BATESVILLE, Ind. – Hillenbrand grew revenue for the first quarter of fiscal year 2013 by 32 percent to $305 million compared to the same quarter last year, according to a news release. The increase was driven by Process Equipment Group revenue growth of 79 percent to $154 million, which includes the results of Coperion Capital GmbH acquired Dec. 1, 2012. Batesville's revenue also increased 4 percent to $151 million, largely driven by volume, as the year-over-year growth rate of North American deaths returned to historical levels.
"Coperion contributed strong top-line results for the quarter and added substantially to the backlog of the Process Equipment Group," said Kenneth A. Camp, president and chief executive officer of Hillenbrand. "Additionally, I am particularly pleased with the strong performance of Batesville. They achieved record year-over-year revenue growth, even in the face of a declining burial market."
The consolidated gross profit margin in the first quarter was 36.2 percent (37.2 percent adjusted) compared to 40.5 percent in the prior year. The decrease was anticipated as the Coperion business model reflects a higher proportion of third-party-sourced products. Hillenbrand believes that selling complete systems provides a significant competitive advantage, while delivering additional margin dollars.
Adjusted EBITDA increased 6 percent to $51 million. Net income attributable to Hillenbrand (which excludes the portion of net income that is allocated to joint ventures) for the first quarter decreased 54 percent from the prior year to $14 million, with diluted EPS down 54 percent to $0.23. The decrease was driven by the tax benefit recognized in the prior year due to the international integration as well as higher acquisition-related costs in the current year. On an adjusted basis, net income attributable to Hillenbrand increased 4 percent to $26 million and diluted EPS increased 3 percent to $0.41.
Hillenbrand delivered $20 million of cash flow from operations, despite $8 million in business acquisition costs related to Coperion and $5 million related to antitrust litigation.
Posted Feb. 5