Hillenbrand Inc (HI)

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Hillenbrand, Inc. (HI)

F1Q 2014 Results Earnings Call

February 05, 2014, 08:00 AM ET


Chris Gordon - Director of Investor Relations

Joe Raver - Chief Executive Officer, President and Director

Cynthia L. Lucchese - Chief Financial Officer and Senior Vice President

Kimberly K. Ryan - President, Batesville and Senior Vice President, Hillenbrand, Inc.

Thomas Kehl - President, Coperion


Daniel Moore - CJS Securities, Inc.

John Franzreb - Sidoti & Company, LLC

Clint Fendley – NewBridge Group, Inc.

Gary Farber - CL King & Associates



Good morning, everyone, and welcome to Hillenbrand's Earnings Call Conference for the First Fiscal Quarter of 2014.

A replay of the call will be available until midnight, Eastern time, Wednesday, February 19, 2014, by dialing 1-855-859-2056 toll-free in the United States and Canada or +1-404-537-3406 internationally and using the conference ID number 50525720.

This webcast will be archived on the company's website at www.hillenbrand.com through March 5, 2014. If you ask a question today, it will be included in any future use of this recording. Also note that any recording, transcript or other transmission of the text or audio is not permitted without Hillenbrand's written consent.

At this time it's my pleasure to turn the conference over to Chris Gordon, Director of Investor Relations. Mr. Gordon, please go ahead.

Chris Gordon

Thank you, Stephanie, and good morning. Welcome to our earnings call for the first quarter of fiscal 2014, which ended on December 31. After the market closed yesterday we issued our earnings press release and filed our 10-Q. Both of these documents are available on our website.

With me on today's call are Hillenbrand President and Chief Executive Officer, Joe Raver; and Chief Financial Officer, Cindy Lucchese.

Some of the information you will hear today will consist of forward-looking statements within the Safe Harbor provisions of the securities laws. These statements are not guarantees of future performance, and our actual results could differ materially from what is presented in any forward-looking statement. Please see our latest Form 10-Q filed with the SEC for more in-depth discussion of forward-looking statements and the risks and other factors that could affect them.

During the course of this call we will be discussing certain non-GAAP operating performance measures. For more information on the use of those measures and their reconciliation to GAAP financial measures we refer you to our earnings press release and our Form 10-Q on the Investor Relations tab of our website at www.hillenbrand.com.

Now let me provide some information regarding our call. We've scheduled one hour, and we'll start with prepared remarks from Joe and Cindy that should last approximately 20 minutes. Joe will start with an overview of the business, and Cindy will follow with financial results. Then Joe will wrap up the prepared portion of the call with some closing comments. After that we'll move directly to Q&A, when we'll be joined by Batesville President, Kim Ryan; and Coperion President, Thomas Kehl. As they are both phoning in from outside the country you may notice some audio quality differences in their phone lines.

If you have follow-up questions after the call has ended, please feel free to call me at 812-931-5001 or email me at chris.gordon@hillenbrand.com.

Now it's my pleasure to turn the call over to Joe Raver, Hillenbrand's President and Chief Executive Officer. Joe?

Joe Raver

Thanks, Chris. Good morning everyone and thank you very much for joining us today. As many of you know when we became a public company nearly six years ago we created a straight forward strategy to leverage our strong financial foundation and our exportable core competencies to acquire good businesses and growing markets and make them better.

Through our acquisitions we've transformed Hillenbrand into a global diversified industrial company with businesses in new areas which have attractive growth opportunities. We've worked with our acquired businesses to accelerate their growth through entering in to new markets, expansion into new geographies and serving new customer segments.

We're as excited as ever about the future earnings and cash generation potential of Hillenbrand. We remain focused on leveraging our strong core competencies, lean, talent development, strategy management to accelerate the top and bottom line growth of our acquired companies.

Our balance sheet remains strong, our cash generation capabilities continue to improve. Most importantly I am confident that the initiatives we have underway will yield even greater results in the future providing attractive sustainable returns for our shareholders.

I would like to spend a few minutes updating you on the strategy, performance and results of the Process Equipment Group. As I said before we believe our competitive advantage in this segment is our ability to use industry-leading applications expertise along with core technologies to improve emission critical processes for our customers. The industries we serve engineered plastics, energy, process food, minerals and chemicals are not only diversified but we believe have attractive near and long-term growth prospect as they are geared towards responding to the needs of increasing world population and more importantly a growing global middle class.

Our strategy for Process Equipment Group is to expand globally penetrate underserved end markets and grow on the top and bottom line through the application of lean in all aspects of our business. We believe the acquisition of Coperion accelerates this strategy by enabling rapid low cost expansion of our non- Coperion product lines into new geographies using Coperion's worldwide network of manufacturing plants, service facility sales and engineering offices.

We have owned Coperion for a little over a year now and have made significant progress integrating the company. Key corporate areas such as financial reporting, tax, treasury, internal controls legal and human resources have transitioned effectively and are operating smoothly. Significant lean training began shortly after the acquisition and continues to this day. Thus far Coperion is focused on projects that improve efficiencies and eliminate risks both in the office and on the shop floor.

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