Batesville-based Hillenbrand Inc. (NYSE: HI) is reporting fiscal full-year net income of $111.4 million, compared to $109.7 million in 2014. The global manufacturer says fourth quarter net income was down to $19.1 million from a record $23.6 million during the same quarter a year earlier. Chief Executive Officer Joe Raver says the "macroeconomic environment" continues to be a challenge.
Raver adds, "we have taken actions in our businesses to take out cost aggressively and improve profitability, which puts us in a solid position as we begin the new fiscal year. We finished the year with another strong quarter of margin expansion in our Process Equipment Group, building on our performance over the past several quarters, and we completed the acquisition of ABEL in support of our strategy. Our focus remains on long-term growth and shareholder value as we continue to transform Hillenbrand into a global diversified industrial company."
The acquisition of Germany-based ABEL Pumps LP closed last month and is valued at more than $100 million. Hillenbrand’s revenue in 2015 was $1.6 billion, which was down 4 percent from 2014.