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World champions South Africa hammered Wales 45-12 in Cardiff on Saturday to condemn Warren Gatland's team to a 12th consecutive Test defeat and a winless calendar year for the first time since 1937. The Springboks were dominant throughout at the Principality Stadium, scoring seven tries to two in a relentless display that matched attacking accuracy with defensive brutality and set-piece mastery. The result meant the Boks, who wrapped up the Rugby Championship title this year, finish their season with 11 victories from 13 Tests, having used a whopping 52 players and scoring 57 tries. "The first two games we weren't happy, there was so much we could have done better," Springbok captain Siya Kolisi told TNT Sports of opening November victories over Scotland and England. "Results are important but it's how you do things." It was also the first time South Africa have won all their matches on their November tour since 2013 and means they will see in 2025 as World Rugby's number one ranked country. The Boks' sole losses were one-point defeats by Argentina and Ireland, a record of which Gatland and his backroom staff could only dream. Wales' last victory came over pool opponents Georgia in October 2023 at the Rugby World Cup, with Gatland having to blood a raft of inexperienced players after a host of seniors hung up their boots. The pre-match entertainment included choirs singing "Yma O Hyd", the Dafydd Iwan folk song that has become the go-to song for Welsh football's "Red Wall" support. Ironically, it translates into English as "Still Here", albeit in reference to Wales and the Welsh language and not Gatland per se. The Welsh Rugby Union has its AGM on Sunday where discussions are expected on the New Zealander's future. "You don't make a decision straight after a game," said Gatland. "Let's just see what happens over the next few days." Wales captain Dewi Lake told TNT Sports his side had showed "a lot of heart and character". "They are double world champions, that's not for no reason," he said. "We have to keep the faith, the second we lose our faith in ourselves then it's pointless us stepping on the field, we can definitely see a light at the end of the tunnel." The scene was set within the opening eight frantic minutes in the Welsh capital as the visiting lock pair of Franco Mostert and Eben Etzebeth each crossed for a try after deft attacking lead-up play by Kurt-Lee Arendse on both occasions. Kolisi was held up over the line by James Botham, but the Boks fired back to the Welsh line and Arendse got his just rewards for his strong start, stepping inside Blair Murray's attempted tackle with ease. Jordan Hendrikse converted two of the three tries to make it 19-0 after the opening quarter. Murray did well to hold up Aphelele Fassi over the line and Kolisi had a try disallowed, but the toll on Wales was beginning to show. How long could their defence hold out? Not long as the Boks promptly pushed Wales off their own ball at scrum time and flanker Elrigh Louw barged over for the visitors' fourth five-pointer after a quick tap penalty by Jasper Wiese. A rare Welsh incursion into the opposition half saw the home side, wearing white to avoid a colour-blindness clash with the green of South Africa, go for an attacking line-out, but the Boks repelled two 12-man mauls. The ball was eventually moved wide and Welsh winger Rio Dyer showed a brilliant flash of raw pace to scorch the defence for a fine individual try. Sam Costelow missed the conversion to leave the score 26-5 at half-time. Fassi crossed for South Africa's fifth try after the outstanding Arendse split the Welsh line early in the second period. A raft of replacements for both sides gave Wales a degree of respite, but it was not long before Gerhard Steenkamp was driven over from short range. Things turned scrappy and the 67,236-strong crowd turned attention away from the action and Welsh hymns to foot-stomping Mexican waves, always a sure sign the game was well and over as a contest. Hendrikse crossed for the Boks' seventh try and converted for a personal game tally of 15 points before a Botham consolation try converted by Ben Thomas. In other Test action, New Zealand saw off Italy 29-11 in their final match of the year as Sam Cane was given a winning farewell to international rugby in Turin. Cam Roigard, Will Jordan, Mark Tele'a and Beauden Barrett scored the tries as the All Blacks beat Italy for the 18th consecutive time, with fly-half Barrett kicking the rest visitors' points. Cane closed out his Test career with 104 caps, and T-J Perenara also played his final All Blacks match as a second half substitute. (AFP)Matteo Colombo Real Estate Weekly Outlook U.S. equity markets rebounded this week while benchmark interest rates hovered around four-month highs as investors weighed a relatively strong slate of domestic economic data and solid retail and tech earnings results against heightened Read The Full Report on iREIT+Hoya iREIT+HOYA Capital is the premier income-focused investing service on Seeking Alpha. Our focus is on income-producing asset classes that offer the opportunity for sustainable portfolio income , diversification , and inflation hedging . Get started with a Free Two-Week Trial and take a look at our top ideas across our exclusive income-focused portfolios. With a focus on REITs, ETFs, Preferreds, and 'Dividend Champions' across asset classes, members gain complete access to our research and our suite of trackers and portfolios targeting premium dividend yields up to 10%. Alex Pettee is President and Director of Research and ETFs at Hoya Capital. Hoya manages institutional and individual portfolios of publicly traded real estate securities. Alex leads the investing group iREIT®+HOYA Capital . The service features a team of analysts focusing on real income-producing asset classes that offer the opportunity for reliable income, diversification, and inflation hedging. Learn More . Analyst’s Disclosure: I/we have a beneficial long position in the shares of RIET, HOMZ, ALL HOLDINGS IN THE INCOME BUILDER FOCUSED INCOME AND DIVIDEND GROWTH PORTFOLIOS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. 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A complete list of holdings and additional important disclosures is available at www.HoyaCapital.com. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Drop in Boxing Day footfall ‘signals return to declining pre-pandemic levels’
