An acquisition fueled a surge in quarterly revenue at Batesville-based Hillenbrand Inc., but the cost of the deal caused
profit to fall.
Still, the maker of caskets exceeded the expectations of Wall Street analysts.
The company earned $13.3 million, or 22 cents per share, in the three months ended June 30, the company’s fiscal third quarter. But those results were down by 48 percent from the same quarter a year ago.
But, excluding costs related to Hillenbrand’s April 1 acquisition of K-Tron International as well as special legal expenses, the company would have earned $28.1 million, or 45 cents per share.
That would have marked a 10-percent increase from the 41 cents earned in the same quarter last year. Analysts were expecting the same amount of profit in the quarter this year, according to a survey by Thomson Reuters.
Revenue for the quarter totaled $205.8 million, a 30-percent rise from a year ago and equal to analysts’ forecasts.
“Batesville Casket Co. continues to be the stable foundation of our financial performance,” said Hillenbrand CEO Kenneth A. Camp in a prepared statement. “Additionally, we’re pleased with K-Tron’s initial results and are cautiously optimistic about the signs for improvement in the global economy.”
K-Tron is a New Jersey-based maker of manufacturing equipment.