Hillenbrand Reports Fiscal Third Quarter 2024 Results
-
Revenue of
$787 million increased 10% compared to prior year; organic revenue decreased 8% -
GAAP EPS of
$(3.53) decreased from$0.60 in the prior year primarily due to non-cash impairment charges of$265 million ; adjusted EPS of$0.85 decreased 11% compared to prior year -
Previously announced restructuring program remains on track to deliver
$20 million in annual run-rate savings in FY25; accelerating additional cost actions and synergies across the enterprise -
Updated Outlook: FY24 adjusted EPS of
$3.20 -$3.30 , previously$3.30 -$3.50 ; Q4 adjusted EPS of$0.90 to$1.00
Summary of Third Quarter 2024 Results 1
|
Three Months Ended |
Change |
||
(unaudited, dollars in millions, except EPS) |
2024 |
2023 |
$ |
% |
Total net revenue |
786.6 |
716.6 |
70.0 |
10 % |
Organic net revenue2 |
655.8 |
716.6 |
(60.8) |
(8) % |
GAAP net (loss) / income attributable to HI |
(248.9) |
43.3 |
(292.2) |
(675) % |
Total adjusted EBITDA2 |
131.0 |
126.1 |
4.9 |
4 % |
Organic adjusted EBITDA2 |
108.6 |
126.1 |
(17.5) |
(14) % |
GAAP diluted EPS |
(3.53) |
0.60 |
(4.13) |
(688) % |
Adjusted diluted EPS2 |
0.85 |
0.95 |
(0.10) |
(11) % |
Cash flows from operating activities |
45.6 |
88.9 |
(43.3) |
(49) % |
"We're pleased with our progress in executing our strategy during the quarter in light of a tougher than expected macro environment. Our FPM integration continued to progress well and exceeded our expectations for margin performance. However, due to the challenging macro environment, we experienced significantly lower than expected orders and revenue in our Advanced Process Solutions segment. This level of performance was primarily due to continued customer project delays, which became more widespread throughout the quarter given ongoing concerns around interest rates, inflation, and broader macroeconomic uncertainty," said
"While the demand environment for our key end markets remains more challenged than we expected, we're confident in our strategy and believe the long-term catalysts for our business remain strongly intact. We remain fully focused on managing discretionary costs and we're utilizing temporary external resources to accelerate additional cost saving initiatives across the enterprise as we navigate the difficult demand environment over the near to medium term. I'm confident that our portfolio of leading process technologies and highly-engineered solutions is well positioned for success once market conditions improve."
Third Quarter 2024 Results
1
Revenue of
Net loss of
Adjusted EBITDA of
Advanced Process Solutions (APS)
|
Three Months Ended |
Change |
||
(unaudited, dollars in millions) |
2024 |
2023 |
$ |
% |
Total net revenue |
569.4 |
464.7 |
104.7 |
23 % |
Organic net revenue2 |
436.6 |
464.7 |
(28.1) |
(6) % |
Total adjusted EBITDA2 |
109.2 |
93.6 |
15.6 |
17 % |
Margin % 2 |
19.2 % |
20.1 % |
(90) bps |
|
Organic adjusted EBITDA2 |
86.4 |
93.6 |
(7.2) |
(8) % |
Margin % 2 |
19.8 % |
20.1 % |
(30) bps |
Revenue of
Adjusted EBITDA of
Backlog of
Molding Technology Solutions (MTS)
|
Three Months Ended |
Change |
||
(unaudited, dollars in millions) |
2024 |
2023 |
$ |
% |
Net revenue |
217.2 |
251.9 |
(34.7) |
(14) % |
Adjusted EBITDA2 |
34.6 |
50.8 |
(16.2) |
(32) % |
Margin % 2 |
15.9 % |
20.2 % |
(430) bps |
Revenue of
Adjusted EBITDA of
Backlog of
Balance Sheet, Cash Flow and Capital Allocation
The Company's operating cash flow was
As of
"Debt reduction remains our top priority for capital deployment, though our cash flow continues to be challenged by the weak demand environment. As a result, we expect our deleverage plan to remain under pressure until order patterns normalize," said
Fiscal 2024 Outlook
Hillenbrand is updating its annual guidance range for fiscal year 2024 and is providing a fiscal Q4 outlook for adjusted earnings per share. These changes primarily reflect reduced volumes stemming from lower than expected orders.
