Hillenbrand sees quarterly loss
BATESVILLE, Ind. (Inside INdiana Business) – Batesville-based Hillenbrand Inc. (NYSE: HI) is reporting a fiscal second-quarter net loss of $74 million, compared to net income of $38 million during the same period last year. The company says the drop is due to soft demand across certain key industrial end markets, including automotive, as well as the impact of the COVID-19 pandemic.
The company reported revenue of $649 million, an increase of 40% compared to the prior year. The company says the recently acquired Milacron segment added 43% to revenue in its first full quarter as part of Hillenbrand, which was partially offset by a decrease of 3% in organic revenue.
“We delivered solid operating results for the fiscal second quarter, despite the current economic environment. We continued to see strength in large polyolefin systems projects, which contributed to record backlog, and Batesville delivered solid top-and bottom-line results. We look forward to capturing the full benefits of the combined companies, beginning with our projected year one synergies,” said Joe Raver, president and chief executive officer of Hillenbrand.
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