Q3 2024 Hillenbrand Inc Earnings Call Transcript
Key Points
- Hillenbrand Inc (HI) reported a 10% increase in total revenue over the prior year, primarily driven by the acquisition of FPM.
- Adjusted EBITDA margins improved sequentially in both segments due to restructuring actions and cost initiatives.
- The integration of FPM has progressed well, exceeding expectations for synergy achievement.
- The company delivered adjusted earnings per share of $0.85, which was at the high end of their guidance.
- Hillenbrand Inc (HI) continues to see solid growth in aftermarket parts and services, a highly profitable part of the business.
- The advanced process solutions segment experienced significantly lower than expected orders and revenue due to macroeconomic uncertainties.
- Organic revenue decreased by 8% year over year, impacted by lower capital equipment volumes.
- The company reported a GAAP net loss of $249 million, primarily due to a $265 million noncash impairment charge.
- Backlog decreased 8% organically and was also down 8% sequentially, indicating ongoing order softness.
- The demand environment remains weaker than expected, leading to a downward revision of the full-year revenue and adjusted EBITDA guidance.
Greetings. Welcome to the Hillenbrand third-quarter fiscal year â24 earnings call. At this time, all participants are in listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded. I'll now turn the conference over to Sam Mynsberge, Vice President, Investor Relations. Mr. Mynsberge, you may now begin your presentations.
Thank you, operator, and good morning, everyone. Welcome to Hillenbrand's earnings call for our third quarter of fiscal year 2024. I'm joined by our President and CEO, Kim Ryan; and our Senior Vice President and CFO, Bob VanHimbergen. I'd like to direct your attention to the supplemental slides posted on our IR website that will be referenced on today's call.
Turning to slide 3. A reminder that our comments may contain certain forward-looking statements that are subject to the Safe Harbor provisions of the securities laws. These statements are not guarantees of future performance and our actual results could differ materially.
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