Revenue Outlook ($M) |
Updated |
YOY |
Previous |
YOY |
Advanced Process Solutions |
|
24% - 25% |
|
29% - 32% |
Molding Technology Solutions |
|
(13)% - (12)% |
|
(12)% - (10)% |
Hillenbrand |
|
11% - 12% |
|
14% - 17% |
|
|
|
|
|
Adj. EBITDA Outlook |
Updated |
Total YOY |
Previous |
YOY |
Advanced Process Solutions |
18.4% - 18.5% |
(110) - (100) bps |
18.3% - 18.6% |
(120) - (90) bps |
Molding Technology Solutions |
15.8% - 16.3% |
(290) - (240) bps |
15.5% - 16.5% |
(320) - (220) bps |
Hillenbrand ($M) |
|
4% - 6% |
|
6% - 11% |
|
|
|
|
|
Adj. EPS Outlook |
Updated |
Previous |
|
|
Full Year |
|
|
|
|
Q4 |
|
N/A |
|
|
|
|
|
|
|
Free Cash Flow Outlook ($M) |
Updated |
Previous |
|
|
Full Year |
|
|
|
|
|
|
1 |
All financial results are reported on a continuing operations basis, excluding the divested |
2 |
These are non-GAAP financial measures. See the reconciliations of Non-GAAP financial measures to their most directly comparable GAAP financial measures at the end of this release. |
|
|
Conference Call Information
Date/Time:
Dial-In for
Dial-In for International: +1-412-902-1013
Conference call ID number: 13747839
Webcast link: http://ir.hillenbrand.com under the News & Events tab (archived through
Replay - Conference Call
Date/Time: Available until
Replay ID number: 13747839
Dial-In for
Dial-In for International: +1-201-612-7415
Hillenbrand's financial statements on Form 10-Q are expected to be filed jointly with this release and will be made available on the company's investor relations website (https://ir.hillenbrand.com).
In addition to the financial measures prepared in accordance with
- business acquisition, divestiture, and integration costs;
- restructuring and restructuring-related charges;
- impairment charges;
- intangible asset amortization;
- pension settlement charges;
- inventory step-up charges;
- costs associated with debt financing activities;
- other non-recurring costs related to a discrete commercial dispute;
- other individually immaterial one-time costs;
- the related income tax impact for all of these items; and
- certain tax items related to acquisitions and divestitures, the revaluation of deferred tax balances resulting from fluctuations in currency exchange rates and non-routine changes in tax rates for certain foreign jurisdictions, and the impact that the Molding Technology Solutions reportable operating segment's loss carryforward attributes have on tax provisions related to the imposition of tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries, the Foreign Derived Intangible Income Deduction (FDII), and the Base Erosion and Anti-Abuse Tax (BEAT).
Refer to the Reconciliation of Non-GAAP Measures for further information on these adjustments. Non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP.
Hillenbrand uses this non-GAAP information internally to measure operating segment performance and make operating decisions and believes it is helpful to investors because it allows more meaningful period-to-period comparisons of ongoing operating results. The information can also be used to perform trend analysis and to better identify operating trends that may otherwise be masked or distorted by items such as the above excluded items. Hillenbrand believes this information provides a higher degree of transparency.
One important non-GAAP financial measure Hillenbrand uses is adjusted earnings before interest, income tax, depreciation, and amortization ("adjusted EBITDA"). A part of our strategy is to selectively acquire companies that we believe can benefit from the Hillenbrand Operating Model to spur faster and more profitable growth. Given that strategy, it is a natural consequence to incur related expenses, such as amortization from acquired intangible assets and additional interest expense from debt-funded acquisitions. Accordingly, we use adjusted EBITDA, among other measures, to monitor our business performance. We also use "adjusted net income" and "adjusted diluted earnings per share (EPS)," which are defined as net income and earnings per share, respectively, each excluding items described in connection with adjusted EBITDA. Adjusted EBITDA, adjusted net income, and adjusted diluted EPS are not recognized terms under GAAP and therefore do not purport to be alternatives to net (loss) income or to diluted EPS, as applicable. Further, Hillenbrand's measures of adjusted EBITDA, adjusted net income, and adjusted diluted EPS may not be comparable to similarly titled measures of other companies.
