Hillenbrand Fiscal Year Profit Drops
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowBatesville-based Hillenbrand Inc. (NYSE: HI) is reporting fiscal full-year net income of $76.6 million, down from $126.2 million the previous year. Despite the drop, Chief Executive Officer Joe Raver says the manufacturer is in a good position as it starts a new fiscal year.
The company is also reporting fiscal fourth quarter net income of $44.5 million, up from $38.2 million during the same period in 2017. Raver says Hillenbrand ended the year with "solid financial results," including record revenue and a record backlog.
"Looking ahead, we expect continued organic growth and margin expansion in the Process Equipment Group as we leverage the Hillenbrand Operating Model to drive profitable growth," said Raver. "We are determined to offset cost pressure with strategic pricing and productivity initiatives across the business. We remain committed to our vision of transforming Hillenbrand into a world-class global diversified industrial company and creating long-term shareholder value."
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