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 Corp. reports developments from two core global businesses: Memorialization and Industrial Technologies. Memorialization news centers on memorials, caskets, cremation and incineration equipment, cemetery and funeral home customers, pricing, volume trends, acquisitions and productivity initiatives. Industrial Technologies updates include marking technologies, MPERIA® Axian Inkjet systems and proprietary dry battery electrode solutions for battery manufacturing.
Company releases also cover quarterly results, dividends on Class A common stock, debt refinancing and debt reduction, the Propelis brand solutions investment, governance actions approved at shareholder meetings and arbitration-related disclosures tied to dry battery electrode equipment.
On October 28, 2020, SGK, a division of Matthews International Corporation (NASDAQ: MATW), announced a comprehensive rebranding to emphasize its role as a global packaging and brand experience provider. The rebranding integrates its previous brands—Anthem, Brandimage, IDL, Marque, and Schawk—under one unified identity set to launch in early 2021. The initiative accompanies an organizational redesign aimed at enhancing creativity and efficiency. SGK's president highlighted their longstanding commitment to innovation in packaging production while reflecting on their evolving market strategy.
Matthews International Corporation (NASDAQ: MATW) has appointed Lillian Etzkorn to its Board of Directors, effective October 1, 2020. Ms. Etzkorn, currently the CFO of Shiloh Industries, has extensive experience in financial leadership, having served as CFO at CPI Card Group and held senior roles at Dana Inc. and Ford Motor Company. Her expertise is expected to enhance Matthews’ financial strategy. Etzkorn will initially join the Audit Committee.
Matthews International Corporation (NASDAQ: MATW) reported its financial results for Q3 FY2020, showing a decrease in consolidated sales to $359.4 million, down 5.2% year-over-year. The net income dropped significantly to $2.3 million ($0.07 per share), an 84.5% decline compared to $14.6 million in Q3 FY2019. Noteworthy was a substantial debt reduction of $104.9 million and strong operating cash flow exceeding $57 million. The Memorialization segment saw revenue growth, while the SGK Brand Solutions and Industrial Technologies segments experienced declines due to COVID-19 impacts. Adjusted EBITDA fell to $49.4 million.
Matthews International Corporation (NASDAQ: MATW) has declared a dividend of $0.21 per share, payable on August 17, 2020, to stockholders of record by August 3, 2020. The company operates across three segments: SGK Brand Solutions, Memorialization, and Industrial Technologies, employing approximately 11,000 people worldwide. The dividend declaration reflects the company's commitment to returning value to shareholders amidst ongoing economic uncertainties and operational challenges.
Matthews International Corporation (MATW) will release its third quarter fiscal 2020 earnings results after market close on July 30, 2020. A conference call is scheduled for July 31, 2020, at 9:00 a.m. ET to discuss the financial results and future outlook, featuring CEO Joseph C. Bartolacci and CFO Steven F. Nicola. Investors can access the call via phone or through a webcast, with a replay available until August 14, 2020. Matthews International operates globally across brand solutions, memorialization products, and industrial technologies, employing around 11,000 people in over 25 countries.
On June 26, 2020, Matthews International Corporation (MATW) sold its noncontrolling interest in a pet cremation services business for $57.2 million. The sale included $42.2 million in cash and $15.0 million in preferred stock. This transaction aligns with the company's strategy to boost cash flow and reduce debt, especially during the adverse effects of COVID-19. Additionally, the company recently sold a property for $11.25 million, expected to significantly lower its consolidated net debt by the end of fiscal 2020.