The momentum in Matthews International’s (NASDAQ:MATW) energy storage solutions business continues in 2023. The company, which offers industrial technologies, renewable energy equipment, and memorialization products, announced that its total orders for the energy storage solutions business in Q1 exceeded $200 million. The strength in the energy storage solutions segment will likely support MATW stock.
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It’s worth highlighting that MATW stock is up about 36% in three months. The uptrend in MATW stock reflects the strong interest in its energy storage solutions business from EV (Electric Vehicle), battery, and fuel cell manufacturers.
During the Q4 conference call, MATW’s CEO, Joseph C. Bartolacci, said that the company’s Fiscal 2023 consolidated sales would get a significant boost from the strength in its Industrial Technologies segment, primarily in energy storage solutions.
He added, “Considering the increasing interest across our entire energy storage solutions portfolio, it’s possible annual sales for the Industrial Technologies segment could approach $500 million in fiscal 2023.” It posted sales of $335.52 million in the Industrial Technologies segment in Fiscal 2022.
Is Matthews International a Good Stock to Buy?
The company’s financial strength and increased order intake strengthen its competitive position in the fast-growing EV energy storage solutions industry. However, the uncertain macro environment, primarily in Europe, could impact the financials of MATW.
Our data shows that hedge funds bought 64.1K MATW stock last quarter. However, MATW has a Neutral Smart Score of five on TipRanks. (Stay abreast of the best that TipRanks’ Smart Score has to offer.)
