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Suffice it to say that if you are in a C-Suite office at Matthews International you probably have a lot on your plate right now. Amidst other items that we will report on later including a large shareholder’s discontent leading to Board member nominations, the sale process of the SGK Brand segment, and an on-going dispute with Tesla in the company’s Industrial Technologoy segment the company reported their Fiscal Year 2025 1st Quarter report last Thursday.
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In general, total sales for Matthews International dropped 10.7% in comparison to the 1st Quarter of Fiscal Year 2024. According to the press release of the company’s 1st Quarter, which you can access here, total sales for 1Q2025 came in at $401.8 million as compared $450.0 million in 1Q2024 — that’s a dollar volume drop of $48.2 million.
The company’s Memorialization segment registered sales of $190.5 million for the 1st Quarter of 2025 as compared to recorded sales of $208.1 million for the same period of FY2024 — a drop of about 8.5% for the segment. It should also be noted that Matthews International operates on a Fiscal Year calendar in which their first quarter reports results of October thru December 2024.
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The company was able to hold up their Memorialization segment EBITDA for 1Q25 as they registered an EBITDA of $36.6 million on those sales of $190.5 million which is a better percentage (19.2%) than that of 1Q2024 where they recorded an EBITDA of $36.7 million (17.6%) on Memorialization segment sales of $208.1 million.
In prepared statements in the press release about the Memorialization segment Matthews International CEO Joseph Bartolacci made these comments, “Adjusted EBITDA for the Memorialization segment was relatively unchanged compared to the first quarter last year. The segment reported lower sales compared to last year primarily reflecting the impact of lower U.S. deaths and the prior year included sales in connection with a reduction in backlog of granite memorials. However, the impact of these declines on adjusted EBITDA for the current quarter was mitigated by the benefits from ongoing productivity and cost reduction initiatives and improved price realization.”
We finance caskets CLICK HERE and send it directly to the funeral home of your choice. Or go directly to the application HERE.
Other company news from Matthews International:
February 6 — “Matthews International announces positive ruling in arbitration with Tesla”. Press Release
February 3 — “Matthews highlights significant shareholder support and underscores Board’s commitment to Long-term value creation.” Press Release
More news from the world of Death Care:
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