Matthews International Corporation (NASDAQ:MATW) Q1 2024 Earnings Conference Call February 2, 2024 9:00 AM ET

Company Participants

William Wilson - Senior Director Corporate Development & Investor Relations

Joseph Bartolacci - President & CEO

Steven Nicola - CFO

Conference Call Participants

Daniel Moore - CJS Securities

Liam Burke - B. Riley Securities

Operator

Good morning. Welcome to Matthews International's First Quarter Fiscal 2024 Financial Results Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Bill Wilson, Senior Director of Corporate Development. Thank you. You may begin.

William Wilson

Great. Thank you, Sherry. Good morning, everyone and welcome to the Matthews International first quarter and fiscal year 2024 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 Investor section last night. The presentation for our call can also be accessed in Investor section of the website. 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.

Now I will turn the call over to Joe.

Joseph Bartolacci

Thank you, Bill. Good morning. Despite the EBITDA shortfall versus prior year, we are pleased with our fiscal '24 first quarter results. All of our businesses exceeded our internal expectations, except energy which saw delays in our projected deliveries for our largest customer, which are outside of our control.

Overall, we reported a modest increase in consolidated sales to $450 million this quarter from $449 million in the first quarter of fiscal '23. We cautioned last quarter, however, customer readiness to accept our equipment throughout the year will be and in this quarter clearly was the primary factor behind the performance of the energy business, as delays have impacted the timing of anticipated revenues for our fiscal '24 first quarter.