Stock Monitor: Shutterfly Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 05, 2018 / Active-Investors.com has just released a free earnings report on Matthews International Corp. (NASDAQ: MATW) (“Matthews”). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MATW. Matthews reported its first quarter fiscal 2018 operating and financial results on January 25, 2018. The casket and memorial manufacturer outperformed top- and bottom-line expectations and raised its non-GAAP earnings guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Matthews International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the quarter ended December 31, 2017, Matthews' consolidated sales totaled $369.5 million, up 6% compared to sales of $349.0 million for Q1 FY17. The y-o-y improvement in sales was attributed to impact of recent acquisitions, higher sales of marking products, and cremation equipment, and favorable changes in foreign currency rates. The Company's reported numbers exceeded analysts' expectations by $13.66 million.
Matthews' consolidated operating profit was $17.9 million for Q1 FY18 compared to $19.1 million in Q1 FY17. The decrease in operating income primarily reflected higher intangible amortization expense related to recent acquisitions, the impact of lower sales in the North America and Europe brand markets and a decline in memorial and casket sales volumes.
For Q1 FY18, Matthews reported net income of $35.2 million, or $1.10 per share, compared to $10.3 million, or $0.32 per share, in Q1 FY17. The Company's reported quarter results included favorable impact of recent acquisitions including continued acquisition synergy realization, a reduction in acquisition-related charges, and preliminary estimated benefits from recent US Federal tax regulation changes. On a non-GAAP adjusted basis, Matthews' earnings were $0.64 per share for Q1 FY18 compared to $0.66 per share in Q1 FY17, and came in ahead of Wall Street's estimates of $0.61 per share.
Matthews International's Segment Results
During Q1 FY18, sales for the SGK Brand Solutions segment grew 9.1% to $191.8 million compared to $175.8 million in Q1 FY17. The increase principally resulted from higher sales in the segment's UK and Asia/Pacific markets, the benefit of recent acquisitions, and changes in foreign currency exchange rates which had a favorable impact of $6.0 million on the segment's sales. In the reported quarter, operating profit for the SGK Brand Solutions segment was $3.2 million compared to $4.2 million for the year ago same period. The decrease in segment's operating profit reflected lower sales, excluding the impact of acquisitions and an increase of approximately $1.5 million in intangible amortization.
For Q1 FY18, Matthews' sales from the Industrial Technologies segment jumped 18.9% to $32.8 million compared to $27.6 million in Q1 FY17, driven by higher sales of marking products as well as recent acquisitions. Changes in foreign currency exchange rates had a favorable impact of $530,000 on the segment's sales in the reported quarter. Operating profit for the industrial technology segment for Q1 FY18 was $318,000 compared to $506,000 for Q1 FY17, as the benefit of higher sales were offset by an increase in intangible amortization related to recently completed acquisitions and investments in the segment's product development project.
During Q1 FY18, the Memorialization segment sales were marginally lower at $144.9 million compared to $145.6 million in Q1 FY17. Higher sales of cremation equipment and related products were offset by lower sales volumes of caskets and memorials, reflecting an estimated decline in US casketed deaths. Memorialization segment's operating profit for the reported quarter was $14.5 million compared to $14.4 million in the year earlier quarter. The increase in the segment's operating profit reflected the benefit of acquisition synergies and other productivity initiatives and higher cremation equipment sales.
Matthews announced that it is raising its expectations for fiscal 2018, and it is targeting an increase in the Company's non-GAAP earnings per share of better than 10% over fiscal 2017, attributed to improving trends in its operations and order backlogs and the impact of current acquisitions.
Stock Performance Snapshot
February 02, 2018 - At Friday's closing bell, Matthews International's stock dropped 1.98%, ending the trading session at $54.40.
Volume traded for the day: 217.71 thousand shares, which was above the 3-month average volume of 159.21 thousand shares.
Stock performance in the last month – up 2.45%; and year-to-date – up 3.03%
After last Friday's close, Matthews International's market cap was at $1.78 billion.
Price to Earnings (P/E) ratio was at 17.51.
The stock has a dividend yield of 1.40%.
The stock is part of the Services sector, categorized under the Personal Services industry.
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