Matthews International Corporation (NASDAQ:MATW) Q2 2022 Earnings Conference Call April 29, 2022 9:00 AM ET
Company Participants
William D. Wilson - Senior Director, Corporate Development
Joseph C. Bartolacci - President and CEO
Steven F. Nicola - CFO and Secretary
Conference Call Participants
Daniel Moore - CJS Securities
Liam Burke - B. Riley Securities
Christopher McGinnis - Sidoti & Company
Justin Bergner - Gabelli Funds
Operator
Greetings and welcome to Matthews International Second Quarter Fiscal Year 2022 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Bill Wilson, Senior Director of Corporate Development. Thank you sir, you may begin.
William D. Wilson
Thank you Christine. Good morning everyone and welcome to the Matthews International second quarter fiscal year 2022 earnings conference call. This is Bill Wilson, Senior Director of Corporate Development. With me today are Joe Bartolacci, President and Chief Executive Officer and Steve Nicola, our Chief Financial Officer. Before we start, I would like to remind you that our earnings release was posted on our website, www.matw.com, in the Investors section last night. The presentation for our call can also be accessed in the Investors section of the website.
In addition, as a reminder, beginning in the first quarter of fiscal 2022 the company transferred its surfaces and engineered products businesses from the SGK Brand Solutions segment to the Industrial Technology segment. Prior period results reflect the new segmentation. As a reminder, any forward-looking statements in connection with this discussion are being made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors that could cause the company’s results to differ from those discussed today are set forth in the company’s Annual Report on Form 10-K and other periodic filings with the SEC. In addition, we will be discussing non-GAAP financial metrics and encourage you to read our disclosures and reconciliation tables carefully as you consider these metrics. In connection with any forward-looking statements and non-GAAP financial information, please read the disclaimer included in today’s presentation materials located on our website. And now I will turn the call over to Steve.
Steven F. Nicola
Thank you Bill. Good morning. In reviewing our results for the fiscal 2022 second quarter some of the key highlights included. First, we reported a record for quarterly sales and another consecutive quarter of year-over-year consolidated sales growth. Consolidated sales increased to $445 million for the current quarter compared to $417.2 million a year ago representing an increase of $27.8 million or 6.7%. Each of our business segments reported sales growth for the quarter. Second, the company's industrial technology segment which includes the energy solutions, warehouse automation, and product identification businesses reported sales of $78.2 million for the fiscal 2022 second quarter compared to $65.3 million last year representing an increase of $12.9 million or almost 20%. Adjusted EBITDA for this segment grew to $14.4 million compared $8.3 million last year. These increases were mainly driven by continued growth in our energy solutions business and higher warehouse automation and product identification sales.