Organic revenue and organic adjusted EBITDA are defined respectively as net revenue and adjusted EBITDA excluding recent acquisitions, including FPM and Peerless Food Equipment, and adjusting for the effects of foreign currency exchange. In addition, the ratio of net debt to pro forma adjusted EBITDA is a key financial measure that is used by management to assess Hillenbrand's borrowing capacity (and is calculated as the ratio of total debt less cash and cash equivalents to the trailing twelve months pro forma adjusted EBITDA). Trailing twelve months pro forma adjusted EBITDA is defined as adjusted EBITDA including adjusted EBITDA directly attributable to FPM in the trailing twelve month period prior to Hillenbrand's acquisition of FPM. Hillenbrand uses organic and pro forma measures to assess performance of its reportable operating segments and the Company in total without the impact of recent acquisitions and divestitures.
Hillenbrand calculates the foreign currency impact on net revenue, adjusted EBITDA, and backlog in order to better measure the comparability of results between periods. We calculate the foreign currency impact by translating current year results at prior year foreign exchange rates. This information is provided because exchange rates can distort the underlying change in sales, either positively or negatively.
Another important operational measure used is backlog. Backlog is not a term recognized under GAAP; however, it is a common measurement used in industries with extended lead times for order fulfillment (long-term contracts), like those in which our reportable operating segments compete. Backlog represents the amount of net revenue that we expect to realize on contracts awarded to our reportable operating segments. For purposes of calculating backlog, 100% of estimated net revenue attributable to consolidated subsidiaries is included. Backlog includes expected net revenue from large systems and equipment, as well as aftermarket parts, components, and service. The length of time that projects remain in backlog can span from days for aftermarket parts or service to approximately 18 to 24 months for larger system sales within the Advanced Process Solutions reportable operating segment. The majority of the backlog within the Molding Technology Solutions reportable operating segment is expected to be fulfilled within the next twelve months. Backlog includes expected net revenue from the remaining portion of firm orders not yet completed, as well as net revenue from change orders to the extent that they are reasonably expected to be realized. We include in backlog the full contract award, including awards subject to further customer approvals, which we expect to result in net revenue in future periods. In accordance with industry practice, our contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.
Hillenbrand expects that future net revenue associated with our reportable operating segments will be influenced by order backlog because of the lead time involved in fulfilling engineered-to-order equipment for customers. Although backlog can be an indicator of future net revenue, it does not include projects and parts orders that are booked and shipped within the same quarter. The timing of order placement, size, extent of customization, and customer delivery dates can create fluctuations in backlog and net revenue. Net revenue attributable to backlog may also be affected by foreign exchange fluctuations for orders denominated in currencies other than
