Hillenbrand full-year profit ticks down
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Batesville-based Hillenbrand Inc. (NYSE: HI) is reporting fiscal full-year net income of $209 million, down from $250 million the previous year. Chief Executive Officer Kim Ryan says the manufacturer saw top-line growth and martin expansion in its industrial segments despite inflation, supply chain and other challenges.
Hillenbrand’s fiscal fourth quarter net income was $56.8 million, compared to $55 million during the same period in 2021.
The company’s revenue increased 3% to $2.94 billion for the full year as well.
Hillenbrand is a global industrial company with three business segments: Advanced Process Solutions (APS), Molding Technology Solutions (MTS), and Batesville.
The APS segment focuses on compounding, extrusion, and material handling, screening and separating equipment, as well as aftermarket parts and services for other manufacturing and industrial processes.
The MTS segment specializes in plastic technology and processing equipment and systems, including injection molding and extrusion equipment.
Batesville manufactures and sells funeral service products, including burial and cremation caskets, containers and urns, and related technology applications.
“We enter fiscal 2023 with high levels of backlog in Molding Technology Solutions, though we have seen a slow down in customer decision timing for product lines in that segment due to the increase in global macroeconomic uncertainty. In Advanced Process Solutions, however, demand remains robust with solid order pipelines and record backlog heading into the new fiscal year,” said Ryan. “We remain confident in our ability to successfully manage through this period of macro uncertainty.”
You can view the full earnings report by clicking here.