Matthews International Corp. Files 2024 10-K

TL;DR

MATW 2024 10-K filed. Full year financials out.

AI Summary

Matthews International Corp. filed its 10-K for the fiscal year ending September 30, 2024. The company, incorporated in Pennsylvania and headquartered in Pittsburgh, operates in the nonferrous foundries sector. Key financial data and reporting periods are detailed within the filing, which covers fiscal years 2021 through 2024.

Why It Matters

This filing provides a comprehensive overview of Matthews International Corp.'s financial performance and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently contain new, high-risk information.

Key Numbers

• 2024 — Fiscal Year End (Reporting period for the 10-K filing.)
• 2023 — Previous Fiscal Year End (For comparative financial analysis.)
• 2022 — Prior Fiscal Year End (For trend analysis.)
• 2021 — Earlier Fiscal Year End (For longer-term trend analysis.)

Key Players & Entities

• MATTHEWS INTERNATIONAL CORP (company) — Filer
• 0000063296 (company) — Central Index Key
• 20240930 (date) — Fiscal Year End
• PITTSBURGH (location) — Company Headquarters
• PA (location) — State of Incorporation

FAQ

Key Financial Figures

• $1.00 — which registered Class A Common Stock, $1.00 par value MATW Nasdaq Global Select Mar

Filing Documents

• matw-20240930.htm (10-K) — 2501KB
• ex19matthewsinternationalc.htm (EX-19) — 148KB
• matw_93024xex21.htm (EX-21) — 105KB
• matw_93024xex231.htm (EX-23.1) — 6KB
• matw_93024xex311.htm (EX-31.1) — 7KB
• matw_93024xex312.htm (EX-31.2) — 7KB
• matw_93024xex321.htm (EX-32.1) — 5KB
• matw_93024xex322.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 3KB
• matw-20240930_g1.jpg (GRAPHIC) — 126KB
• 0000063296-24-000094.txt ( ) — 14845KB
• matw-20240930.xsd (EX-101.SCH) — 77KB
• matw-20240930_cal.xml (EX-101.CAL) — 148KB
• matw-20240930_def.xml (EX-101.DEF) — 457KB
• matw-20240930_lab.xml (EX-101.LAB) — 1095KB
• matw-20240930_pre.xml (EX-101.PRE) — 799KB
• matw-20240930_htm.xml (XML) — 2556KB

BUSINESS

ITEM 1. BUSINESS. Matthews, founded in 1850 and incorporated in Pennsylvania in 1902, is a global provider of memorialization products, industrial technologies and brand solutions. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. Industrial Technologies includes the design, manufacturing, service and sales of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, dcor and tissue industries. SGK Brand Solutions consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries. 2

BUSINESS, (continued)

ITEM 1. BUSINESS, (continued) The Company manages its business under three reporting segments, Memorialization, Industrial Technologies, and SGK Brand Solutions. The following table sets forth reported sales for the Company's business segments for the past three fiscal years. Detailed financial information relating to business segments and to domestic and international operations is presented in Note 21, "Segment Information" in Item 8 - "Financial Statements and Supplemental Data." Years Ended September 30, 2024 2023 2022 Sales to external customers: (Dollar amounts in thousands) Memorialization $ 829,731 $ 842,997 $ 840,124 Industrial Technologies 433,156 505,751 335,523 SGK Brand Solutions 532,850 532,148 586,756 Consolidated Sales $ 1,795,737 $ 1,880,896 $ 1,762,403 In fiscal 2024, approximately 66% of the Company's sales were made from North America, 29% were made from Europe, 4% were made from Asia, and 1% were made from other regions. For further information on segments, see Note 21, "Segment Information" in Item 8 - "Financial Statements and Supplementary Data." Memorialization segment products are sold throughout the world, with the segment's principal operations located in North America, Europe, and Australia. The Industrial Technologies segment sells equipment and consumables directly to industrial consumers and distributors in North America and internationally through the Company's subsidiaries in Sweden, Germany and China, and other foreign distributors. Matthews owns a minority interest in Industrial Technologies product distributors in Asia, Australia and Europe. Products and services of the SGK Brand Solutions segment are sold throughout the world, with principal locations in North America, Europe and Asia. Memorialization: The Memorialization segment manufactures and markets a full line of memorialization products used primarily in cemeteries, funeral homes and crematories. The segment's products, which are sold principally in North

BUSINESS, (continued)