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Mother-of-three, 54, dies in Bolivia after drinking 'psychedelic drug-laced tea' hailed by Prince Harry as helping him after Princess Diana's death By ROBERT FOLKER Published: 21:36, 23 November 2024 | Updated: 21:50, 23 November 2024 e-mail 11 shares View comments A British mother has died at a Bolivian retreat that specialises in the psychedelic drug ayahuasca. Social worker Maureen Rainford booked a ten-day stay last month at the Ayahuasca and San Pedro Pisatahua Retreat, an Amazon commune billed as a wellness and detox retreat. The family of the mum-of-three, who paid £800 for the trip, stressed that she was fit and healthy ahead of the visit. Her daughter Rochel, 32, was told by a resort official named Eric that Ms Rainford suffered a 'medical emergency' while on site. Others told her that her mother collapsed ten minutes after drinking the ayahuasca and she was complaining of feeling ill as her breathing and heart rate dropped. It is the same drug that Prince Harry admitted to taking to help him cope after the death of his mother Princess Diana . Ayahuasca is a bitter-tasting drink made from the bark of a vine and the leaves of a bush found in the Amazon rainforest that contain N-N-dimethyltryptamine (DMT), a hallucinogenic. Social worker Maureen Rainford, 54, (pictured) booked a ten-day stay at the Ayahuasca and San Pedro Pisatahua Retreat, an Amazon commune billed as a wellness and detox retreat It is the same drug that Prince Harry admitted to taking to help him cope after his mother Princess Diana's death Her daughter Rochel, 32, was told her that her mother collapsed ten minutes after drinking the ayahuasca. Pictured: Part of the preparation process of ayahuasca tea Despite CPR efforts Ms Rainford died an hour after she collapsed with a doctor not arriving until after, the family heard. Rochel told The Sun on Sunday: 'There should be a trained medic on standby when hallucinogenic drugs are being handed out in a remote area. 'Eric tried to insist that she must be cremated in Bolivia as her body would decompose, but I did not want any cover-up.' Ms Rainford's body was returned after Rochel said she contacted the he British consulate. A post-mortem confirmed that she suffered a heart attack. Her funeral was held last week with East London's coroner being informed of the death. The substance has long been used for spiritual and religious purposes by tribes in the Amazon and is considered sacred by some communities. Prince Harry admitted he had a 'positive' experience of the psychedelic drug ayahuasca following the death of his mother Princess Diana (pictured with a young Prince Harry) Despite CPR efforts Ms Rainford died an hour she collapsed with a doctor not arriving until after, the family heard A spokesman for the retreat said 'her passing was due to a medical emergency that was not related to ayahuasca' before adding that 'our heart goes out to her family'. Prince Harry has previously been criticised for talking about his 'positive' experience of the psychedelic drug ayahuasca, saying it 'brought me a sense of relaxation, release, comfort, a lightness that I managed to hold on to for a period of time'. In a previous interview, Prince Harry said he would not recommended taking the substance recreationally. But he added: 'Doing it with the right people if you are suffering from a huge amount of loss, grief or trauma, then these things have a way of working as a medicine.' Prince Harry Share or comment on this article: Mother-of-three, 54, dies in Bolivia after drinking 'psychedelic drug-laced tea' hailed by Prince Harry as helping him after Princess Diana's death e-mail 11 shares Add commentRape allegation against Jay-Z will not affect NFL relationship, says chief
Britney Spears has been dating Paul Soliz on-again and off-again. According to the latest findings of In Touch , Paul’s ex-wife, Nicole Mancilla, has been able to track down estranged husband for months. Nonetheless, Nicole had asked the court to not dismiss the divorce she filed against Paul in October after eight years of marriage. In her petition, she filed “irreconcilable differences” as the reason for the split. As fans will be aware, the 38-year-old contractor, met Britney Spears in 2022 while doing maintenance work at her mansion. However, the 42-year-old songstress’ inner circle reportedly does not trust Paul due to his criminal record. “But he always weasels his way back in. Paul has taken on the job of Brit’s social media manager, and now he has some of his kids [he has nine total] living at her house,” the source also dished, Before conclusion, they maintained that Britney is ignoring the red flags, which could leave her shattered and heartbroken once again.
Ruben Amorim is joining a Man Utd in chaos... the mess behind the scenes will make him wish he never left Sporting
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49ers made a pair of inexplicable defensive mistakes against PackersIT'S taken just 11 months for some Manchester United fans to turn on minority co-owner Sir Jim Ratcliffe. And doubters in the Old Trafford faithful will no doubt be left even more frustrated when they find out what could've been under the Qatari administration, who had plans to revolutionise the club in just THREE DAYS. Fan pressure and soaring costs saw the majority owning Glazer family announce that they were open to selling United in November 2022. And Qatari billionaire banker Sheikh Jassim bin Hamad al-Thani, entered the race to buy Britain's biggest football club. After months of speculation, Sheikh Jassim's final £4.5billion offer for full control was shunned by the Glazers , in favour of Britain's richest man Ratcliffe. Ratcliffe's own £1.2bn offer for a 27.7 per cent stake was accepted, and the 72-year-old, a life long fan, was effectively given the keys, taking control of all operations. But things haven't gone to plan, with sporting director Dan Ashworth leaving the club after just five months in his role in the latest of a string of PR disasters. Almost 12 months on, the 