COVID-19 Bolsters Hillenbrand Bottom Line
Hillenbrand is headquartered in Batesville. (photo courtesy Hillenbrand)
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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 first-quarter net income of $76 million, compared to a $3 million loss during the same period a year ago.
The company says revenue was 22% higher year over year, driven by strong demand for its Batesville line of products, including caskets.
“Batesville again delivered strong operating results on COVID-related burial casket demand that was higher than our expectations for the quarter,” said Joe Raver, president and chief executive officer of Hillenbrand.
Raver says Batesville measured 30% sales growth year over year.
The company also reported strong results stemming from the company’s acquisition of Milacron Holdings Corp., which was completed in November 2019.
Last month, Hillenbrand completely the sale of its Red Valve business and said it would use profits to pay down debt. The company also said in January it is selling its Abel Pumps LP subsidiary.
“We believe we are well-positioned for the remainder of fiscal year 2021 with a solid balance sheet and healthy backlog, and we remain focused on driving growth in our large platform businesses and capturing the full benefits of the Milacron integration,” said Raver.
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