HI - Earnings call transcript Q1 2018

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Operator

Good morning, everyone. And Welcome to Hillenbrand's Earnings Teleconference for the First Quarter of Fiscal 2018. A replay of this call will be available until midnight Eastern Time, February 15, 2018 by dialing, 1800-585-8367 toll free in the United States and Canada or 1-416-621-4642 internationally and using the conference ID number 5275987. This webcast will be archived on the company's website at http://ir.hillenbrand.com through March 2, 2018.

If you ask a question during today's call, it will be included in any future use of this recording. recording, is other written not any text of consent. that audio or permitted note transcript transmission or the Also, without Hillenbrand's over At turn and my it's Executive to conference Chief Hillenbrand. this President Joe of pleasure Officer Raver, time, the to Mr. ahead. go please Raver,

Joe Raver

operator. for Thanks for Good year. our to full this joining results XXXX everyone. quarter first fiscal our fiscal morning, and you, us morning Thank discuss updated outlook

Q&A. Chief for Financial by Joining quarter Officer. for today's over results me Cerniglia, After we'll our today review begin highlights is to and on call, strategic turning that, I'll discussing then open our some our priorities the for Kristina and I'll Kristina on the the up details guidance. On progress additional before call call

comments certain of the are statements actual and are reminder, Harbor results contain materially. Safe the could a performance statements during we to guarantees of forward-looking the course laws. As provisions differ our this of call, future subject our will securities be encourage factors that not forward-looking These may our look you deeper which results. website, of discussing a be our the and and found to measures. impact recent can most for I performance our XX-K a at at discussion take that our non-GAAP could statements risk operating certain actual XX-Q, Also,

With please call. more to this our of the their the let's non-GAAP measures, presented use GAAP the information business. with financial refer on reconciliation XX-Q For operating turn measures to and slides to and that,

growth. guidance increase on quarter initiatives we Investor organic in very fourth fiscal of the The XXXX volume class flow in were up good quarter in to we the productivity backlog first-quarter reaching as consecutive performance results. a part focused off to achieve generated the results of cash again cash benefits leverage revenue Process delivering company. December margin, These us solid have proliferation XX% $X.XX. organization. start robust We're XXX% of remains Order our of to first consolidated in delivered remains in targets. Group. of was due Equipment operating our model the XX%, growth and in opposite on This sequentially, income. executing Day global a transform including the strong were as the net to for well, share XXXX, On per basis, our EBITDA GAAP financial a diversified excess XX% decreased year-over-year XXXX enabled to Hillenbrand revenue continue Hillenbrand industrial at operating flow meeting expand new our world We into throughout highs outlined our Team earnings a and initiatives

will the the Christina the later delivered in we the impact more of year. earnings adjusted up on growth. we XX% generated reform $X.XX our implications tax over call. On including last record However, tax of first-quarter quarter, an of EPS reform solid about on basis, talk business

me Let performance, beginning the segment Group. with Process Equipment turn to our

business. we for on profitable accelerate represent execute to at in profitable the expertise added model Hillenbrand to reduce growth. to engineered Process while the leveraging that continue operating Group Investor customers' biggest innovative to our leveraged we and Historically, initiatives, top solve priorities efficiency highly Our recently emphasis businesses our challenges. our we products operating costs, and applications. produced have mission-critical on We applications those provide solutions have Day, December, four for placed model growth drive discussed the Equipment we areas

operationally scale separation control we marketplace. our in existing focused are and that benefits in and and positions We strengthening achieve market-leading the these believe pharmaceuticals, We on food can platform grow businesses. and flow businesses plastics enjoy our both growing to

to with a continued report, this revenue In the systems That contributed quarter. areas each plastics, the large material and the fiscal four backlog growth extrusion handling we We began project. in in and sustained are growth these first year quarter, pleased position. to strength of strong

sequential backlog order volume Additionally, growth. strong drove

smaller the Middle based ongoing capacity Our to Asia bullish, benefiting level about production and East. equipment America a broad at plastics, pipeline Demand macroeconomic its in outlook and used production Polyolefin seven expand, for investment with to in from remains extruders global expected PMI engineered robust of North the go in global strength, in projects. years. online highest on additional and continues capacity of polyolefin

continued safe outlook trend in quarter. double-digit with year Our had positive, globally. past and first growing the the middle space that along convenient processed food increases for remains as this and food We growth processed pharma in demand class this in

trends portfolio applications. to [ph] runway to We of with highly well-positioned creation in business. lots is believe this accurate value be to engineered Our for equipment easy address clean there inventory processes, is towards production continuous and

remain equipment As primary expected, driver proppants the growth in of separation sales.

