On this page of StockholderLetter.com we present the latest annual shareholder letter from Hillenbrand, Inc. — ticker symbol HI. Reading current and past HI letters to shareholders can bring important insights into the investment thesis.

 •  1/7/2025 Letter Continued (Full PDF)
 •  1/12/2023 HI Stockholder Letter
 •  1/9/2024 HI Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  HI Benford's Law Stock Score = 94

HI Shareholder/Stockholder Letter Transcript:

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,S WE CONCL DE 1ISCAL EAR % )
4 REFLECT ON THE PROGRESS WE HAVE MADE
IN TRANSFORMING 3ILLENBRAND INTO THE GLOBAL
P RE PLAY IND STRIAL COMPANY IT IS TODAY$
E REMAIN CONFIDENT IN O R LONG TERM
POSITIONING AND O R ABILITY TO DELIVER
WORLD CLASS SOL TIONS FOR O R C STOMERS$
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VER THE PAST THREE YEARS WE COMPLETED
SEVERAL STRATEGIC AC ISITIONS THAT HAVE
ENHANCED O R WORLD CLASS PORTFOLIO OF
HIGHLY ENGINEERED PROCESSING TECHNOLOGIES$
R IND STRY LEADING BRANDS SERVE LARGE
AND ATTRACTIVE END MAR ETS INCL DING
PLASTICS AND FOOD PROCESSING WHICH ARE
S PPORTED BY LONG TERM SEC LAR GROWTH
TRENDS S CH AS THE E PANDING GLOBAL
MIDDLE CLASS AND AN INCREASING FOC S ON
MORE S STAINABLE SOL TIONS$ HE BREADTH
OF O R TECHNOLOGY PORTFOLIO SPANS FROM
MISSION CRITICAL PIECES OF E IPMENT
S CH AS E TR DERS MI ERS AND FEEDERS



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O R TALENTED TEAM
IS NWAVERING IN O R COMMITMENT TO
E CELLENCE COLLABORATION AND INNOVATION
AS WE E EC TE O R PROFITABLE GROWTH
STRATEGY$ OO ING AHEAD WE WILL
CONTIN E TO LEVERAGE O R CORE PROCESSING
TECHNOLOGIES AND CAPABILITIES TO E PAND
O R COMMERCIAL PRESENCE AND DEEPEN
O R C STOMER RELATIONSHIPS ACROSS LARGE
ATTRACTIVE END MAR ETS WHILE DRIVING
IMPROVED OPERATIONAL EFFECTIVENESS THRO GH
SCALE BENEFITS AND THE DEPLOYMENT OF THE
3ILLENBRAND PERATING ODEL$