ITEM 1. BUSINESS, (continued) Metal caskets are made from various gauges of cold-rolled steel, stainless steel, copper and bronze. Metal caskets are generally categorized by whether the casket is non-gasketed or gasketed, and by material (i.e., bronze, copper, or steel) and in the case of steel, by the gauge (thickness) of the metal. Wood caskets are primarily manufactured from nine different species of wood. The species of wood used are poplar, pine, ash, oak, pecan, maple, cherry, walnut and mahogany. The Memorialization segment is a leading manufacturer of all-wood constructed caskets, which are manufactured using pegged and dowelled construction, and include no metal parts. Cremation caskets are made primarily from wood or cardboard covered with cloth or veneer. These caskets appeal primarily to cremation consumers, environmentally concerned consumers and value buyers. The Memorialization segment produces casket components, which include stamped metal parts, metal locking mechanisms for gasketed metal caskets and adjustable beds. Metal casket parts are produced by stamping cold-rolled steel, stainless steel, copper and bronze sheets into casket component parts. Locking mechanisms and adjustable beds are produced by stamping and assembling a variety of steel parts. The segment purchases various species of uncured wood from sawmills and lumber distributors, which it dries and cures before being processed into casket components. The segment provides product and service assortment planning, as well as merchandising and display products to funeral service businesses. The Memorialization segment develops and sells technology solutions that help funeral homes manage their businesses and serve families through these digital platforms. Solutions are delivered as software as a service and include funeral home management systems and web-based arrangement and presentation systems. These products assist funeral service professionals in providing information, value and

BUSINESS, (continued)

ITEM 1. BUSINESS, (continued) Raw materials used by the Memorialization segment to manufacture memorials consist principally of bronze and aluminum ingot, granite, sheet metal, coating materials, photopolymers and construction materials and are generally available in adequate supply. Ingot is obtained from various North American, European and Australian smelters. The primary materials required for casket manufacturing are cold-rolled steel and lumber. The segment also purchases copper, bronze, stainless steel, particleboard, corrugated materials, paper veneer, cloth, ornamental hardware and coating materials. Purchase orders or supply agreements are typically negotiated with steel suppliers that have demonstrated timely delivery, high quality material and competitive prices. Lumber is purchased from a number of sawmills and lumber distributors. Raw materials used to manufacture cremation and incineration products consist principally of structural steel, sheet metal, electrical components, combustion devices and refractory materials. These are generally available in adequate supply from numerous suppliers. Competition from other manufacturers of memorial products is based on reputation, product quality, delivery, price, and design availability. The Company believes that its superior quality, broad product lines, innovative designs, delivery capability, customer responsiveness, experienced personnel and consumer-oriented merchandising systems are competitive advantages in its markets. Competition in the mausoleum construction industry includes various construction companies throughout North America and is based on design, quality and price. Competitors in the architectural market are numerous and include companies that manufacture cast and painted signs, plastic materials, sand-blasted wood and other fabricated products. The Memorialization segment markets its casket products in the United States through a combination of Company-owned and independent casket dist

BUSINESS, (continued)

ITEM 1. BUSINESS, (continued) The energy storage solutions business has grown over the last few years, primarily reflecting demand for batteries for use in electric vehicles. The segment has over a decade of experience in developing dry electrode battery solutions. Dry electrode technology makes producing lithium-ion batteries less expensive than the wet electrode process, and is also more environmentally sustainable. These factors could contribute to increased utilization of dry electrode batteries in the electric vehicle market, and thus greater demand for this form of battery production in the future. Product identification systems range from stand-alone marking products to complex ink-jet printing systems that integrate into a customer's production process. The Company manufactures and markets products and systems that employ different marking technologies, including laser and ink-jet printing. These technologies apply product information required for identification and traceability, as well as to facilitate inventory and quality control, regulatory compliance and brand name communication. The segment also develops innovative, custom solutions to address specific customer requirements in a variety of industries, including oil field services and security scanning. Warehouse automation systems complement the tracking and distribution of a customer's products with automated order fulfillment technologies, and controls for material handling systems. Material handling customers include some of the largest retail, e-commerce, and third-party logistics companies in the United States. A portion of the revenue of the Industrial Technologies segment is attributable to the sale of consumables and replacement parts required by the marking, coding and tracking products sold by Matthews. The Company develops inks exclusively for the use with its marking equipment, which is critical to ensure ongoing equipment reliability and mark quality. The principal customers for

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