Hillenbrand Inc - HI STOCK NEWS

Hillenbrand (NYSE: HI) held its first annual meeting of shareholders on February 27, 2023, under newly appointed Chairperson Helen Cornell, who succeeded F. Joseph Loughrey. Cornell, who joined the board in 2011, emphasized the company's transformation into a pure-play industrial entity, enhancing its focus on core industries. CEO Kim Ryan noted Cornell's manufacturing expertise as beneficial for shareholders. Hillenbrand provides critical processing equipment to various sectors globally, positioning itself for continued growth.

The board of directors of Hillenbrand (NYSE: HI) has announced a quarterly cash dividend of $0.22 per share on its common stock. This dividend is set to be paid on March 31, 2023, to shareholders recorded as of the close of business on March 17, 2023. Hillenbrand is a global industrial company that provides engineered processing equipment and solutions across various sectors, including durable plastics, food, and recycling, serving customers in over 100 countries.

Hillenbrand, Inc. (NYSE: HI) reported Q1 results for fiscal 2023, showing a 16% revenue increase to $656 million, with a 4% organic growth rate. GAAP EPS rose to $0.35, a 21% increase year-over-year, while adjusted EPS improved 25% to $0.70, exceeding guidance. The backlog stood at $1.96 billion, reflecting a 14% increase. Despite solid performance in the Advanced Process Solutions segment, challenges continue in Molding Technology Solutions due to delays in customer decisions. The company updated its fiscal 2023 guidance, projecting adjusted EPS of $3.25 to $3.55. The divestiture of the Batesville business segment was finalized on February 1, 2023, enhancing its focus as a pure-play industrial company.

LongRange Capital has successfully completed its acquisition of Batesville Services from Hillenbrand (NYSE: HI). Batesville, a century-old leader in death care products and services in North America, provides vital solutions for funeral professionals and families. Chris Trainor continues as CEO, emphasizing the company's commitment to innovation and growth. LongRange aims to foster expansion and enhance Batesville's service offerings, signaling a potential strengthening of the brand's market position. The acquisition reflects LongRange's strategy of building middle market businesses with long-term value in focus.

Hillenbrand has completed the sale of its Batesville business segment to LongRange Capital for $761.5 million, marking its transformation into a pure-play industrial company. This strategic divestiture allows Hillenbrand to focus on high-growth markets such as durable plastics, food, and recycling. The transaction is expected to yield after-tax net proceeds of approximately $530 million, which will primarily be used for debt reduction. CEO Kim Ryan emphasized the company's commitment to enhancing shareholder value through focused investments.

Hillenbrand, Inc. (NYSE: HI) will hold a conference call on February 9, 2023, at 8:00 a.m. ET, to discuss its first quarter fiscal results for 2023, ending December 31, 2022. A press release detailing the financial results will be issued after market close on February 8, 2023. The webcast will be accessible via Hillenbrand's investor relations website and available for replay until March 10, 2023. The company operates globally with over 10,000 associates across 40 countries, focusing on innovation and excellence in sectors including manufacturing and industrial solutions.

BATESVILLE, Ind., Jan. 4, 2023 /PRNewswire/ -- Hillenbrand (NYSE: HI) appointed Carole Phillips as Senior Vice President and Chief Procurement Officer. Joining in September 2022, she closely collaborated with former CPO Mike Prado to ensure a smooth transition. With over 25 years of experience, Phillips aims to enhance Global Supply Management and develop strong supplier partnerships to navigate supply chain challenges. Previously, she served as VP of Global Supply Management at Stanley Black & Decker and held leadership roles at Eaton and Lionel LLC.

Ivalua, a global leader in spend management, has been selected by Hillenbrand (NYSE: HI) to enhance its procurement processes. The platform aims to centralize supplier communication and contract data while supporting scalability into Procure-to-Pay (P2P) operations. Ivalua's solution includes modules for supplier risk management and contract lifecycle management, providing Hillenbrand with a unified source of data for improved visibility across its supply chain. This partnership is expected to streamline processes and accelerate decision-making.

LongRange Capital announced its acquisition of Batesville Casket Company from Hillenbrand (NYSE: HI). The deal, expected to close in Q1 2023 pending regulatory approval, is strategic for LongRange as it focuses on long-term investments in middle-market businesses. Founded in 1884, Batesville is a leading provider of death care products and technology solutions across North America. LongRange aims to partner with Batesville's management to support and grow the business further.