TO HIGHLY INTEGRATED MATERIAL PROCESSING AND
HANDLING SYSTEMS ALL NDERPINNED BY A
GLOBAL NETWOR OF SERVICE PROFESSIONALS
WHICH POSITIONS S AS A VAL ED LONG TERM
PARTNER TO C STOMERS ARO ND THE WORLD$
- ILDING ON THE STRONG FO NDATION OF O R
.OPERION BRAND WITHIN THE ,DVANCED
ROCESS OL TIONS ,
SEGMENT THESE
RECENT AC ISITIONS ENABLE S TO OFFER MORE
COMPREHENSIVE PROCESSING SOL TIONS ACROSS
EY APPLICATION AREAS INCL DING PET FOOD
BA ED GOODS SNAC S AND RECYCLING$
,S WE CONTIN E TO INTEGRATE THESE
B SINESSES WE RE NOT ONLY OPTIMI ING
O R GO TO MAR ET STRATEGY AND ESTABLISHING
.ENTERS OF 0 CELLENCE ACROSS O R
OPERATIONAL FOOTPRINT B T ALSO ENHANCING
AFTERMAR ET PENETRATION THRO GH DEDICATED
TEAMS FOC SED ON IMPROVING AFTERMAR ET
PROD CT AND SERVICE SEGMENTATION
IMPLEMENTING STRATEGIC PRICING PROCESSES
AND ADOPTING A PROACTIVE APPROACH TO
SERVICING O R ROB ST INSTALLED BASE$
E HAVE MADE GREAT PROGRESS DESPITE
A CHALLENGING MACRO ENVIRONMENT AS WE
ACCELERATED OPERATIONAL INITIATIVES TO HELP
MITIGATE THE NEAR TERM MAR ET SOFTNESS$
,DDITIONALLY WE HAVE SEC RED SEVERAL
STRATEGIC WINS ON THE COMMERCIAL FRONT
AND ANTICIPATE S BSTANTIAL GROWTH IN THESE
OPPORT NITIES IN THE COMING YEARS$ 4 AM
E TREMELY PLEASED WITH THE S CCESS OF THIS
INTEGRATION TO DATE AS IT E EMPLIFIES O R
COMMITMENT TO E EC TING O R PROFITABLE
GROWTH STRATEGY$
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E E PERIENCED LOWER THAN E PECTED
VOL MES ACROSS MANY OF O R END MAR ETS
THRO GHO T % ) WHICH WAS IN LINE WITH
O R BROADER IND STRY AS C STOMER DECISIONS
FOR MID SI E CAPITAL E IPMENT PROJECTS WERE
SIGNIFICANTLY DELAYED AMID ONGOING GLOBAL
MACROECONOMIC CHALLENGES STEMMING FROM
S STAINED INFLATION HIGH INTEREST RATES AND
GEOPOLITICAL NCERTAINTY AMONG OTHER
FACTORS$ 4N RESPONSE TO THESE CHALLENGES
WE FOC SED O R EFFORTS ON MATTERS WITHIN
O R CONTROL S CH AS ACCELERATING INTEGRATION
AND OPERATIONAL EFFICIENCY INITIATIVES
OPTIMI ING O R COST STR CT RE WITHIN THE
OLDING ECHNOLOGY OL TIONS
SEGMENT AND DRIVING HIGH MARGIN
AFTERMAR ET REVEN E$ RING THE YEAR
WE WERE S CCESSF L ON THESE FRONTS AS WE
NEARLY DO BLED O R ORIGINAL INTEGRATION
SYNERGY GOAL OF APPRO IMATELY
MILLION
FOR THE YEAR COMPLETED A RESTR CT RING
PROGRAM WITHIN
TO DELIVER
% MILLION
IN R N RATE COST SAVINGS AND DROVE RECORD
AFTERMAR ET PERFORMANCE FOR THE SECOND
CONSEC TIVE YEAR$ 4N ADDITION STRONG CASH
GENERATION IN THE FO RTH ARTER ENABLED
S TO RED CE O R DEBT WHICH REMAINS
A TOP PRIORITY AS WE GO FORWARD$
4N O R , SEGMENT TOTAL REVEN ES
GREW
DRIVEN BY THE AC ISITION
OF 1
RECORD AFTERMAR ET PERFORMANCE
AND STRONG DEMAND FOR LARGE POLYOLEFIN
SYSTEMS$
R INTEGRATION OF 1
AND IN IS
CONTIN ES TO PROGRESS WELL$ E SIGNIFICANTLY
E CEEDED O R MARGIN GOAL FOR THE YEAR
DELIVERING RO GHLY )%% BASIS POINTS OF
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E REMAIN ENTH SIASTIC ABO T THE END RING
SEC LAR DEMAND DRIVERS THAT S PPORT O R
END MAR ETS AND THE STRONG COMPETITIVE
POSITIONING OF O R IND STRY LEADING BRANDS$
-Y LEVERAGING O R WORLD CLASS TECHNOLOGICAL
CAPABILITIES ENGINEERING E PERTISE AND
GLOBAL REACH 3ILLENBRAND IS WELL POSITIONED
TO DRIVE STRONG VAL E CREATION OVER THE LONG
TERM$ ,S WE NAVIGATE SOME MACROECONOMIC
NCERTAINTY AND THE NEAR TERM CHALLENGES
IT PRESENTS 4 AM CONFIDENT THAT O R
STRATEGY O R TEAM AND O R -OARD ARE
WELL E IPPED TO T RN THESE CHALLENGES
INTO OPPORT NITIES ENS RING A BRIGHTER AND
MORE PROSPERO S F T RE FOR 3ILLENBRAND
AND ALL O R STA EHOLDERS$
E WERE ALSO PLEASED TO RECENTLY
ANNO NCE EY PDATES TO O R -OARD OF
IRECTORS THAT ALIGN WITH O R ONGOING
COMMITMENT TO THE DEVELOPMENT AND
REFRESHMENT OF O R -OARD AND ENS RING
MEMBERS S ILLSETS ALIGN WITH THE STRATEGIC
DIRECTION OF THE .OMPANY$ ,T THE END OF
CTOBER WE ANNO NCED THE ELECTION
OF 5OE OWER AS A NEW INDEPENDENT
DIRECTOR$ R$ OWER WHO OFFICIALLY JOINED
THE -OARD IN ECEMBER IS A SEASONED
FINANCIAL E EC TIVE WITH DEEP E PERTISE IN
FINANCIAL OPERATIONS STRATEGIC PLANNING
CAPITAL MAR ETS AND B SINESS DEVELOPMENT$
A
1
,DDITIONALLY AS PART OF O R ONGOING
-OARD DEVELOPMENT WE ESTABLISHED VICE
CHAIRPERSON ROLES FOR THE -OARD S , DIT
.OMMITTEE AND 8OMINATING AND .ORPORATE
2OVERNANCE 8.2 .OMMITTEE$ E
NAMED R$ OWER AS ICE .HAIRPERSON OF
THE , DIT .OMMITTEE AND C RRENT DIRECTOR
4NDERPREET AWHNEY AS ICE .HAIRPERSON
OF THE 8.2 .OMMITTEE$ E LOO FORWARD
TO WOR ING WITH EACH OF THEM IN THEIR
NEW ROLES AS WE PARTNER TOGETHER TO DELIVER
LONG TERM VAL E FOR O R SHAREHOLDERS$
K
4N AY WE P BLISHED O R FIFTH STAINABILITY
EPORT FOC SING ON PROD CT INNOVATION
S PPLY CHAIN AND INCREASED TRANSPARENCY
RELATED TO EY ENVIRONMENTAL METRICS S CH
AS WASTE WATER AND COPE
AND (
EMISSIONS$ 4N CTOBER WE P BLISHED O R FIRST
REPORT IN ACCORDANCE WITH THE AS 1ORCE ON
.LIMATE RELATED 1INANCIAL ISCLOS RES .1
TO F RTHER DEMONSTRATE O R COMMITMENT TO
TRANSPARENCY AND PROGRESS TOWARD MEETING
INCREASING GLOBAL REG LATORY RE IREMENTS$
E ARE ALSO HONORED TO ANNO NCE THAT
3ILLENBRAND WAS RECOGNI ED BY 8EWSWEE
AS ONE OF ,MERICA S OST ESPONSIBLE
.OMPANIES FOR %
REFLECTING O R
DEDICATION TO CORPORATE RESPONSIBILITY O R
S STAINABILITY DISCLOS RES AND O R ETHICAL
B SINESS PRACTICES$

