Hillenbrand revenue increases, Batesville division sales and EBITDA drop
Hillenbrand Industries, parent company of Batesville, reported their Fiscal Year 3rd Quarter earlier this month. Their FY 2021 3Q comprises the April, May, and June 2021 business period. You can see the complete report here.
Here’s what CEO Joe Raver said about the quarter, “We had another strong quarter of performance with exceptional cash generation and record backlog due to continued momentum in our industrial businesses, while Batesville performed better than expected.”
Hillenbrand is comprised of three divisions: Advanced Process Solutions, Molding Technology Solutions, and Batesville (the death care element of the business).
Here are some of the highlights from the report as we see them:
- 2021 3Q revenue for the company was $695 million as compared to $607 million in the same period of 2020.
- Net Income for the company increased to $40.4 million for the quarter as compared to $24.0 million for the same period in 2020
- Batesville revenue decreased 1% to $138 million for the quarter. The company said that there was lower (casket) unit sales as a decline in deaths associated with the Covid-19 pandemic occurred. The company said that that decrease in unit sales was partially made up for with a higher average selling price.
- Batesville EBIDTA decreased 18% from the same quarter last year. Margins were decreased because of “commodity and non-commodity” inflation and lower volume.
- The 4th Quarter 2021 Outlook said this about the Batesville segment, “Batesville revenue is expected to be between $135 and $138 million, a decrease of 6% to 8% (from last year’s 4Q).”
Disclaimer: The author of this article holds a stock position in Hillenbrand Industries.
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