back. capital discussed new orders considerably couple quarters of we As quarter, rate last from has a equipment the of through its peak proppants slowed

quarter revenue lower work come against highly to be in second been our of demand challenging we backlog, in half as more be The and comps. equipment cyclical. second year for We has to the proppants the expect fiscal growth the up through down process

those in and market downs remains ups attractive this despite over the run. cycle, it long However believe we an

opportunity in we control, supplying grows, other driven wear by on growth was Additionally, pumps quarter India. power by capitalizing quality the installed are the screen, follows, high revenue for projects as that our rate replacement in Flow products. base recurring

We are and markets the in strength Europe. U.S. currently seeing in industrial

markets be areas solid quarter. revenue municipal on to infrastructure to modernization spending Going this you first area safety. last Parts in and forward, demand know, wastewater the delivered continued and grew anticipate growth the about protect of over years. and few water we've as in and the in U.S. And the water aging supported by we X% in project service developing and quality

Equipment a by businesses an help profitable each growth there ware important we so for value lifecycle operating the the and is from our the product has projects parts, of part our parts across service dedicated quality of a business. and and is wide We've is our This of One upgrade for business. expand that products Hillenbrand maximize projects Group globally. model improved components, systems entire and segmented to initiatives Process modernization the all leveraging the and to our service. where post-sale We parts services products to and machines customers from Demand range strong been efficiency. fabricated leader formulated ranging and provide of newly produce to our modernization

the environment. that expect to continue macroeconomic We in current

rate. year-over-year the familiar dynamics experienced move industry negatively caskets. to the demand of Many on usual estimated impacted higher revenue segment. and declined line Let healthcare burial lower input Margins increased due burial me expenses. to the our lower than We were in Batesville the expectation. cremation costs facing X% with in sales the Batesville's with in you are by increase quarter

continued customer make and to suite of helping customers. enhance Batesville innovative is new strong a operating ability to from consumer resources gives investments on Hillenbrand. model free caskets we Voice us pressure flow spending to of their launched us of broad addition, for recently and Batesville cash develop for to product has burial continues new a products not kept continues to options array cash we pace products challenges, to forward. more In as the these mix business personal. fuel with generate drive a family's Despite experience faced the Batesville inflation. strategic Hillenbrand for leverage to our

expect families build their to we funeral solutions that provide digital the and important, a higher at for product improve can deliver about of funeral think we profitability Batesville, is are and we personalized the margins that well-positioned longer-term products to because When caskets. to predictable rapidly. better. leader homes help long addition, benefit from innovation. and although services serve demand These not number annual families they they declining, create homes, for trends help us, industry quality is burial demand, In we only Batesville but provide for merchandising long-term very personalized also burials

our evaluate to M&A. strategic growth strategies. to on profitable accelerate Moving we believe can we acquisitions, continue

high more recurring applications a the elevated. look shareholders. pipeline a flow on have acquisition, challenging disciplined there And core with execute as pharma grow can fit our and approach be continue company and be follow to the when pay opportunity for that Hillenbrand value Hillenbrand an ensure processed for our create to two next our of for revenue food our and us large it are we one We good We plastics to Environment and expect M&A to out a will businesses. separation operating base focused control valuations model remains where customers make we value on a believe will three, engineering, continue where profitable. that strategically strengthening to opportunities our for build business, is targets

Let me on the Kristina. tax handing call briefly before reform comment to

lower The have profitability anticipate forward. on by the effective potential recent drive impact earnings the will impact economy U.S. encouraged rate and tax positive tax from in are legislation and for and business going general. reform the our will We cash tax we a improved and it

remain deployment capital for priorities the Our same.

in the to reinvesting market expansion. innovation First business and drive

making me let the more Second, quarter. for in to turn call profitable to detail to financial dividends continuing that, form for results third, acquisitions shareholders the growth, to return With the strategic capital share over and and Kristina repurchases. accelerate the of on

