Matthews International Shows Q1 Profits

Casket maker Matthews International Corp (MATW.O) posted a better-than-expected quarterly profit, helped by recent acquisitions and favorable foreign exchange impact and reaffirmed its outlook for 2010.

The company said net income for the first quarter ended Dec. 31 was $13.7 million, or 43 cents per share, compared with net income of $11.3 million, or 37 cents a share, a year ago.

Revenue rose marginally to $193 million.

Analysts on average were expecting earnings of 41 cents per share on revenue of $190.6 million, according to Thomson Reuters I/B/E/S.

In November, the company had said it expected its earnings for fiscal 2010 to be at a level relatively consistent with 2009 earnings, excluding unusual items.

“I believe the current market conditions will continue to be challenging for most of our businesses,” Chief Executive Joseph Bartolacci said in a statement.

Shares of the Pittsburgh, Pennsylvania-based company closed at $34.01 Thursday on Nasdaq.

Source: Reuters.com