estimates,” “plans,” “seeks,” “forecasts,” “predicts,” “objective,” “targets,” “potential,” “outlook,” “may,” “will,” “could” or the negative of these terms, other comparable terminology and variations thereof. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from management’s expectations, and no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company’s operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as supply chain disruptions, labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions and divestitures, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine, and other factors described in the Company’s Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission.
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data) | |||||||||||
| Three Months Ended December 31, | |||||||||||
| 2023 | 2022 | % Change | |||||||||
| Sales | $ | 449,986 | $ | 449,240 | 0.2 | % | |||||
| Cost of sales | (317,633 | ) | (310,310 | ) | 2.4 | % | |||||
| Gross profit | 132,353 | 138,930 | (4.7 | ) | % | ||||||
| Gross margin | 29.4 | % | 30.9 | % | |||||||
| Selling and administrative expenses | (113,131 | ) | (111,360 | ) | 1.6 | % | |||||
| Amortization of intangible assets | (9,795 | ) | (10,342 | ) | (5.3 | ) | % | ||||
| Operating profit | 9,427 | 17,228 | (45.3 | ) | % | ||||||
| Operating margin | 2.1 | % | 3.8 | % | |||||||
| Interest and other deductions, net | (12,456 | ) | (12,269 | ) | 1.5 | % | |||||
| (Loss) income before income taxes | (3,029 | ) | 4,959 | (161.1 | ) | % | |||||
| Income taxes | 726 | (1,312 | ) | (155.3 | ) | % | |||||
| Net (loss) income | (2,303 | ) | 3,647 | (163.1 | ) | % | |||||
| Non-controlling interests | — | 56 | (100.0 | ) | % | ||||||
| Net income (loss) attributable to Matthews | $ | (2,303 | ) | $ | 3,703 | (162.2 | ) | % | |||
| Earnings (loss) per share -- diluted | $ | (0.07 | ) | $ | 0.12 | (158.3 | ) | % | |||
| Earnings per share -- non-GAAP(1) | $ | 0.37 | $ | 0.53 | (30.2 | ) | % | ||||
| Dividends declared per share | $ | 0.24 | $ | 0.23 | 4.3 | % | |||||
| Diluted Shares | 30,915 | 30,953 | |||||||||
| (1)See reconciliation of non-GAAP financial information provided in tables at the end of this release | |||||||||||
| SEGMENT INFORMATION (Unaudited) (In thousands) | |||||||
| Three Months Ended December 31, | |||||||
| 2023 | 2022 | ||||||
| Sales: | |||||||
| Memorialization | $ | 208,071 | $ | 206,502 | |||
| Industrial Technologies | 111,374 | 109,143 | |||||
| SGK Brand Solutions | 130,541 | 133,595 | |||||
| $ | 449,986 | $ | 449,240 | ||||
| Adjusted EBITDA: | |||||||
| Memorialization | $ | 36,700 | $ | 39,137 | |||
| Industrial Technologies | 9,622 | 12,202 | |||||
| SGK Brand Solutions | 12,893 | 12,232 | |||||
| Corporate and Non-Operating | (13,733 | ) | (14,280 | ) | |||
| Total Adjusted EBITDA(1) | $ | 45,482 | $ | 49,291 | |||
| (1)See reconciliation of non-GAAP financial information provided in tables at the end of this release | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited) (In thousands) | |||||||
| December 31, 2023 | September 30, 2023 | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 37,921 | $ | 42,101 | |||
| Accounts receivable, net | 216,402 | 207,526 | |||||
| Inventories, net | 257,836 | 260,409 | |||||
| Other current assets | 145,904 | 138,221 | |||||
| Total current assets | 658,063 | 648,257 | |||||
| Property, plant and equipment, net | 281,839 | 270,326 | |||||
