BATESVILLE, Ind. — Batesville-based Hillenbrand Inc. (NYSE: HI) is reporting fiscal full-year net income of $121 million, up from $76.6 million the previous year. Chief Executive Officer Joe Raver says the year was capped off with record revenue and adjusted earnings per share in the fourth quarter.
The record quarterly revenue totaled $486 million, marking a 2% increase over the same period in 2018.
"We are encouraged by the growth in large systems for the production of plastics, as well as Batesville’s performance in delivering healthy margins in the face of lower volume and higher input costs," Raver said in a news release. "Our teams remain focused on executing our strategy as we begin the new fiscal year. With a strong order backlog and a robust project pipeline bolstered by investments in polyolefin production capacity globally, we anticipate continued organic growth in the Process Equipment Group."
Hillenbrand is also reporting fiscal fourth quarter net income of $24.7 million, down from $44.5 million in the same quarter last year. The company says the decrease is largely due to business acquisition costs and restructuring charges.
In July, Hillenbrand announced its planned acquisition of Cincinnati-based Milacron Holdings Corp. (NYSE: MCRN) in a $2 billion cash and stock deal. The company says it has secured the necessary financing for the acquisition, which remains subject to approval by Milacron stockholders and other customary conditions. Milacron will hold a special stockholder meeting November 20 to seek approval.
"The Milacron acquisition advances our vision of becoming a world-class global diversified industrial company," said Raver. "We see significant strategic value in expanding our presence across the plastics value chain and expect to achieve $50 million of run-rate synergies by year three. We think we’ll be in a great position to drive innovation and capitalize on emerging trends across the industry. In addition, we expect this combination will drive significant financial benefits for all shareholders."
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