The following is a summary of the Matthews International Corporation (MATW) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Matthews International reported Q2 2024 net income of $9 million, consistent with the previous year. Non-GAAP adjusted earnings increased to $0.69 per share.

• Consolidated sales slightly decreased to $471.2 million from $479.6 million from a year ago.

• Adjusted EBITDA reached $56.8 million.

• Debt reduction is targeted as priority with expected improvement in leverage ratio by year-end. The company projects their adjusted EBITDA for fiscal 2024 to be around $220 million.

Business Progress:

• Sales and EBITDA remained steady, with promise shown in Memorialization and SGK's digital endeavours.

• Despite lower sales in the warehouse automation business, growth is expected to follow suit in the future.

• The company's Industrial Technologies segment showed a dip in sales however, future investment in dry battery electrode production looks promising.

• Mixed performance reported across sectors, with challenges especially in the warehouse sector. However, new orders in energy side and good performance in the SGK and product identification businesses are promising.

• Future business prospects include the launch of a new product in the product identification sector and negotiations with unions to adjust compensation and headcount in the auto engineering business.

More details: Matthews International IR

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