See below for a reconciliation from GAAP operating performance measures to the most directly comparable non-GAAP (adjusted) financial performance measures. Given that backlog is an operational measure and that the Company's methodology for calculating backlog does not meet the definition of a non-GAAP financial measure, as that term is defined by the
Hillenbrand, Inc. |
|||||||
Consolidated Statements of Operations (Unaudited) |
|||||||
(in millions, except per share data) |
|||||||
|
|||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net revenue |
$ 786.6 |
|
$ 716.6 |
|
$ 2,345.2 |
|
$ 2,063.2 |
Cost of goods sold |
520.2 |
|
469.7 |
|
1,577.1 |
|
1,382.5 |
Gross profit |
266.4 |
|
246.9 |
|
768.1 |
|
680.7 |
Operating expenses |
174.2 |
|
143.6 |
|
513.5 |
|
421.1 |
Amortization expense |
25.5 |
|
19.7 |
|
76.7 |
|
58.6 |
Impairment charges |
265.0 |
|
— |
|
265.0 |
|
— |
Pension settlement charges |
26.9 |
|
— |
|
35.2 |
|
— |
Interest expense, net |
32.2 |
|
15.8 |
|
92.8 |
|
55.9 |
(Loss) income from continuing operations before income taxes |
(257.4) |
|
67.8 |
|
(215.1) |
|
145.1 |
Income tax (benefit) expense |
(10.5) |
|
23.8 |
|
3.7 |
|
50.2 |
(Loss) income from continuing operations |
(246.9) |
|
44.0 |
|
(218.8) |
|
94.9 |
Income (loss) from discontinued operations (net of income tax expense (benefit)) |
— |
|
0.6 |
|
(0.3) |
|
20.1 |
Gain on divestiture of discontinued operations (net of income tax expense) |
— |
|
0.4 |
|
— |
|
441.3 |
Total income (loss) from discontinued operations |
— |
|
1.0 |
|
(0.3) |
|
461.4 |
Consolidated net (loss) income |
(246.9) |
|
45.0 |
|
(219.1) |
|
556.3 |
Less: Net income attributable to noncontrolling interests |
2.0 |
|
1.7 |
|
6.5 |
|
4.8 |
Net (loss) income attributable to Hillenbrand |
$ (248.9) |
|
$ 43.3 |
|
$ (225.6) |
|
$ 551.5 |
|
|
|
|
|
|
|
|
(Loss) earnings per share |
|
|
|
|
|
|
|
Basic (loss) earnings per share |
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to Hillenbrand |
$ (3.53) |
|
$ 0.60 |
|
$ (3.20) |
|
$ 1.29 |
Income from discontinued operations |
— |
|
0.02 |
|
— |
|
6.62 |
Net (loss) income attributable to Hillenbrand |
$ (3.53) |
|
$ 0.62 |
|
$ (3.20) |
|
$ 7.91 |
Diluted (loss) earnings per share |
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to Hillenbrand |
$ (3.53) |
|
$ 0.60 |
|
$ (3.20) |
|
$ 1.29 |
Income from discontinued operations |
— |
|
0.02 |
|
— |
|
6.59 |
Net (loss) income attributable to Hillenbrand |
$ (3.53) |
|
$ 0.62 |
|
$ (3.20) |
|
$ 7.88 |
Weighted average shares outstanding (basic) |
70.5 |
|
70.0 |
|
70.4 |
|
69.7 |
Weighted average shares outstanding (diluted) |
70.5 |
|
70.3 |
|
70.4 |
|
70.0 |
|
|
|
|
|
|
|
|
Cash dividends per share |
$ 0.2225 |
|
$ 0.2200 |
|
$ 0.6675 |
|
$ 0.6600 |
Condensed Consolidated Statements of Cash Flows |
|||
(in millions) |
|||
|
|||
|
Nine Months Ended
|
||
|
2024 |
|
2023 |
Cash flows provided by (used in): |
|
|
|
Operating activities from continuing operations |
$ 24.8 |
|
$ 133.6 |
Investing activities from continuing operations |
(40.2) |
|
25.0 |
Financing activities from continuing operations |
13.4 |
|
21.4 |
Total cash used in discontinued operations |
(23.3) |
|
(117.0) |
Effect of exchange rates on cash and cash equivalents |
(0.3) |
|
(9.3) |
Net cash flows |
(25.6) |
|
53.7 |
|
|
|
|
Cash and cash equivalents: |
|
|
|
At beginning of period |
250.2 |
|
237.6 |
At end of period |
$ 224.6 |
|
$ 291.3 |
Reconciliation of Non-GAAP Financial Measures |
|||||||
(in millions, except per share data) |
|||||||
|
|||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
(Loss) income from continuing operations |
$ (246.9) |
|
$ 44.0 |
