Hillenbrand Swings to Profit in Q2
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 second quarter net income of $78.1 million, compared to a net loss of $74 million during the same period last year. Chief Executive Officer Joe Raver said the company delivered solid results “despite higher inflation and transportation costs.”
“Despite higher inflation and transportation costs, our teams took successful proactive steps to offset these higher costs while ramping up growth investments to capture increasing demand we are seeing across our industrial businesses, which is reflected in our record backlog,” said Raver. “In addition to the strong operating performance, we made further progress on streamlining our portfolio by closing on the sale of ABEL, and we remain on track with our plan to divest TerraSource Global. Our priorities are focused on driving growth in our large platform businesses and capturing the full benefits of the Milacron integration. We remain well positioned to deliver strong performance in the second half of 2021 with the strength of our balance sheet and backlog.”
In March, the company completed the sale of its Abel Pumps LP subsidiary to IDEX Corp. (NYSE: IEX) in Pittsburgh. The deal was valued at more than $130 million.
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