Hillenbrand, Inc. (NYSE:HI) saw its shares reported upbeat results for its fourth quarter. The company also said it expects Q1 adjusted earnings of $0.65 to $0.75 per share.
The Indiana-based record quarterly revenue of $694 million increased 43% over prior year driven by the acquisition of Milacron; organic revenue decreased 2% as Batesville growth of 8% was more than offset by a decrease of 6% in Advanced Process Solutions, formerly referred to as the Process Equipment Group
The company's net loss of $7 million, or $0.09 per share, decreased $0.48 per share compared to the prior year, primarily as a result of non-cash impairment charges of $62 million related to the Company's TerraSource Global and flow control businesses, which were recently identified for divestiture as announced in August 2020 , and an increase in tax expense associated with domestic tax on foreign income inclusion and taxes on distributions from foreign subsidiaries.
Record order backlog of $1.23 billion grew 43% year over year primarily driven by the acquisition of Milacron and large plastics projects in Advanced Process Solutions; organic backlog grew 14% year over year; total backlog increased 10% sequentially.
Said CEO Joe Raver, "Our fourth-quarter financial results, including outstanding free cash flow, represent a strong finish to our fiscal year in a very challenging environment. Our teams prioritized safety and executed exceptionally well, managing costs while positioning the businesses to capitalize on opportunities going forward.”
HI shares gained $1.30, or 4%, to $33.75.
