Hillenbrand Reports 'Solid' Growth
Batesville-based Hillenbrand Inc. (NYSE: HI) is reporting fiscal second quarter net income of $33.4 million, up from $26.1 million during the same period the previous year. The company says revenue also rose 2 percent to $395 million, mainly due to demand for large plastics projects.
Hillenbrand says the revenue growth can also be attributed to the continued benefit of the February 2016 acquisition of Pennsylvania-based Red Valve Co. Inc. Chief Executive Officer Joe Raver says the "solid" quarterly results included strong order volume and margin expansion.
In addition to another strong quarter in our plastics business, we are starting to see some momentum in orders for equipment used to process proppants for hydraulic fracturing," said Raver. "While we still see weak demand in some of the industrial markets we serve, we are encouraged by another quarter of top line growth and building backlog."
The company says it continues to expect revenue growth of 1 to 3 percent in 2017. You can connect to the full earnings report by clicking here.