Kristina Cerniglia

Thanks, Joe, everyone. and morning, good

the more new little presentation. your begin of of legislation, five the attention color to Let slide providing effects U.S. by me tax on a the calling

XX.X% was first tax the effective quarter the quarter of Our for XX.X%, for to compared rate XXXX.

our deferred information. first of points just fiscal rate was available for expense the the the $X.XX per revaluation for provisions and tax driver net represent and provisional a offset rate of on tax to year share XX.X% tax on XX%. liabilities rate of end earnings, U.S. best three amount result $X.XX includes a $XX earnings. XX.X% as for of primary the quarters rate million provisional our tax new lower benefit in rate The the reform. the quarter expense effective reflecting a former XXXX the first adjusted attributable net million the estimates at $XX XXX-basis based and September These the quarter of XXXX reduction unremitted statutory tax partially blended as XXth EPS. adjusted of one reflects was of lower in tax at That resulted the which currently The fiscal quarter domestic quarter year foreign Hillenbrand approximately a rate by rate of or of statutory of full and is XX%

to of now XX% be previous Looking to XX% to effective forward, compared our full anticipate estimate rate year adjusted XX%. approximately we XXXX fiscal tax our

adjusted decreased Batesville in the effective share. margins rate in income in a excluding along first of achieve track the net XX% higher which GAAP increased decreased you or effective $X.XX revenues basis XX.X% tax Batesville or EBITDA decrease X%. growth was $XX by income Process an Equipment to contributed revenue was translation by XX% we rate the currency where to XX primarily EBITDA operating in currency XX% strong Adjusted favorable on Group, driven million X%. was year-over-year basis $XX XX% quarter and business. and XX% Equipment we The $X.XX net net reported by We our growth partially Moving to foreign driven representing the foreign up income grew points remain per we strong due Group, margin Process $XXX increase of That lower year year-over-year, revenue excluding heard tax increased leverage target. adjusted $XX quarter of total million XX% per and full delivered to and results, was in million or the an as to to from million decreased growth on to Joe offset first share.

in reflected net that working pension exceeded income prior fund the quarter. in an in in conversion continue flow million flow in quarter, backlog again $XX contribution invested was progress million we primarily projects $XX capital XXX% of a cash increase $XX million the generated the cash second year to number. our cash We which of due see free the once and quarter. in to operating the to first expect Our large to this of We

model as strengthening However, Hillenbrand capital we metrics is and balance on free working sheet our capital we the management sustainable cash the working our to flow. improve, in driving believe and focus continue of operating driving benefits

to million help stock solutions. common of shareholders and million $XX in of cash the the form repurchased $XX our During returned quarter, we dividends offset

$XXX Turning to our proppants plastics. million performance beginning to let hydraulic including crushing, cover in Process screening strength growth machines the and with Equipment separating next Group. driven equipment the used slide, by continued Revenue for XX% to process me with and segment grew

We translations, excluding Group XX%. currency Process Equipment FX, also foreign benefited from grew

Process the continue We to positive across momentum see Equipment Group.

XXXX sequentially was or year-over-year last of year's XX% backlog and consecutive quarter, in case quarter every growth represents over first resulted in As $XXX growth million $XX That order backlog. quarter. volume fourth the business expansion growing of over to the our growth quarter showed That fifth of million. last XX%

backlog grew foreign currency the XX% year-over-year. impact Excluding

process a orders line planned are and ensure to for earlier customers to delivery relative the us equipment in in date are We experiencing bringing placed they to systems.

the As typically includes current first than quarter. scheduled see beyond backlog end the a fiscal at projects the year we result, the more of would

at backlog a$XXX about may scheduled good was we and endurance The for our unfavorable fact, the partially million operating margin mix. by with the trends have guidance. improved annual to product In fiscal higher some is expect this basis volume time year. leverage a capital spending it points backlog that end Gross strengthened is than offset next year be higher XX revenue of from last higher as indication

Process have line. lower XX.X% of Equipment flow adjusted operating compounding compare leverage. systems healthy basis handling EBITDA points but and other increased to margin they Group to projects, material large the product tend XXX margins significant to with by encouraged are We

expense in revenue of was XXX to lower compared year the points ago. as operating a quarter a basis percentage As

continues Moving prior track $XXX the predicted of lower caskets, decreased steel the for results business, of compare of affected X% wood margin lower was and which quickly adversely burial higher to costs. points demand rate. Batesville decline the and was especially fuel our year. with to the XX% basis cost the primarily were The million decline revenue commodity higher XXX prior to EBITDA rising Adjusted Batesville's on based by margins than cremation year.

