Hillenbrand (Batesville) Sees Lower 3Q
Despite the H1N1 scare, a mild flu season reduced Hillenbrand Inc.?s revenues and profits in its fiscal third quarter. The funeral products and services company posted third-quarter net income of $25.4 million, or 41 cents per share, compared to $26.7 million, or 42 cents per share, in third-quarter 2008. Net revenues fell to $158.7 million from $165 million. The earnings results equaled analysts? projections and beat the average estimate of $155.9 million in revenue. Demand for caskets, which generally decreases in Hillenbrand?s fiscal third and fourth quarters, was further impacted by fewer cases of flu and pneumonia, President and CEO Kenneth Camp said in a news release.?
?Additionally, the severity of the recession and uncertainty around improvements in the economy appear to have caused some consumers to be more cost-conscious as they make funeral purchase decisions,? Camp said in the release.
For the first nine months of fiscal 2009, Hillenbrand reported net income of $79.7 million, or $1.29 per share, up from $74 million, or $1.18 per share, in the same 2008 period. Revenues dropped to $496 million from $519.3 million.
The company said it expects full-year earnings on the lower end of its guidance of $1.57 to $1.70 per share and revenues of $650 million to $670 million.
Batesville, Ind.-based Hillenbrand Inc. (NYSE: HI) manufactures and distributes caskets and funeral service products through its Batesville Casket Co. unit.