'new' United lurches from horror show to another under Ratcliffe and his Ineos officers. Ahead of Sunday's derby at Man City they find themselves in a lowly 13th place in the Premier League. After 15 games they are 16 points behind Liverpool, who spanked them 3-0 at Old Trafford. FOOTBALL FREE BETS AND SIGN UP DEALS But the Mail have now revealed an inside swoop into what could've happened in M16 if the Qatari's were allowed to buy the club outright. Plans for a United rebirth, fuelled by vast wealth and some of the finest sporting and finance brains on earth , had already been carefully drafted. The strategy for 'Project Ruby' saw the Qatari's pledge to announce the takeover on the first day. The removal of ALL of the club's debt would come on the second day. And United would be taken off the New York Stock Exchange and no longer answerable to far-away stakeholders. By day three, Sheikh Jassim would reveal plans for a brand new state-of-the-art stadium. That's it, a clean break in three days to change the club's history and current predicament. As for Old Trafford, there would be no attempt to grab any money from the taxpayer, or confusion over whether this would be a refurbishment or a rebuild. Ratcliffe was reportedly lobbying the government's "Levelling Up" plan to give the north of England a venue to rival Wembley. And the iconic ground continues to rot away, hampered by an embarrassing leaky roof and dead RATS under seats. Under Sheikh Jassim this would have been a more straightforward process. A senior adviser to the Qatari group told the Mail: "The b****y thing would have been fully in-motion now. "A stadium for a football club paid for by a football club and nobody else. And as for the staff Ratcliffe is firing - we would have been hiring." None of the above will be of solace to the United fans – and the large numbers of staff - who had wanted the Sheikh Jassim bid to succeed. Populous, the designers responsible for many of the venues at the 2022 World Cup , had already drawn up plans, which were shared with bidders for United. It can now be disclosed that an 'adaptable' stadium was being seriously considered, with a capacity of between 90,000 and 100,000. Leading commercial property company JLL, based in Manchester city centre, had already been signed up to work on the project. And there was a separate fund planned for the women's team, who would've had their own training centre in Manchester. Leading commercial property company JLL, based in Manchester city centre, had already been signed up to work on the project. Far from being given the sack, Sir Alex Ferguson was to be cherished and invited onto an advisory board. Others, including Class of '92 members David Beckham and Gary Neville, were also being lined up to add their input. But the opposite has come true. Ratcliffe's hated cost-cutting campaign has seen 250 redundancies made and tickets were hiked to £66 for kids and pensioners. He's even turned into the grinch and replaced the £100 staff Christmas bonus with a £40 M&S voucher in his latest money-saving measure. Fans have already protested outside Old Trafford begging to stop being "exploited". But it might not be the end of the story. The advisor told the Mail: "Sheikh Jassim is still a rich guy. "He is still a United fan. He is not going to rush off and try another Premier League club. 'If the opportunity to buy the whole of Manchester United arose again at some point in the future it is hard to see there not being a big level of interest. The plans are still there." SIR JIM RATCLIFFE'S minority takeover at Manchester United was announced on Christmas Eve in 2023 - and a lot has happened at Old Trafford since... December 2023 - Man Utd confirm Ratcliffe's takeover on Christmas Eve, vowing to invest £245m into Old Trafford January 2024 - Ratcliffe and right-hand man Sir Dave Brailsford photographed meeting Erik ten Hag during tour of Carrington January 2024 - Omar Berrada poached from Man City as new CEO February 2024 - Ratcliffe's £1billion, 27.7 per cent takeover officially completed February 2024 - Former CEO Richard Arnold quits board as Ineos pair John Rees and Rob Nevin added March 2024 - Ratcliffe bans words "awesome" and "lukewarm cappuccino" in bizarre move March 2024 - Matt Johnson appointed head of women's football March 2024 - Ratcliffe announces plans to build "Wembley of the North" to replace Old Trafford March 2024 - Man Utd NYSE share price drops to $13.73 on March 21 - down from $20.52 immediately after Ratcliffe takeover in December April 2024 - Senior staff club credit cards and private cars cancelled April 2024 - John Murtough quits as football director April 2024 - Jason Wilcox appointed technical director after compensation package agreed with Southampton May 2024 - Ratcliffe turns Carrington "toxic" after sending email to employees slamming "disgraceful" lack of cleanliness May 2024 - Work finally starts on leaking Old Trafford roof May 2024 - Man Utd finish eighth in Premier League, worst-ever finish May 2024 - Ratcliffe gives employees just one week to decide if they want to accept redundancy May 2024 - Staff forced to pay for own transport to FA Cup final and only given one ticket May 2024 - Pre-match party and hotel for senior staff before FA Cup final axed May 2024 - Man Utd shock rivals Man City to win FA Cup despite suggestions Erik ten Hag will be sacked regardless of result June 2024 - Man Utd announce £50m plans to upgrade Carrington training ground June 2024 - Ratcliffe introduces strict "back to work" policy forcing staff to come into office June 2024 - Ratcliffe scores own goal with comments about women's team July 2024 - Man Utd finally agree deal to bring in Dan Ashworth as sporting director after four months of gardening leave at Newcastle, who received £3m in compensation July 2024 - Erik ten Hag signs shock new contract extension until 2026 July 2024 - Ruud van Nistelrooy and Rene Hake appointed assistant managers, Andreas Georgson first-team coach and Jelle ten Rouwelaar goalkeeper coach. Darren Fletcher's role changes from technical director to first-team coach. Steve McClaren, Mitchell van der Gaag and Benni McCarthy depart. July 2024 - Ex-Chelsea technical director Christopher Vivell joins on short-term basis as interim director of