Batesville-based Hillenbrand Inc. (NYSE: HI) is reporting a fiscal full-year net loss of $60.1 million, compared to net income of $121.4 million the previous year. Despite the drop, the company says it hit record revenue of $2.5 billion for the year.
Chief Executive Officer Joe Raver says record revenue was driven primarily by the company’s acquisition of Cincinnati-based Milacron Holdings Corp., which was completed in November 2019.
The company is also reporting a fiscal fourth quarter net loss of $7.1 million, compared to net income of $24.7 million during the same period last year.
“Our fourth quarter financial results, including outstanding free cash flow, represent a strong finish to our fiscal year in a very challenging environment,” said Raver. “While the current business environment remains unpredictable, we’re focused on managing the things we can control and executing against our strategic initiatives to drive profitable growth over the long term.”
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