S&P snips Matthews International

S&P said it lowered its ratings for Matthews International Corp. to BB- from BB.

The lower rating primarily reflects the elevated risk in the business due to difficult-to-predict results in the industrial technologies segment and less diversification from the SGK segment, resulting in business and credit metrics that are more comparable to BB- peers, S&P said.

“We now expect flattish overall revenue growth in 2024, improving to the low-single-digit percent area in 2025 and 2026, but S&P Global Ratings-adjusted EBITDA to decline $10 million-$15 million in 2024 compared with 2023, about $30 million lower than our previous estimate due to order delays in the energy storage business,” the agency said in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.