... operating results are increasingly variable since the acquisition of SGK in 2014 due to the greater contribution from the industrial solutions segment and smaller scale of the SGK segment. - 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. - Based on our lower forecast, we now expect adjusted debt to EBITDA of 4.6x in 2024, returning to the low-4x area in 2025. - The company is also demonstrating a high risk tolerance for its debt maturity profile, with significant maturities within two years. - We lowered our long-term issuer credit rating on Matthews to '##-' from '##', as we view the overall business, credit metrics, and financial policy as more consistent with peers...