|
$ (218.8) |
|
$ 94.9 |
Less: Net income attributable to noncontrolling interests |
2.0 |
|
1.7 |
|
6.5 |
|
4.8 |
(Loss) income from continuing operations attributable to Hillenbrand |
(248.9) |
|
42.3 |
|
(225.3) |
|
90.1 |
Impairment charges (1) |
265.0 |
|
— |
|
265.0 |
|
— |
Business acquisition, divestiture, and integration costs (2) |
24.9 |
|
10.6 |
|
39.6 |
|
28.5 |
Restructuring and restructuring-related charges (3) |
1.0 |
|
0.8 |
|
27.2 |
|
2.3 |
Inventory step-up charges (4) |
— |
|
— |
|
0.6 |
|
11.1 |
Intangible asset amortization (5) |
25.5 |
|
19.7 |
|
76.7 |
|
58.6 |
Pension settlement charges (6) |
26.9 |
|
— |
|
35.2 |
|
— |
Costs associated with debt financing activities (7) |
1.1 |
|
— |
|
1.1 |
|
— |
Other non-recurring costs related to a discrete commercial dispute |
— |
|
— |
|
6.1 |
|
— |
Tax adjustments (8) |
(0.1) |
|
0.6 |
|
(0.2) |
|
2.2 |
Tax effect of adjustments (9) |
(35.3) |
|
(7.1) |
|
(63.3) |
|
(25.7) |
Adjusted net income from continuing operations attributable to Hillenbrand |
$ 60.1 |
|
$ 66.9 |
|
$ 162.7 |
|
$ 167.1 |
|
|
|
|
|
|
|
|
Diluted EPS from continuing operations attributable to Hillenbrand |
$ (3.53) |
|
$ 0.60 |
|
$ (3.20) |
|
$ 1.29 |
Impairment charges (1) |
3.76 |
|
— |
|
3.76 |
|
— |
Business acquisition, divestiture, and integration costs (2) |
0.35 |
|
0.15 |
|
0.56 |
|
0.41 |
Restructuring and restructuring-related charges (3) |
0.01 |
|
0.01 |
|
0.39 |
|
0.03 |
Inventory step-up charges (4) |
— |
|
— |
|
0.01 |
|
0.16 |
Intangible asset amortization (5) |
0.36 |
|
0.28 |
|
1.08 |
|
0.84 |
Pension settlement charges (6) |
0.38 |
|
— |
|
0.50 |
|
— |
Costs associated with debt financing activities (7) |
0.02 |
|
— |
|
0.02 |
|
— |
Other non-recurring costs related to a discrete commercial dispute |
— |
|
— |
|
0.09 |
|
— |
Tax adjustments (8) |
— |
|
0.01 |
|
— |
|
0.03 |
Tax effect of adjustments (9) |
(0.50) |
|
(0.10) |
|
(0.90) |
|
(0.37) |
Adjusted Diluted EPS from continuing operations attributable to Hillenbrand |
$ 0.85 |
|
$ 0.95 |
|
$ 2.31 |
|
$ 2.39 |
________________________________ |
|
(1) |
Hillenbrand recorded impairment charges to goodwill and certain indefinite-lived intangible assets within the Molding Technology Solutions reportable operating segment during the three and nine months ended |
(2) |
Business acquisition, divestiture, and integration costs during the three and nine months ended |
(3) |
Restructuring and restructuring-related charges primarily included severance costs during the three and nine months ended |
(4) |
The amount during the nine months ended |
(5) |
Intangible assets relate to our acquisition activities and are amortized over their useful lives. The amortization of acquired intangible assets is reported separately in our Consolidated Statements of Operations as amortization expense. The amortization of acquired intangible assets does not impact the core performance of our business operations since this amortization does not directly relate to the sale of our products or services. |
(6) |
The pension settlement charges during the three and nine months ended |
(7) |
Costs associated with debt financing activities during 2024 primarily included the accelerated amortization of deferred financing costs related to the |
(8) |
For the three and nine months ended |
(9) |
Represents the tax effect of the adjustments previously identified above. |
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Adjusted EBITDA: |
|
|
|
|
|
|
|
Advanced Process Solutions |
$ 109.2 |
|
$ 93.6 |
|
$ 306.0 |
|
$ 238.1 |
Molding Technology Solutions |
