Hillenbrand CEO Reports ‘Great Year’
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Batesville-based Hillenbrand Inc. (NYSE: HI) has closed out fiscal year 2021 in what Chief Executive Officer Joe Raver calls a “great year.” The company is reporting full-year net income of $250 million, compared to a net loss of $60 million the prior year. Hillenbrand is also reporting fourth quarter net income of $55 million, compared to a $7 million loss during the same period a year ago.
“Fiscal 2021 was a great year for Hillenbrand, as we achieved record levels for order intake, revenue, earnings, and cash flow,” said Raver. “I am proud of the resiliency and dedication of our associates, as they executed at a high level throughout the year in the face of significant inflation, global supply chain disruptions, labor market shortages, and the continued impact from COVID-19.”
Raver, who will be retiring at the end of the year, says the company completed its portfolio simplification plan announced in August 2020. The plan included the divestiture of three subsidiaries, Red Valve, ABEL and TerraSource Global.
“We are well positioned to build upon our proven track record of execution as we head into fiscal 2022,” said Kim Ryan, Hillenbrand’s executive vice president and incoming CEO. “Our performance in fiscal 2021 was a testament to the talent of our people, the strength of the Hillenbrand Operating Model, and the trust our customers place in us. I am excited about the opportunities ahead.”
Hillenbrand says looking ahead to 2022, it expects supply chain disruptions, elevated transportation costs, and labor market shortages to persist through the majority of the fiscal year. It also expects commodity costs to remain elevated through at least the first half of the fiscal year.
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