Hillenbrand, Inc. reported results for the first quarter ended Dec. 31, 2013.
In a release on Feb. 4, the Company said revenue was $385 million, representing 26 percent growth over the prior year. The Process Equipment Group reported revenue of $242 million, a 58 percent increase due primarily to the acquisition of Coperion in December 2012, and order backlog of $611 million, a 1 percent increase from September 30, 2013. Batesville revenue was $143 million, a 6 percent decrease driven by a lower number of North American burials.
"We continue to be encouraged by order activity throughout the Process Equipment Group, with backlog once again at a record-high level. Given our visibility into backlog, we expect mid-single- digit revenue growth for this group for the year," said Joe A. Raver, President and Chief Executive Officer of Hillenbrand. "Batesville delivered a solid performance this quarter, with improved margins despite reduced volume. We expect a similar volume decrease in the second quarter, as pneumonia and influenza are expected to have less of an impact on the number of deaths this year than they did last year."
Hillenbrand reports results on a GAAP and adjusted basis. Adjusted measures are reconciled to the corresponding GAAP measures at the end of this release. Net income increased 42 percent to $20 million ($0.32 per diluted share) primarily due to lower Coperion acquisition-related costs. On an adjusted basis, net income decreased 15 percent to $22 million ($0.34 per diluted share) driven primarily by lower revenue at Batesville. Adjusted EBITDA increased 4 percent to $53 million and operating cash flow was up $26 million to $46 million.
"Our growth strategy has transformed Hillenbrand into a global diversified industrial company," said Raver. "We have made substantial investments over the past three years and believe we are well-positioned to deliver long-term growth and value for our shareholders."
Hillenbrand is a global diversified industrial company that makes and sells business-to-business products and services for a variety of industries.
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