34.6 |
|
50.8 |
|
100.3 |
|
141.4 |
Corporate |
(12.8) |
|
(18.3) |
|
(38.5) |
|
(43.5) |
Add: |
|
|
|
|
|
|
|
Income (loss) from discontinued operations (net of income tax expense (benefit)) |
— |
|
1.0 |
|
(0.3) |
|
461.4 |
Less: |
|
|
|
|
|
|
|
Interest expense, net |
32.2 |
|
15.8 |
|
92.8 |
|
55.9 |
Income tax (benefit) expense |
(10.5) |
|
23.8 |
|
3.7 |
|
50.2 |
Depreciation and amortization |
38.7 |
|
31.1 |
|
118.8 |
|
93.1 |
Impairment charges |
265.0 |
|
— |
|
265.0 |
|
— |
Pension settlement charges |
26.9 |
|
— |
|
35.2 |
|
— |
Business acquisition, divestiture, and integration costs |
24.9 |
|
10.6 |
|
39.6 |
|
28.5 |
Inventory step-up charges |
— |
|
— |
|
0.6 |
|
11.1 |
Restructuring and restructuring-related charges |
0.7 |
|
0.8 |
|
24.8 |
|
2.3 |
Other non-recurring costs related to a discrete commercial dispute |
— |
|
— |
|
6.1 |
|
— |
Consolidated net (loss) income |
$ (246.9) |
|
$ 45.0 |
|
$ (219.1) |
|
$ 556.3 |
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Consolidated net (loss) income |
$ (246.9) |
|
$ 45.0 |
|
$ (219.1) |
|
$ 556.3 |
Interest expense, net |
32.2 |
|
15.8 |
|
92.8 |
|
55.9 |
Income tax (benefit) expense |
(10.5) |
|
23.8 |
|
3.7 |
|
50.2 |
Depreciation and amortization |
38.7 |
|
31.1 |
|
118.8 |
|
93.1 |
EBITDA |
(186.5) |
|
115.7 |
|
(3.8) |
|
755.5 |
(Income) loss from discontinued operations (net of income tax expense) |
— |
|
(1.0) |
|
0.3 |
|
(461.4) |
Business acquisition, divestiture, and integration costs |
24.9 |
|
10.6 |
|
39.6 |
|
28.5 |
Inventory step-up charges |
— |
|
— |
|
0.6 |
|
11.1 |
Restructuring and restructuring-related charges |
0.7 |
|
0.8 |
|
24.8 |
|
2.3 |
Impairment charges |
265.0 |
|
— |
|
265.0 |
|
— |
Pension settlement charges |
26.9 |
|
— |
|
35.2 |
|
— |
Other non-recurring costs related to a discrete commercial dispute |
— |
|
— |
|
6.1 |
|
— |
Adjusted EBITDA |
131.0 |
|
126.1 |
|
367.8 |
|
336.0 |
Less: Acquisitions adjusted EBITDA(1) |
23.8 |
|
— |
|
70.2 |
|
— |
Foreign currency impact |
1.4 |
|
— |
|
(0.9) |
|
— |
Organic adjusted EBITDA |
$ 108.6 |
|
$ 126.1 |
|
$ 296.7 |
|
$ 336.0 |
|
|
|
|
|
|
|
|
Advanced Process Solutions adjusted EBITDA |
$ 109.2 |
|
$ 93.6 |
|
$ 306.0 |
|
$ 238.1 |
Less: Acquisitions adjusted EBITDA(1) |
23.8 |
|
— |
|
70.2 |
|
— |
Foreign currency impact |
1.0 |
|
— |
|
(1.6) |
|
— |
Advanced Process Solutions organic adjusted EBITDA |
$ 86.4 |
|
$ 93.6 |
|
$ 234.2 |
|
$ 238.1 |
|
|
|
|
|
|
|
|
Molding Technology Solutions adjusted EBITDA |
$ 34.6 |
|
$ 50.8 |
|
$ 100.3 |
|
$ 141.4 |
Foreign currency impact |
0.4 |
|
— |
|
0.7 |
|
— |
Molding Technology Solutions organic adjusted EBITDA |
$ 35.0 |
|
$ 50.8 |
|
$ 101.0 |
|
$ 141.4 |
________________________________ |
|
(1) |
The impact of the acquisitions of Peerless (October and November) and FPM. |
|
Three Months Ended
|
|
Nine Months Ended
|
||||
Shares used in computing non-GAAP per share amounts: |
2024 |
|
2023 |
|
2024 |
|
2023 |
GAAP Weighted average shares outstanding (diluted) |
70.5 |
|
70.3 |
|
70.4 |
|
70.0 |
Non-GAAP dilutive shares excluded from GAAP EPS calculation (1) |
0.2 |
|
— |
|
0.2 |
|
— |
Pro forma weighted average shares outstanding (diluted) |
70.7 |
|
70.3 |
|
70.6 |
|
70.0 |
________________________________ |
|
(1) |
Due to the occurrence of a net loss on a GAAP basis for the three and nine months ended |
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Advanced Process Solutions net revenue |
$ 569.4 |
|
$ 464.7 |
|
$ 1,696.9 |
|
$ 1,308.0 |
Less: Acquisitions(1) |
136.7 |
|
— |
|
412.2 |
|
— |
Foreign currency impact |
3.9 |
|
— |
|
