If you dig deep into Matthews International NYSE:MATW)Numbers you find More Funeral Industry decline. Matthews is honest in reporting their numbers and has a long history of doing business outside the funeral industry. Hillenbrand Inc, has recently sent almost half a billion dollars in it’s purchase of K-Tron, a non funeral business. Hillenbrand is the parent Company of Batesville Casket Co which is the largest casket company in North America.
Profit did rise significantly but this was due to asset acquisition and other adjustments and readily admitted by the CEO. Not real growth, The honesty on the part of Matthews International is greatly appreciated. It is a contrast to that of Service Corporation International, Stewart Enterprises Inc, and Batesville Casket Co.
For the fiscal 2010 second quarter, reported sales for each of our Memorialization segments were higher than a year ago. For the Bronze and Casket segments, acquisitions were the primary factor in the improvement. Excluding acquisitions, sales for both of these businesses declined, reflecting a lower casketed death rate. Based on available data, U.S. death rates were estimated to have declined approximately 4% compared to the same quarter a year ago, with the casketed death rate (non-cremation) estimated to have declined over 6%. Second quarter sales for the Cremation segment increased over the prior year primarily as a result of growth in European equipment sales.
Funeral Industry|Funeral News|Funeral Blog by Your Funeral Guy
Matthews International Corp. saw profit jump 25 percent in the second quarter over the same period a year ago beating Wall Street expectations…….
Sales in the quarter were also up slightly by 1.8 percent to $200.9 million, due primarily to acquisitions and a favorable currency exchange, the company said in a statement.