1
4

STAINABILITY IS EMBEDDED
IN ALL ASPECTS OF O R B SINESS FROM HOW
WE R N O R OPERATIONS AND DELIVER VAL E
TO O R C STOMERS TO HOW WE SERVE O R
ASSOCIATES AND O R COMM NITIES$
A
1
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4 AM E TREMELY PRO D OF O R TEAM S
COMMITMENT AND DISCIPLINED E EC TION$
ITH O R E PERTISE TENACITY AND THE
RIGHT TOOLS AT HAND 4 AM CONFIDENT THAT
WE WILL CONTIN E TO S CCESSF LLY NAVIGATE
NEAR TERM CHALLENGES AND EMERGE EVEN
STRONGER IN THE F T RE$
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,LTHO GH WE REMAIN CA TIO S IN O R %
O TLOO WE SAW ORDER ACTIVITY IMPROVE
SE ENTIALLY IN BOTH OPERATING SEGMENTS
AS WE CLOSED O T THE FISCAL YEAR$ . STOMER
OTE PIPELINES CONTIN E TO BE ROB ST AND
C STOMER TILI ATION OF O R TESTING FACILITIES
REMAINS HIGH$ E ALSO REMAIN LASER FOC SED
ON DILIGENTLY MANAGING COSTS E EC TING
O R INTEGRATION INITIATIVES AND DRIVING
PROD CTIVITY AND INNOVATION$ 4N ADDITION WE
E PECT SOLID AFTERMAR ET PERFORMANCE AGAIN
IN % $ HIS MORE RESILIENT AND HIGHLY
PROFITABLE PART OF O R B SINESS REPRESENTED
OVER ONE THIRD OF O R TOTAL REVEN ES IN
1ISCAL ) AND HAS DEMONSTRATED ROB ST
PERFORMANCE OVER THE LAST CO PLE OF YEARS$
HIS CONTIN ED GROWTH IS S PPORTED BY
O R LARGE AND GROWING INSTALLED BASE AND
THE EFFECTIVE E EC TION OF O R AFTERMAR ET
INTEGRATION INITIATIVES AND IT REMAINS A EY
FOC S AREA AS WE MOVE FORWARD$
A
5

DRD
IMPROVED 0-4 , MARGIN WITHIN 1
ILL STRATING O R ABILITY TO DRIVE SCALE
BENEFITS AND OPERATIONAL E CELLENCE
ACROSS O R E PANDED FOOD HEALTH AND
N TRITION PLATFORM$ 4N O R
SEGMENT
WE ENTERED THE FISCAL YEAR WITH SIGNIFICANTLY
LOWER BAC LOG RES LTING IN AN OVERALL
REVEN E DECLINE OF
$ 4N RESPONSE
TO THE TOP LINE PRESS RE WE COMPLETED
A RESTR CT RING PROGRAM D RING THE YEAR
OPTIMI ING O R COST STR CT RE AND CREATING
OPERATIONAL EFFICIENCIES TO ENS RE WE ARE
WELL POSITIONED FOR GROWTH ONCE MAR ET
CONDITIONS IMPROVE$
A
5
4 THAN YO FOR YO R S PPORT AND OWNERSHIP
IN 3ILLENBRAND AND 4 ALSO SHARE MY DEEP
APPRECIATION TO THE MORE THAN % %%%
GLOBAL ASSOCIATES FOR THEIR CONTRIB TIONS
TO O R S CCESS EVERY SINGLE DAY$
BE 4O F
RESIDENT AND .HIEF 0 EC TIVE
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 1/7/2025 Letter Continued (Full PDF)