Matthews Int'l Profit Rises - Update

(RTTNews) - Matthews International Corp. (MATW), a maker of funeral related products, Thursday reported a higher fourth-quarter profit as better volumes and acquisitions lifted revenue by about ten percent. However, quarterly earnings missed Wall Street estimates by a penny, while revenue were above expectations.

Moving forward, the company provided a weak adjusted earnings guidance for 2014. Its board also announced a 10 percent increase in quarterly dividend to $0.11 per share.

Pittsburgh, Pennsylvania-based Matthews International makes products such as memorials and caskets.

For the fourth quarter, the company reported net income of $14.4 million or $0.52 per share, up from $13 million or $0.47 per share last year.

Excluding items, adjusted earnings for the quarter were $0.74 per share, compared with $0.61 per share a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter grew about 10 percent to $252.7 million from $230 million a year ago, but missed analysts' expectations of $251.65 million.

In Funeral Home Products segment, casket volumes improved, while Cremation segment gained on volumes in North America. Also helping results were the acquisitions of Pyramid Controls and Wetzel Holding AG.

For fiscal 2014, the company estimates adjusted earnings of $2.62 to $2.70 per share, while analysts expect $2.76 per share.

The company's stock closed Thursday at $40.74, down $0.20 or 0.49%, on the Nasdaq In after hours, the stock gained $0.05 or 0.12%.