recruitment July 2024 - Jean-Claude Blanc added to Man Utd board July 2024 - Man Utd cut down number of staff on US pre-season tour to 125 July 2024 - Ratcliffe makes 250 redundancies including popular media man John Allen, historian Cliff Butler and kitman Alex Wylie August 2024 - Man Utd splash out £199m in the summer transfer window August 2024 - Matchday staff lunchboxes scrapped and some forced to eat beside toilet October 2024 - Man Utd stop paying £2m-a-year ambassador salary to Sir Alex Ferguson October 2024 - Staff Christmas party cancelled October 2024 - "Back to work" policy costing Utd fortune to convert hospitality suites into temporary offices between home matches October 2024 - Erik ten Hag sacked with club 14th in Premier League table, costing club £15m November 2024 - Ruben Amorim appointed new Man Utd manager on deal until 2027 after stumping up £10m release clause November 2024 - Coach Ruud van Nistelrooy axed by new manager Ruben Amorim November 2024 - Man Utd chiefs locked in blame game over summer shambles including Erik ten Hag situation and transfer signings November 2024 - Ratcliffe reportedly set to half £40,000 budget paid to Manchester United Disabled Supporters Association December 2024 - Ratcliffe admits "mediocre" Man Utd "still in last century" December 2024 - Fans protest after OAP and children concessions tickets ditched and minimum home ticket cost up to £66 December 2024 - Dan Ashworth sacked after five months as sporting director December 2024 - £100 staff Christmas bonus ditched for £40 M&S voucher
Police say suspect in UnitedHealthcare CEO killing wasn't a client of the insurerIt Was Our Rock ‘n’ Roll: the ZX Spectrum Became a 1980s IconCreve Coeur company to merge with global IT and consulting firm
Financial Highlights : 4 th Quarter consolidated sales of $446.7 million; $1.80 billion for fiscal 2024 Outstanding debt reduced by $53.8 million during the quarter Cost reduction actions progressing well Company sets adjusted EBITDA guidance for fiscal 2025 Webcast: Friday, November 22, 2024, 9:00 a.m., (201) 689-8471 PITTSBURGH, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for the quarter and fiscal year ended September 30, 2024. In discussing the Company's results, Joseph C. Bartolacci, President and Chief Executive Officer, stated: "Our consolidated operating results for the fiscal 2024 fourth quarter reflected another quarter of solid performance by our core businesses and, consistent with prior quarters, was impacted by continuing customer delays in our energy business. Our previously announced cost reduction program is now underway, as evidenced by the charges reflected in our GAAP results this quarter, and progressing well. Overall, we were pleased with the consolidated operating results as we again demonstrated the resilience of Matthews and our employees in mitigating the challenges faced by one of our segments. For the year ended September 30, 2024, consolidated adjusted EBITDA was $205.2 million. "The Memorialization segment reported higher adjusted EBITDA for the current quarter despite lower unit volumes, which were related to a decline in U.S. deaths compared to a year ago. Ongoing cost control efforts combined with improved price realization were the key drivers in the improvement in operating margins. This segment has done a tremendous job of maintaining its level of performance over the past several years despite the declines in unit volume following the pandemic. "We are also pleased to report that our SGK Brand Solutions segment reported another consecutive quarter of year-over-year sales growth. This segment has stabilized nicely over the last two years with modest improvements in margins and is continuing its recovery following the global impacts of the pandemic and the European impact of the Russia-Ukraine war. Sales for the segment increased compared to a year ago primarily reflecting improved pricing to mitigate inflationary cost increases, higher sales for the merchandising and private label businesses, and growth in the Asia-Pacific market. "Sales for the Industrial Technologies segment for the fiscal 2024 fourth quarter declined from a year ago primarily resulting from further customer delays in our energy business. The current quarter also reflected a continued soft warehouse automation market; however, order rates have been improving recently which could bode well for a good recovery next fiscal year. "With respect to our cost reduction program, current quarter charges include non-cash goodwill impairment and other asset write-downs primarily in connection with our European operations, in addition to severance and other costs. The program is also targeting general and administrative cost reductions. For our fiscal 2024 fourth quarter, we reported another quarter of lower corporate and non-operating costs compared to a year ago. For the year, corporate and non-operating costs were approximately 5% lower than last year. "During the fiscal 2024 fourth quarter, we reduced our outstanding debt by $53.8 million. In addition, we completed the refinancing of outstanding senior notes due December 1, 2025. Due to current interest rates and the ongoing strategic review of our business portfolio, we opted for a shorter-term bond (three-year maturity) with an ability to call in one year. We are projecting higher operating cash flow next year as our working capital investments in fiscal 2024 begin to convert to operating cash flow, which will be partially mitigated by costs in connection with our cost reduction program. "Looking forward to fiscal 2025, we continue to face the uncertainty of project timing in our Industrial Technologies segment, specifically relating to our energy business. While we currently expect deliveries to be substantially completed during the year, quarterly timing is still difficult to forecast. Our cost reduction programs should mitigate some of this impact. "We expect another solid performance for our Memorialization business in fiscal 2025 as U.S. deaths appear to have generally normalized following COVID and we are projecting continued growth in our cremation-related products sales. Continued growth is also projected for our SGK Brand Solutions segment reflecting ongoing improvement in U.S. market conditions, more