| Goodwill | 708,961 | 698,109 | |||||
| Other intangible assets, net | 151,342 | 160,478 | |||||
| Other long-term assets | 102,920 | 110,211 | |||||
| Total assets | $ | 1,903,125 | $ | 1,887,381 | |||
| LIABILITIES | |||||||
| Long-term debt, current maturities | $ | 4,948 | $ | 3,696 | |||
| Other current liabilities | 344,255 | 390,904 | |||||
| Total current liabilities | 349,203 | 394,600 | |||||
| Long-term debt | 857,423 | 786,484 | |||||
| Other long-term liabilities | 187,690 | 181,016 | |||||
| Total liabilities | 1,394,316 | 1,362,100 | |||||
| SHAREHOLDERS' EQUITY | |||||||
| Total shareholders' equity | 508,809 | 525,281 | |||||
| Total liabilities and shareholders' equity | $ | 1,903,125 | $ | 1,887,381 | |||
| CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited) (In thousands) | |||||||
| Three Months Ended December 31, | |||||||
| 2023 | 2022 | ||||||
| Cash flows from operating activities: | |||||||
| Net (loss) income | $ | (2,303 | ) | $ | 3,647 | ||
| Adjustments to reconcile net (loss) income to net cash flows from operating activities: | |||||||
| Depreciation and amortization | 23,523 | 23,729 | |||||
| Changes in working capital items | (51,640 | ) | (43,152 | ) | |||
| Other operating activities | 3,154 | (20,448 | ) | ||||
| Net cash used in operating activities | (27,266 | ) | (36,224 | ) | |||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (14,073 | ) | (12,398 | ) | |||
| Acquisitions, net of cash acquired | — | (1,759 | ) | ||||
| Other investing activities | (113 | ) | 4 | ||||
| Net cash used in investing activities | (14,186 | ) | (14,153 | ) | |||
| Cash flows from financing activities: | |||||||
| Net payments from long-term debt | 62,579 | 32,722 | |||||
| Purchases of treasury stock | (17,185 | ) | (2,451 | ) | |||
| Dividends | (9,280 | ) | (7,003 | ) | |||
| Other financing activities | — | (946 | ) | ||||
| Net cash provided by financing activities | 36,114 | 22,322 | |||||
| Effect of exchange rate changes on cash | 1,158 | 1,757 | |||||
| Net change in cash and cash equivalents | $ | (4,180 | ) | $ | (26,298 | ) | |
Reconciliations of Non-GAAP Financial Measures
Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS, constant currency sales, constant currency adjusted EBITDA, net debt and net debt leverage ratio. The Company defines net debt leverage ratio as outstanding debt (net of cash) relative to adjusted EBITDA. The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations including acquisition and divestiture costs, ERP integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Constant currency sales and constant currency adjusted EBITDA remove the impact of changes due to foreign exchange translation rates. To calculate sales and adjusted EBITDA on a constant currency basis, amounts for periods in the current fiscal year are translated into U.S. dollars using exchange rates applicable to the comparable periods of the prior fiscal year. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company's core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company's calculations of its non-GAAP financial measures, however, may not be comparable to similarly titled measures reported by other companies. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provide investors with an additional understanding of the factors and trends affecting the Company’s business that could not be obtained absent these disclosures.
| ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) | |||||||
| Three Months Ended December 31, | |||||||
| 2023 | 2022 | ||||||
| Net (loss) income | $ | (2,303 | ) | $ | 3,647 | ||
| Income tax (benefit) provision | (726 | ) | 1,312 | ||||
| (Loss) income before income taxes | $ | (3,029 | ) | $ | 4,959 | ||
| Net loss attributable to noncontrolling interests | — | 56 | |||||
| Interest expense, including RPA and factoring financing fees(1) | 12,751 | 10,671 | |||||
| Depreciation and amortization* | 23,523 | 23,729 | |||||
| Acquisition and divestiture related items(2)** | 1,237 | 1,285 | |||||
| Strategic initiatives and other charges(3)** | 5,920 | 1,781 | |||||
| Highly inflationary accounting losses (primarily non-cash)(4) | 320 | 1,088 | |||||
| Stock-based compensation | 4,651 | 4,334 | |||||
| Non-service pension and postretirement expense(5) | 109 | 1,388 | |||||
| Total Adjusted EBITDA | $ | 45,482 | $ | 49,291 | |||
| Adjusted EBITDA margin | 10.1 | % | 11.0 | % | |||
| (1) Includes fees for receivables sold under the RPA and factoring arrangements totaling | |||||||
| (2) Includes certain non-recurring items associated with recent acquisition and divestiture activities. | |||||||
| (3) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. | |||||||
| (4) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. | |||||||
| (5) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. | |||||||
* Depreciation and amortization was
** Acquisition and divestiture costs, ERP integration costs, and strategic initiatives and other charges were
| ADJUSTED NET INCOME AND EPS RECONCILIATION (Unaudited) (In thousands, except per share data) | |||||||||||
| Three Months Ended December 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| per share | per share | ||||||||||
| Net (loss) income attributable to Matthews | $ | (2,303 | ) | $ | (0.07 | ) | $ | 3,703 | $ | 0.12 | |
| Acquisition and divestiture costs(1) | 899 | 0.03 | 1,062 | 0.03 | |||||||
| Strategic initiatives and other charges(2) | 5,004 | 0.16 | 1,787 | 0.06 | |||||||
| Highly inflationary accounting losses (primarily non-cash)(3) | 320 | 0.01 | 1,088 | 0.04 | |||||||
| Non-service pension and postretirement expense(4) | 81 | — | 1,041 | 0.03 | |||||||
| Amortization | 7,346 | 0.24 | 7,757 | 0.25 | |||||||
| Adjusted net income | $ | 11,347 | $ | 0.37 | $ | 16,438 | $ | 0.53 | |||
| Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of | |||||||||||
| (1)Includes certain non-recurring costs associated with recent acquisition and divestiture activities. | |||||||||||
| (2)Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. | |||||||||||
| (3)Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. | |||||||||||
| (4)Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. | |||||||||||
| CONSTANT CURRENCY SALES AND ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) | ||||||||||||||||||
| Memorialization | Industrial Technologies | SGK Brand Solutions | Corporate and Non-Operating | Consolidated | ||||||||||||||
| Reported sales for the three months ended December 31, 2023 | $ | 208,071 | $ | 111,374 | $ | 130,541 | $ | — | $ | 449,986 | ||||||||
| Changes in foreign exchange translation rates | (381 | ) | (3,731 | ) | (969 | ) | — | (5,081 | ) | |||||||||
| Constant currency sales for the three months ended December 31, 2023 | $ | 207,690 | $ | 107,643 | $ | 129,572 | $ | — | $ | 444,905 | ||||||||
| Reported adjusted EBITDA for the three months ended December 31, 2023 | $ | 36,700 | $ | 9,622 | $ | 12,893 | $ | (13,733 | ) | $ | 45,482 | ||||||||
| Changes in foreign exchange translation rates | 34 | (405 | ) | 142 | (125 | ) | (354 | ) | |||||||||||
| Constant currency adjusted EBITDA for the three months ended December 31, 2023 | $ | 36,734 | $ | 9,217 | $ | 13,035 | $ | (13,858 | ) | $ | 45,128 | ||||||||
| NET DEBT AND NET DEBT LEVERAGE RATIO RECONCILIATION (Unaudited) (Dollars in thousands) | ||||||||
| December 31, 2023 | September 30, 2023 | |||||||
| Long-term debt, current maturities | $ | 4,948 | $ | 3,696 | ||||
| Long-term debt | 857,423 | 786,484 | ||||||
| Total debt | 862,371 | 790,180 | ||||||
| Less: Cash and cash equivalents | (37,921 | ) | (42,101 | ) | ||||
| Net Debt | $ | 824,450 | $ | 748,079 | ||||
| Adjusted EBITDA (trailing 12 months) | $ | 222,000 | $ | 225,809 | ||||
| Net Debt Leverage Ratio | 3.7 | 3.3 | ||||||
Matthews International Corporation
Corporate Office
Two NorthShore Center
Pittsburgh, PA 15212-5851
Phone: (412) 442-8200
| Contact: | Steven F. Nicola | William D. Wilson | |
| Chief Financial Officer and Secretary | Senior Director, Corporate Development |
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