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Matthews International Corporation (MATW-0.99%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports total sales of $1.80 billion for fiscal 2024, a decrease from $1.88 billion in fiscal 2023. The decline in sales was primarily due to lower sales in the Industrial Technologies and Memorialization segments.
Memorialization segment sales were $829.7 million, down from $843.0 million in fiscal 2023, due to lower unit sales of caskets and cremation equipment, partially offset by improved price realization and higher mausoleum sales.
Industrial Technologies segment sales were $433.2 million, a decrease from $505.8 million in fiscal 2023, reflecting lower sales of purpose-built engineered products and warehouse automation solutions.
SGK Brand Solutions segment sales were $532.9 million, slightly up from $532.1 million in fiscal 2023, driven by higher sales of cylinder products and improved price realization.
The company reported a gross profit of $529.7 million, down from $577.7 million in fiscal 2023, with a gross profit margin of 29.5%. The decrease was attributed to lower sales and higher material and labor costs.
Adjusted EBITDA for fiscal 2024 was $205.2 million, compared to $225.8 million in fiscal 2023. The decrease was primarily due to lower sales and higher costs in the Industrial Technologies segment.
Interest expense increased to $50.5 million from $44.6 million in fiscal 2023, reflecting higher average interest rates and increased borrowing levels.
The company recorded a net loss of $59.7 million for fiscal 2024, compared to net income of $39.1 million in fiscal 2023. The loss included a goodwill write-down of $16.7 million in the Industrial Technologies segment.
Matthews International reported total assets of $1.83 billion as of September 30, 2024, with a decrease in shareholders' equity to $437.2 million from $525.3 million at the end of fiscal 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Matthews International Corporation annual 10-K report dated November 22, 2024. To report an error, please email earnings@qz.com.