stable conditions in Europe, and further growth in the Asia-Pacific region. In the Industrial Technologies segment, our product identification business is projecting growth next year and we should start to realize benefits from the launch of a new printhead product, which is currently scheduled for the latter half of the fiscal year. Also, as noted earlier, recent improving order rates for warehouse automation solutions should support recovery in this business. With these considerations in mind, we remain cautious and are projecting adjusted EBITDA in the range of $205 million to $215 million for fiscal 2025. "Lastly, as growth opportunities for the Industrial Technologies segment continue to emerge, the Company has been exploring strategies with respect to its portfolio of businesses. Accordingly, we have retained J.P. Morgan to support the evaluation of potential strategic alternatives." Fourth Quarter Fiscal 2024 Consolidated Results (Unaudited) ($ in millions, except per share data) Q4 FY2024 Q4 FY2023 Change % Change Sales $ 446.7 $ 480.2 $ (33.5 ) (7.0)% Net (loss) income attributable to Matthews $ (68.2 ) $ 17.7 $ (85.9 ) NM Diluted (loss) earnings per share $ (2.21 ) $ 0.56 $ (2.77 ) NM Non-GAAP adjusted net income $ 16.6 $ 30.3 $ (13.7 ) (45.2)% Non-GAAP adjusted EPS $ 0.55 $ 0.96 $ (0.41 ) NM Adjusted EBITDA $ 58.1 $ 61.9 $ (3.8 ) (6.1)% Note: See the attached tables for additional important disclosures regarding Matthews' use of non-GAAP measures as well as reconciliations of non-GAAP measures to corresponding GAAP measures. Consolidated sales for the fiscal 2024 fourth quarter were $446.7 million, compared to $480.2 million for the fiscal 2023 fourth quarter, representing a decrease of $33.5 million. Net loss attributable to the Company for the quarter ended September 30, 2024 was $68.2 million, or $2.21 per share, compared to net income of $17.7 million, or $0.56 per share, for the same quarter last year. On a non-GAAP adjusted basis, earnings for the fiscal 2024 fourth quarter were $0.55 per share, compared to $0.96 per share a year ago. The net loss on a GAAP basis in the current fiscal quarter primarily reflected asset write-downs, including a goodwill impairment charge, and charges in connection with cost reduction programs. Adjusted EBITDA (net income before interest expense, income taxes, depreciation and amortization, and other adjustments) for the fiscal 2024 fourth quarter was $58.1 million, compared to $61.9 million a year ago, primarily reflecting lower adjusted EBITDA in the Industrial Technologies segment. Fiscal 2024 Consolidated Results (Unaudited) ($ in millions, except per share data) YTD FY2024 YTD FY2023 Change % Change Sales $ 1,795.7 $ 1,880.9 $ (85.2 ) (4.5)% Net (loss) income attributable to Matthews $ (59.7 ) $ 39.3 $ (99.0 ) NM Diluted (loss) earnings per share $ (1.93 ) $ 1.26 $ (3.19 ) NM Non-GAAP adjusted net income $ 67.0 $ 90.1 $ (23.1 ) (25.6)% Non-GAAP adjusted EPS $ 2.17 $ 2.88 $ (0.71 ) (24.7)% Adjusted EBITDA $ 205.2 $ 225.8 $ (20.6 ) (9.1)% Note: See the attached tables for additional important disclosures regarding Matthews' use of non-GAAP measures as well as reconciliations of non-GAAP measures to corresponding GAAP measures. Consolidated sales for the year ended September 30, 2024 were $1.80 billion, compared to $1.88 billion a year ago, representing a decrease of $85.2 million, or 4.5%, from the prior year. Net loss attributable to the Company for the year ended September 30, 2024 was $59.7 million ($1.93 per share), compared to net income of $39.3 million ($1.26 per share) for fiscal 2023. On a non-GAAP adjusted basis, earnings for the year ended September 30, 2024 were $2.17 per share, compared to $2.88 per share last year. The net loss on a GAAP basis for the current fiscal year primarily resulted from asset write-downs, including a goodwill impairment charge, and charges in connection with cost reduction programs. Adjusted EBITDA for the year ended September 30, 2024, was $205.2 million, compared to $225.8 million a year ago. The decrease reflected lower adjusted EBITDA for the Industrial Technologies and Memorialization segments, offset partially by higher adjusted EBITDA for SGK Brand Solutions and lower corporate and other non-operating costs. Webcast The Company will host a conference call and webcast on Friday, November 22, 2024, at 9:00 a.m. Eastern Time to review its financial and operating results and discuss its corporate strategies and outlook. A question-and-answer session will follow. The conference call can be accessed by dialing (201) 689-8471. The audio webcast can be monitored at www.matw.com . As soon as available after the call, a transcript of the call will be posted on the Investor Relations section of the Company's website at www.matw.com . About Matthews International Corporation Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets, cremation-related products, and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment includes the design, manufacturing, service and sales of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and provide value. The Company has over 11,000 employees in more than 30 countries on six continents that are committed to delivering the highest quality products and services. Forward-looking Information Any forward-looking statements contained in this release are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as "expects," "believes," "intends," "projects," "anticipates," "estimates," "plans," "seeks," "forecasts," "predicts," "objective," "targets," "potential," "outlook," "may," "will," "could" or the negative of these terms, other comparable terminology and variations thereof. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations, and no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company's operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as supply chain disruptions, labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions and divestitures, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine, the outcome of the Company's dispute with Tesla, Inc. ("Tesla"), and other factors described in the Company's Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data) Three Months Ended September 30, Year Ended September 30, 2024 2023 % Change 2024 2023 % Change Sales $ 446,695 $ 480,168 (7.0 )% $ 1,795,737 $ 1,880,896 (4.5 )% Cost of sales (329,360 ) (329,354 ) — % (1,266,030 ) (1,303,224 ) (2.9 )% Gross profit 117,335 150,814 (22.2 )% 529,707 577,672 (8.3 )% Gross margin 26.3 % 31.4 % 29.5 % 30.7 % Selling and administrative expenses (141,156 ) (113,931 ) 23.9 % (488,280 ) (447,487 ) 9.1 % Intangible amortization (9,232 ) (10,569 ) (12.7 )% (37,023 ) (42,068 ) (12.0 )% Goodwill write-downs (16,727 ) — 100.0 % (16,727 ) — 100.0 % Operating (loss) profit (49,780 ) 26,314 NM (12,323 ) 88,117 (114.0 )% Operating margin (11.1) % 5.5 % (0.7) % 4.7 % Interest and other, net (17,701 ) (10,983 ) 61.2 % (57,334 ) (47,207 ) 21.5 % (Loss) income before income taxes (67,481 ) 15,331 NM (69,657 ) 40,910 NM Income taxes (680 ) 2,362 (128.8 )% 9,997 (1,774 ) NM Net (loss) income (68,161 ) 17,693 NM (59,660 ) 39,136 NM Non-controlling interests — 30 (100.0 )% — 155 (100.0 )% Net (loss) income attributable to Matthews $ (68,161 ) $ 17,723 NM $ (59,660 ) $ 39,291 NM (Loss) earnings per share -- diluted $ (2.21 ) $ 0.56 NM $ (1.93 ) $ 1.26 NM Earnings per share -- non-GAAP (1) $ 0.55 $ 0.96 NM $ 2.17 $ 2.88 (24.7 )% Dividends declared per share $ 0.24 $ 0.23 4.3 % $ 0.96 $ 0.92 4.3 % Diluted shares 30,910 31,517 30,913 31,289 (1) See reconciliation of non-GAAP financial information provided in tables at the end of this release NM: Not meaningful SEGMENT INFORMATION (Unaudited) (In thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Sales: Memorialization $ 196,840 $ 204,878 $ 829,731 $ 842,997 Industrial Technologies 113,915 140,561 433,156 505,751 SGK Brand Solutions 135,940 134,729 532,850 532,148 $ 446,695 $ 480,168 $ 1,795,737 $ 1,880,896 Adjusted EBITDA: Memorialization $ 40,535 $ 36,890 $ 162,586 $ 163,986 Industrial Technologies 15,870 23,470 39,716 66,278 SGK Brand Solutions 17,303 17,512 61,620 57,128 Corporate and Non-Operating (15,579 ) (15,989 ) (58,765 ) (61,583 ) Total Adjusted EBITDA (1) $ 58,129 $ 61,883 $ 205,157 $ 225,809 (1) See reconciliation of non-GAAP financial information provided in tables at the end of this release CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited) (In thousands) September 30, 2024 September 30, 2023 ASSETS Cash and cash equivalents $ 40,816 $ 42,101 Accounts receivable, net 205,984 207,526 Inventories, net 237,888 260,409 Other current assets 147,855 138,221 Total current assets 632,543 648,257 Property, plant and equipment, net 279,499 270,326 Goodwill 697,123 698,109 Other intangible assets, net 126,026 160,478 Other long-term assets 99,699 110,211 Total assets $ 1,834,890 $ 1,887,381 LIABILITIES Long-term debt, current maturities $ 6,853 $ 3,696 Other current liabilities 427,922 390,904 Total current liabilities 434,775 394,600 Long-term debt 769,614 786,484 Other long-term liabilities 193,295 181,016 Total liabilities 1,397,684 1,362,100 SHAREHOLDERS' EQUITY Total shareholders' equity 437,206 525,281 Total liabilities and shareholders' equity $ 1,834,890 $ 1,887,381 CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited) (In thousands) Year Ended September 30, 2024 2023 Cash flows from operating activities: Net (loss) income $ (59,660 ) $ 39,136 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 94,770 96,530 Changes in working capital items 14,696 (35,503 ) Goodwill write-downs 16,727 — Other operating activities 12,749 (20,639 ) Net cash provided by operating activities 79,282 79,524 Cash flows from investing activities: Capital expenditures (45,218 ) (50,598 ) Acquisitions, net of cash acquired (5,825 ) (15,341 ) Other investing activities 4,075 7,214 Net cash used in investing activities (46,968 ) (58,725 ) Cash flows from financing activities: Net (payments) proceeds from long-term debt (31,338 ) (18,224 ) Purchases of treasury stock (20,574 ) (2,857 ) Dividends (31,409 ) (28,202 ) Other financing activities 48,278 (912 ) Net cash used in financing activities (35,043 ) (50,195 ) Effect of exchange rate changes on cash 1,444 83 Net change in cash, cash equivalents and restricted cash $ (1,285 ) $ (29,313 ) Reconciliations of Non-GAAP Financial Measures Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS, constant currency sales, constant currency adjusted EBITDA, net debt and net debt leverage ratio. The Company defines net debt leverage ratio as outstanding debt (net of cash) relative to adjusted EBITDA. The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company's core operations including acquisition and divestiture costs, ERP integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Constant currency sales and constant currency adjusted EBITDA remove the impact of changes due to foreign exchange translation rates. To calculate sales and adjusted EBITDA on a constant currency basis, amounts for periods in the current fiscal year are translated into U.S. dollars using exchange rates applicable to the comparable periods of the prior fiscal year. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company's core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company's results. The Company's calculations of its non-GAAP financial measures, however, may not be comparable to similarly titled measures reported by other companies. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provide investors with an additional understanding of the factors and trends affecting the Company's business that could not be obtained absent these disclosures. ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Net (loss) income $ (68,161 ) $ 17,693 $ (59,660 ) $ 39,136 Income tax provision (benefit) 680 (2,362 ) (9,997 ) 1,774 (Loss) income before income taxes $ (67,481 ) $ 15,331 $ (69,657 ) $ 40,910 Net loss attributable to noncontrolling interests — 30 — 155 Interest expense, including RPA and factory financing fees (1) 14,825 12,746 55,364 48,690 Depreciation and amortization * 24,329 24,717 94,770 96,530 Acquisition and divestiture related items (2) ** 11 848 5,576 5,293 Strategic initiatives and other charges (3) ** † 48,458 6,168 65,586 13,923 Highly inflationary accounting impacts (primarily non-cash) (4) 132 (1,714 ) 1,027 1,360 Goodwill and asset write-downs (5) 33,574 — 33,574 — Stock-based compensation 4,169 3,673 18,478 17,308 Non-service pension and postretirement expense (6) 112 84 439 1,640 Total Adjusted EBITDA $ 58,129 $ 61,883 $ 205,157 $ 225,809 Adjusted EBITDA margin 13.0 % 12.9 % 11.4 % 12.0 % (1) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1,192 and $1,284 for the three months ended September 30, 2024 and 2023 , respectively, and $4,830 and $4,042 for the fiscal years ended September 30, 2024 and 2023 , respectively. (2) Includes certain non-recurring costs associated with recent acquisition and divestiture activities, and also includes a gain of $1,827 for the three months and fiscal year ended September 30, 2023 related to the divestiture of a business in the Industrial Technologies segment. (3) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives and costs associated with global ERP system integration efforts. Fiscal 2024 also includes legal costs related to an ongoing dispute with Tesla, which totaled $4,261 and $12,399 for the three months and fiscal year ended September 30, 2024, respectively. Fiscal 2023 includes loss recoveries totaling $2,154 for the fiscal year ended September 30, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. (4) Represents exchange gains and losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. (5) Fiscal 2024 includes goodwill write-downs within the Industrial Technologies segment of $16,727 , asset write-downs within the Memorialization segment of $13,716 , and investment write-downs within Corporate and Non-operating of $3,131 . (6) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. * Depreciation and amortization was $7,368 and $6,646 for the Memorialization segment, $6,028 and $5,600 for the Industrial Technologies segment, $9,724 and $11,299 for the SGK Brand Solutions segment, and $1,209 and $1,172 for Corporate and Non-Operating, for the three months ended September 30, 2024 and 2023, respectively. Depreciation and amortization was $27,768 and $23,738 for the Memorialization segment, $23,772 and $23,184 for the Industrial Technologies segment, $38,667 and $44,842 for the SGK Brand Solutions segment, and $4,563 and $4,766 for Corporate and Non-Operating, for the fiscal years ended September 30, 2024 and 2023, respectively. ** Acquisition costs, ERP integration costs, non-recurring/incremental COVID-19 costs, and strategic initiatives and other charges were $1,309 and $22 for the Memorialization segment, $40,069 and $614 for the Industrial Technologies segment, $307 and $3,878 for the SGK Brand Solutions segment, and $6,784 and $2,502 for Corporate and Non-Operating, for the three months ended September 30, 2024 and 2023, respectively. Acquisition costs, ERP integration costs, non-recurring/incremental COVID-19 costs, and strategic initiatives and other charges were $3,514 and $1,002 for the Memorialization segment, $54,357 and $4,108 for the Industrial Technologies segment, $3,001 and $10,905 for the SGK Brand Solutions segment, and $10,290 and $3,201 for Corporate and Non-Operating, for the fiscal years ended September 30, 2024 and 2023, respectively. † Strategic initiatives and other charges includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling $41,353 and $6,003 for the three months ended September 30, 2024 and 2023, respectively. $29,283, $1,492, and $10,578 were presented in cost of sales, selling expense, and administrative expense for the three months ended September 30, 2024, respectively. Charges of $4,925 and $1,429, and a credit of $351 were presented in cost of sales, selling expense, and administrative expense for the three months ended September 30, 2023, respectively. Strategic initiatives and other charges includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling $45,705 and $13,210 for the fiscal years ended September 30, 2024 and 2023, respectively. $32,526, $1,379 and $11,800 were presented in cost of sales, selling expense, and administrative expense for the fiscal year ended September 30, 2024, respectively. $9,028, $1,925 and $2,257 were presented in cost of sales, selling expense, and administrative expense for the fiscal year ended September 30, 2023, respectively. Accrued severance and other employee termination benefits totaled $42,245 and $7,321 as of September 30, 2024 and 2023, respectively. ADJUSTED NET INCOME AND EPS RECONCILIATION (Unaudited) (In thousands, except per share data) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 per share per share per share per share Net income (loss) attributable to Matthews $ (68,161 ) $ (2.21 ) $ 17,723 $ 0.56 $ (59,660 ) $ (1.93 ) $ 39,291 $ 1.26 Acquisition and divestiture items (1) 837 0.03 1,626 0.05 4,873 0.16 4,874 0.15 Strategic initiatives and other charges (2) 41,261 1.35 4,702 0.15 57,073 1.85 11,771 0.38 Highly inflationary accounting impacts (primarily non-cash) (3) 132 — (1,714 ) (0.05 ) 1,027 0.03 1,360 0.04 Goodwill and asset write-downs (4) 32,784 1.06 — — 32,784 1.06 — — Non-service pension and postretirement expense (5) 83 — 63 — 329 0.01 1,230 0.04 Intangible amortization expense 6,924 0.23 7,927 0.25 27,767 0.90 31,551 1.01 Tax-related (6) 2,703 0.09 — — 2,839 0.09 — — Adjusted net income $ 16,563 $ 0.55 $ 30,327 $ 0.96 $ 67,032 $ 2.17 $ 90,077 $ 2.88 Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of 7.4% and 26.9%, for the three months ended September 30, 2024 and 2023 , respectively, and 11.5% and 25.7% for the fiscal year ended September 30, 2024 and 2023 , respectively. The difference between the Company's income tax rates on adjusted net income for fiscal 2024 compared to fiscal 2023 was primarily caused by the foreign net operating losses with full valuation allowances and nondeductible goodwill impairment charges in the current fiscal year. (1) Includes certain non-recurring costs associated with recent acquisition and divestiture activities, and also includes a gain in fiscal year 2023 related to the divestiture of a business in the Industrial Technologies segment. (2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes legal costs related to an ongoing dispute with Tesla, which totaled $4,261 and $12,399 for the three months and fiscal year ended September 30, 2024, respectively. Fiscal 2023 includes loss recoveries totaling $2,154 for the fiscal year ended September 30, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. (3) Represents exchange gains and losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries (4) Fiscal 2024 includes goodwill write-downs within the Industrial Technologies segment, asset write-downs within the Memorialization segment , and investment write-downs within Corporate and Non-operating. (5) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. (6) The three months and fiscal year ended September 30, 2024 includes $2,703 of tax-related items incurred in connection with restructuring that resulted in a deferred tax asset write-off. Fiscal 2024 includes $136 of tax-related items incurred in connection with the derecognition of deferred tax assets for a joint venture that is being terminated. CONSTANT CURRENCY SALES AND ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) Memorialization Industrial Technologies SGK Brand Solutions Corporate and Non-Operating Consolidated Reported sales for the quarter ended September 30, 2024 $ 196,840 $ 113,915 $ 135,940 $ — $ 446,695 Changes in foreign exchange translation rates (107 ) (783 ) 237 — (653 ) Constant currency sales for the quarter ended September 30, 2024 $ 196,733 $ 113,132 $ 136,177 $ — $ 446,042 Reported sales for the year ended September 30, 2024 $ 829,731 $ 433,156 $ 532,850 $ — $ 1,795,737 Changes in foreign exchange translation rates (362 ) (4,060 ) 3,110 — (1,312 ) Constant currency sales for the year ended September 30, 2024 $ 829,369 $ 429,096 $ 535,960 $ — $ 1,794,425 Reported adjusted EBITDA for the quarter ended September 30, 2024 $ 40,535 $ 15,870 $ 17,303 $ (15,579 ) $ 58,129 Changes in foreign exchange translation rates 17 (76 ) (187 ) 29 (217 ) Constant currency adjusted EBITDA for the quarter ended September 30, 2024 $ 40,552 $ 15,794 $ 17,116 $ (15,550 ) $ 57,912 Reported adjusted EBITDA for the year ended September 30, 2024 $ 162,586 $ 39,716 $ 61,620 $ (58,765 ) $ 205,157 Changes in foreign exchange translation rates 139 (367 ) 113 82 (33 ) Constant currency adjusted EBITDA for the year ended September 30, 2024 $ 162,725 $ 39,349 $ 61,733 $ (58,683 ) $ 205,124 NET DEBT RECONCILIATION (Unaudited) (In thousands) September 30, 2024 September 30, 2023 Long-term debt, current maturities $ 6,853 $ 3,696 Long-term debt 769,614 786,484 Total long-term debt 776,467 790,180 Less: Cash and cash equivalents (40,816 ) (42,101 ) Net Debt $ 735,651 $ 748,079 Adjusted EBITDA $ 205,157 $ 225,809 Net Debt Leverage Ratio 3.6 3.3 Matthews International Corporation Corporate Office Two NorthShore Center Pittsburgh, PA 15212-5851 Phone: (412) 442-8200 November 21, 2024 Contact: Steven F. Nicola Chief Financial Officer and Secretary © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Amid divisions, Kurds pursue unified representation in post-Assad Syria
The Israeli Justice Ministry made the announcement in a message late on Thursday, saying the investigation would focus on the findings of a recent report by the Uvda investigative programme into Sara Netanyahu. The programme uncovered a trove of WhatsApp messages in which Mrs Netanyahu appears to instruct a former aide to organise protests against political opponents and to intimidate Hadas Klein, a key witness in the trial. The announcement did not mention Mrs Netanyahu by name and the Justice Ministry declined further comment. Earlier on Thursday, Mr Netanyahu blasted the Uvda report as “lies”. It is the latest in a long line of legal troubles for the Netanyahus, highlighted by the PM’s ongoing corruption trial. Mr Netanyahu is charged with fraud, breach of trust and accepting bribes in a series of cases alleging he exchanged favours with powerful media moguls and wealthy associates. He denies the charges and says he is the victim of a “witch hunt” by overzealous prosecutors, police and the media.YYAI stock touches 52-week low at $2.51 amid market challengesPNC Financial Services Group Inc. lifted its stake in shares of Vanguard Total International Stock ETF ( NASDAQ:VXUS – Free Report ) by 10.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 121,821 shares of the company’s stock after purchasing an additional 11,393 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Vanguard Total International Stock ETF were worth $7,887,000 as of its most recent SEC filing. A number of other hedge funds also recently modified their holdings of the stock. Nemes Rush Group LLC lifted its stake in Vanguard Total International Stock ETF by 449.4% during the second quarter. Nemes Rush Group LLC now owns 434 shares of the company’s stock worth $26,000 after purchasing an additional 355 shares during the last quarter. DiNuzzo Private Wealth Inc. acquired a new stake in Vanguard Total International Stock ETF in the third quarter valued at about $30,000. Highline Wealth Partners LLC bought a new position in Vanguard Total International Stock ETF in the third quarter valued at about $30,000. Carmichael Hill & Associates Inc. raised its stake in Vanguard Total International Stock ETF by 45.1% during the second quarter. Carmichael Hill & Associates Inc. now owns 544 shares of the company’s stock worth $33,000 after acquiring an additional 169 shares in the last quarter. Finally, Eastern Bank bought a new position in shares of Vanguard Total International Stock ETF in the third quarter worth about $35,000. Vanguard Total International Stock ETF Trading Up 0.3 % Shares of Vanguard Total International Stock ETF stock opened at $60.91 on Friday. The firm’s 50 day moving average is $62.87 and its 200 day moving average is $61.89. The firm has a market capitalization of $75.10 billion, a PE ratio of 12.88 and a beta of 0.85. Vanguard Total International Stock ETF has a 1 year low of $55.40 and a 1 year high of $65.52. Vanguard Total International Stock ETF Cuts Dividend Vanguard Total International Stock ETF Company Profile ( Free Report ) The Vanguard Total International Stock ETF (VXUS) is an exchange-traded fund that is based on the FTSE Global All Cap ex US index, a market-cap-weighted index of global stocks covering 99% of the world’s global market capitalization outside the US. VXUS was launched on Jan 26, 2011 and is managed by Vanguard. Featured Stories Receive News & Ratings for Vanguard Total International Stock ETF Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vanguard Total International Stock ETF and related companies with MarketBeat.com's FREE daily email newsletter .