(10.8) |
|
— |
Advanced Process Solutions organic net revenue |
436.6 |
|
464.7 |
|
1,273.9 |
|
1,308.0 |
Molding Technology Solutions net revenue |
217.2 |
|
251.9 |
|
648.3 |
|
755.2 |
Foreign currency impact |
2.0 |
|
— |
|
0.6 |
|
— |
Molding Technology Solutions organic net revenue |
219.2 |
|
251.9 |
|
648.9 |
|
755.2 |
Consolidated organic net revenue |
$ 655.8 |
|
$ 716.6 |
|
$ 1,922.8 |
|
$ 2,063.2 |
________________________________ |
|
(1) |
The impact of the acquisitions of Peerless (October and November) and FPM. |
|
|
|
|
|
2024 |
|
2023 |
Advanced Process Solutions backlog |
$ 1,735.7 |
|
$ 1,604.0 |
Less: Acquisitions(1) |
288.6 |
|
— |
Foreign currency impact |
24.2 |
|
— |
Advanced Process Solutions organic backlog |
1,471.3 |
|
1,604.0 |
Molding Technology Solutions backlog |
238.5 |
|
266.4 |
Foreign currency impact |
1.8 |
|
— |
Molding Technology Solutions organic backlog |
240.3 |
|
266.4 |
Consolidated organic backlog |
$ 1,711.6 |
|
$ 1,870.4 |
________________________________ |
|
(1) |
The impact of the FPM acquisition. |
|
|
|
2024 |
Current portion of long-term debt |
$ 19.9 |
Long-term debt |
2,068.9 |
Total debt |
2,088.8 |
Less: Cash and cash equivalents |
223.8 |
Net debt |
$ 1,865.0 |
|
|
Pro forma adjusted EBITDA for the trailing twelve months ended |
$ 526.3 |
Ratio of net debt to pro forma adjusted EBITDA |
3.5 |
Forward-Looking Statements
Throughout this earnings release, we make a number of "forward-looking statements," that are within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the
Words that could indicate that we are making forward-looking statements include the following:
intend |
believe |
plan |
expect |
may |
goal |
would |
project |
position |
future |
become |
pursue |
estimate |
will |
forecast |
continue |
could |
anticipate |
remain |
likely |
target |
encourage |
promise |
improve |
progress |
potential |
should |
impact |
strategy |
|
This is not an exhaustive list, but is intended to give you an idea of how we try to identify forward-looking statements. The absence of any of these words, however, does not mean that the statement is not forward-looking.
Here is the key point: Forward-looking statements are not guarantees of future performance or events, and actual results or events could differ materially from those set forth in any forward-looking statements. Any number of factors, many of which are beyond our control, could cause our performance to differ significantly from what is described in the forward-looking statements. These factors include, but are not limited to: global market and economic conditions, including those related to the continued volatility in the financial markets; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; increasing competition for highly skilled and talented workers, as well as labor shortages; closures or slowdowns and changes in labor costs and labor difficulties; uncertainty related to environmental regulation and industry standards, as well as physical risks of climate change; uncertainty related to environmental regulation including the
About Hillenbrand
Hillenbrand (NYSE: HI) is a global industrial company that provides highly-engineered, mission-critical processing equipment and solutions to customers in over 100 countries around the world. Our portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food, and recycling. Guided by our Purpose — Shape What Matters For Tomorrow™ — we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. To learn more, visit: www.Hillenbrand.com.
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