HI - Why Hillenbrand Stock Is Down Big Today
2024-05-01 15:30:56 ET
Diversified manufacturer Hillenbrand (NYSE: HI) grew revenue and topped earnings expectations in its most recent quarter but warned of a slowdown up ahead. Investors are forward looking, sending the company's stock down 14% as of 12:30 p.m. ET Wednesday.
Hillenbrand is perhaps best known as the parent of casket-maker Batesville, but the company also has a large plastics and molding technology unit that makes industrial products for a range of end markets.
The company earned $0.76 per share in the quarter, a penny above the consensus estimate, despite revenue that came in about $25 million short of expectations at $785.3 million. Revenue was up 14% year over year, including acquisitions, though organic revenue was down 5% due to lower volumes in its molding business.
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Why Hillenbrand Stock Is Down Big Today