01:29 PM EDT, 08/02/2024 (MT Newswires) -- Matthews International ( MATW ) shares retreated 5.1% in recent Friday trading, a day after the company reported lower fiscal Q3 results.

The company reported non-GAAP earnings late Thursday of $0.56 per share, down from $0.74 a year earlier.

Two analysts polled by Capital IQ expected $0.56.

Sales for the quarter ended June 30 were $427.8 million, down from $471.9 million a year earlier.

Two analysts surveyed by Capital IQ expected $450.1 million.

Chief Executive Joseph Bartolacci said the company is expected to launch cutting-cost initiatives in fiscal Q4 to achieve total savings of at least $50 million annually, with the largest share expected to come from engineering and tooling operations in Europe.

Price: 26.63, Change: -1.43, Percent Change: -5.08