Hillenbrand Nearly Doubles Profit
Batesville-based Hillenbrand Inc. is reporting fiscal fourth quarter net income of $36 million, up from $19.1 million during the same period last year. The company says the results were driven in part by incremental revenue from its acquisitions of Germany-based ABEL Pumps LP and Pennsylvania-based Red Valve Co. Inc. during the fiscal year.
Hillenbrand is also reporting fiscal full-year net income of $112.8 million, up from $111.4 million the previous year. Chief Executive Officer Joe Raver says the company performed well throughout the year despite challenging market conditions.
"We had to make some difficult decisions and took significant actions to overcome persistent market challenges, drive margin improvement, and position ourselves for increased profitability when demand returns," said Raver. "We will continue to utilize the Hillenbrand Operating Model to identify and implement initiatives to proactively protect our profitability while pursuing growth as we move into 2017."
Hillenbrand's net revenue dropped 4 percent to $1.54 billion during fiscal year 2017. The company says it expects to grow revenue by 1 to 3 percent in 2017.
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