Matthews Int'l Q2 Profit Tops Estimate; Backs FY14 EPS View

(RTTNews) - Matthews International Corp. (MATW) reported net income for the second quarter of $11.3 million or $0.41 per share, compared to $14.2 million or $0.51 per share for the year-ago quarter.

Excluding items, adjusted earnings for the second quarter were $0.59 per share, compared to $0.61 per share in the prior year quarter.

Sales for the second quarter fell to $246.8 million from $256.4 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.58 per share on revenue of $250.87 million for the second quarter. Analysts' estimates typically exclude special items.

Matthews International also declared a dividend of $0.11 per share for the second quarter, payable on May 12 to shareholders of record on April 28.

Looking forward, the company maintained its fiscal 2014 adjusted earnings guidance of $2.62 to $2.70 per share. Analysts currently expect the company to earn $265 per share for the fiscal year 2014.