Hillenbrand Sees Higher Profit, Lower Revenues in 4Q
The growing popularity of cremation affected Hillenbrand Inc.?s fourth-quarter and full-year revenues, but the company posted a year-over-year profit.
The funeral services company reported fourth-quarter net income of $22.6 million, or 37 cents per share, compared to $19.2 million, or 31 cents per share in the year-ago quarter. Revenues fell to $153.1 million from $158.8 million. Analysts, on average, had expected earnings per share of 37 cents and revenues of $157 million.
The quarter included $104,000 in legal costs related to antitrust litigation, but no costs relating to the separation of the former Hillenbrand Industries into Hillenbrand Inc. and Hill-Rom (NYSE: HRC), which took place in 2008.
Lower costs for diesel fuel and other raw materials also affected the profit margin, Hillenbrand said in a news release.
?North American burials continued to decline in the fourth quarter, even as the number of deaths returned to a more normal seasonal level,? said Kenneth Camp, president and CEO, in the release. ?We believe the economic uncertainties have prompted some families to opt for cremation at a rate greater than we?ve seen in the past.?
For fiscal 2009, Hillenbrand posted net income of $102.3 million, or $1.66 per share, versus $93.2 million, or $1.49 per share in fiscal 2008. Revenues declined to $649.1 million from $678.1 million.
Hillenbrand said it expects 2010 revenues in the $630 million to $670 million range, and earnings per share of $1.40 to $1.67. It added that the forecast has a wider range than usual because of the divergent predictions about the severity of H1N1 and seasonal flu epidemics, as well as pneumonia.
Shares of Hillenbrand (NYSE: HI) opened at $19.95 Tuesday.
Batesville, Ind.-based Hillenbrand Inc. (NYSE: HI) manufactures and distributes caskets and funeral service products through its Batesville Casket Co. unit.
Source: Business First
Latest posts by CDFuneralNews (see all)
- On Our Soapbox: The Truth About Cremation | FUNERAL nation 085 - August 16, 2017
- How Watching Movies In a Cemetery Became an L.A. Summer Staple - August 14, 2017
- Funeral Home Owner Howie VanRensselaer Wins July Sich Casket Giveaway - August 13, 2017
You may be interested
On Our Soapbox: The Truth About Cremation | FUNERAL nation 085CDFuneralNews - August 16, 2017
Cremation truth and Social Media Screwup: Watch Ryan & The Commander tell it like it is on their soapbox! (more…)
How Watching Movies In a Cemetery Became an L.A. Summer StapleCDFuneralNews - August 14, 2017
The often sold-out Hollywood Forever Cemetery screenings have cemented themselves as a seasonal institution in the Southland, drawing scores of fans and A-listers.
Funeral Homes are Struggling to Keep Their Doors OpenRyan Thogmartin - August 13, 2017
This is a topic and conversation that does not get talked about or covered enough. We all want to put the blame on cremation and ignore the fact that many of the issues facing funeral homes aren't because families choose cremation but because of bad business decisions of many funeral directors who don't want to change or accept cremation.