The acquisition of K-Tron International helped Hillenbrand Inc. report a 30 percent increase in third-quarter revenue, but the purchase also contributed to a 48 percent drop in net income.
Hillenbrand earned $13.3 million, or 22 cents per share, during the quarter, down from $25.4 million, or 41 cents per share, during the third quarter of 2009.
Excluding one-time items related to the acquisition, the company earned 45 cents per share. That was better than the 41 cents per share analysts on average were expecting, according to Thomson Reuters.
Batesville, Ind. – based Hillenbrand (NYSE: HI) is a holding company for businesses in the funeral services industry and the material-handling equipment industry.
The company?s total revenue climbed to $205.8 million during the third quarter from $158.7 million in the same period a year ago. Analysts had been expecting revenue of $205.6 million, according to Thomson Reuters.
?Batesville Casket Co. continues to be the stable foundation of our financial performance,? said CEO Kenneth Camp in a press release. ?Additionally, we?re pleased with K-Tron?s initial results and are cautiously optimistic about the signs for improvement in the global economy.?
For the full year, Hillenbrand expects net revenue to finish in the range of $740 million to $770 million. It expects net income in the range of $82 million to $96 million, or on a per-share basis excluding items of $1.65 to $1.82.
Source: cincinnati.bizjournals.com
