Welcome to our dedicated page for Hillenbrand news (Ticker: HI), a resource for investors and traders seeking the latest updates and insights on Hillenbrand stock.
Hillenbrand, Inc. (NYSE: HI) is a global industrial leader committed to providing highly-engineered, mission-critical processing equipment and solutions to customers in over 100 countries. The company operates through two primary business segments: the Process Equipment Group and Batesville. The Process Equipment Group designs, develops, manufactures, and services advanced industrial equipment, while Batesville focuses on funeral services and solutions.
Hillenbrand's diverse portfolio includes multiple market-leading brands that serve a variety of industries, including durable plastics, food processing, and recycling. A recent highlight for the company was the acquisition of Linxis, Peerless, and the Schenck Process Food and Performance Materials business, which has strengthened its foothold in the food processing market.
Financially, Hillenbrand has shown robust performance despite the challenging macroeconomic environment. For fiscal year 2023, the company reported revenue of $2.83 billion, a 22% increase from the previous year, largely driven by acquisitions. The Advanced Process Solutions segment witnessed a 57% revenue growth, further solidifying Hillenbrand’s market position.
Looking forward, Hillenbrand remains keen on executing its growth strategy, which includes leveraging recent acquisitions to enhance its market presence and drive productivity. The company aims to generate substantial shareholder value through continuous innovation, collaboration, and a focus on sustainable solutions.
Hillenbrand's commitment to excellence is guided by its purpose of
Hillenbrand has elected Inderpreet Sawhney, previously Group General Counsel at Infosys, to its Board of Directors, expanding the board from 10 to 11 members. Sawhney brings over 25 years of experience, enhancing the board's governance with expertise in legal, ethics, and compliance across a global landscape. She aims to contribute to Hillenbrand's transformation and growth strategy, focusing on innovation. Sawhney will serve on the Audit and Nominating/Corporate Governance Committees, aligning her expertise with Hillenbrand’s ongoing goals to boost shareholder value.
Hillenbrand, Inc. (NYSE: HI) announced CEO Joe A. Raver's retirement at the end of 2021, with Kimberly K. Ryan succeeding him on January 1, 2022. Raver, who led the company for nearly a decade, expanded Hillenbrand from a $600 million death care business to a $2.5 billion global industrial firm. Ryan, who has been with Hillenbrand for 33 years, previously served as President of Coperion, achieving 30% revenue growth and improved EBITDA margins. The transition is effective immediately, with Ryan taking on responsibilities for the company’s diverse business portfolio.
Hillenbrand, Inc. (NYSE: HI) has elected Dennis W. Pullin, President and CEO of Virtua Health, to its Board of Directors. Pullin brings over 30 years of healthcare leadership experience, overseeing 14,000 employees at Virtua Health. Hillenbrand Chairperson Joe Loughrey emphasized Pullin's capabilities in operations, strategy, and governance, as well as his commitment to diversity and community engagement. Pullin will serve on the Board's Compensation and Management Development and Nominating/Corporate Governance Committees, contributing to Hillenbrand's growth strategy and transformation.
The board of directors of Hillenbrand has declared a quarterly cash dividend of $0.2150 per share on its common stock. The dividend is payable on June 30, 2021, to shareholders recorded by the close of business on June 16, 2021. This financial action reflects the company's commitment to providing value to its shareholders while pursuing profitable growth across its diverse industrial portfolio.
Hillenbrand reported Q2 fiscal 2021 results with revenue of $722 million, an 11% increase year-over-year, driven by Molding Technology Solutions and COVID-19 related demand at Batesville. Net income rose to $78 million or $1.03 per share, compared to a loss last year, supported by the sale of ABEL. Adjusted EBITDA grew by 21% to $134 million, with a margin of 18.6%. Despite a 3% revenue decline in Advanced Process Solutions, backlog reached a record $1.2 billion. The company expects Q3 revenue between $665 million and $695 million.
Hillenbrand, Inc. (NYSE: HI) has scheduled a conference call for May 5, 2021, at 8:00 a.m. ET to discuss its second-quarter fiscal results for 2021, which ended on March 31, 2021. The results will be released after market close on May 4, 2021. Investors can access the live webcast and presentation on Hillenbrand's investor relations website. Listeners in the U.S. can dial +1 (877) 407-8012 to participate. A replay will be available until May 19, 2021. Hillenbrand focuses on diversified industrial sectors with a commitment to profitable growth and cash generation.
Hillenbrand has completed the sale of Abel Pumps to IDEX Corporation for approximately $103.5 million. This strategic divestiture aligns with Hillenbrand's goal to streamline its portfolio and enhance financial flexibility. The company plans to utilize the proceeds to reduce leverage and reinvest in organic growth opportunities. CEO Joe Raver emphasized this move as a vital step towards increasing shareholder value and strengthening business platforms.
IDEX Corporation (NYSE:IEX) has successfully completed its acquisition of Abel Pumps, L.P. from Hillenbrand, Inc. (NYSE:HI). Abel is known for its advanced reciprocating positive displacement pumps tailored for demanding applications in sectors such as mining, marine, and wastewater. This strategic acquisition is set to enhance IDEX's fluidics capabilities and expand its market reach. Abel's operational headquarters is in Germany, with additional locations in Spain and the U.S. IDEX aims to leverage Abel's expertise to improve its solutions for its customers' fluid management challenges.
Hillenbrand, Inc. (NYSE: HI) has announced the pricing of a public offering for $350 million in senior unsecured notes at a rate of 3.75%, maturing in 2031. The offering is expected to close around March 3, 2021. The net proceeds are aimed at general corporate purposes, including the partial repayment of a $500 million term loan. The offering is underwritten by HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, and Commerz Markets LLC. The press release contains forward-looking statements, highlighting potential risks associated with future projections.
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