product lower resulted quarter. We a mix in and healthcare also this decline. with margin high along unusually pressure to reasons continued expenses volume experienced related of These

as model points profitability. business Batesville continue highly the the fiscal experienced We year-over-year The of these they EBITDA a average the to manage leverage familiar for below on headwinds protect the team to margins slightly and decrease operating basis expect to our previous as XXX possible ending balance and year about with Hillenbrand year efficiently is estimates. to full

flu Looking connection with ahead and the quarter, season. the increased to demand severe we second are seeing

be fiscal We to expect our prior quarter full outlook the XXXX. let that, higher should for slightly and a for turn end second higher revenue rest at for than With the the revenue be in the of me our guidance we year of Batesville. to year

at on the of guidance to X% We both season. of the come our $XXX. As strong to and X% growth the and year, we the revenue from comps. revenue On of all burial the to a to sales reminder, of consolidated the EPS of a forecasted half first X% the down and be businesses. due the we be volume. relatively Equipment to forecasted quarter severity half we flat will of of that expect lower to our as the is in now first X% for of year expected be majority revenue X% believe EPS Batesville of growth with based range growth driven up the growth higher industrial and to basis, to in our $XXX adjusted Group Process order by X% some range results. backlog come second flu We year end for against tough We strengthen projected The

result by we will back effective of As EPS remarks. XX% on to are tax total adjusted decreasing turn $X.XX to for range $X.XX time, $X.XX increasing estimated reform driven from his are to tax to the rate Joe we XX% from a guidance $X.XX. primarily to in the XX%, to At for this I call GAAP legislation, Based $X.XX to $X.XX EPS by concluding the to decrease the $X.XX charge. the a

Joe Raver

Thanks, Kristina.

needs. with the evidenced operating providing growth solid a customers, as start business in shareholders. good engineered quarter. eyes world make solid Process align of We our in continued challenging in Equipment with our We're highly in remain strong by Group the company revenue and customers solve employees solutions diversified momentum in to the and a progress backlog and reported by expertise and applications leverage to most transforming to continue off XXXX class We the order product their into Hillenbrand industrial closely

commitment In sustainable Hillenbrand driving deepening our growth. and and the for our today. improvement to its That operating of profitable addition, continuous by model we leveraging prepared culture are driven remarks concludes

are Operator, lines? the you We your would please take questions. to ready open

Operator

of [Operator question Moore from Instructions] And Daniel we will take CJS first our Securities.

is line Your open.

Daniel Moore

Thanks morning. Good taking question. the for

Joe Raver

Good Dan. morning

Kristina Cerniglia

Dan. morning Good

Daniel Moore

where couple a a maybe - your just color of and of projects terms but you're in wanted seeing other obviously areas are and polyolefin more orders a larger in geographically backlog expectations I gave seeing drill growth you a bit that's Joe, strength or process to little ago. ask strength, and plastics to that of are down just bit little you of outside terms one that of lot then, relative the equipment maybe proppants incremental and seeing you months any any

Joe Raver

Okay, yes.

first and across think I I we're the across improved in just Equipment So, seeing remarks, so, this pretty Process Group. board as really orders prepared saw out the good and quarter we commented say, demand would in backlog and start the business the we

nice XXXX the is the and of projects the as engineered you a this on we backlog, we a as did across as Kristina and to projects good little increase So, really mentioned, really bit the into the big momentum pretty in businesses. quarters, and increase We the sometimes relate momentum And projects. polyolefin and big and over last saw XXXX. compounding good even know that decent large couple is mentioned, and a plastics those some plastics in larger chunk of the see

really again, is it today said, board. ago, chunk couple large demand farther, is good pretty that bit in a is good driven our out it it's there quarters across to little sort bit a a From about it's backlog a different that pretty a little that America. good, America good because what's we're of North pretty projects. compared So, of of a the to being extent geographic large seeing perspective, a North by But with those say

as demand that's We relatively Middle that's in continue few well kind the of East as geographic last a though been how in out see here perspective. to playing from it's quarters, and the Asia consistent so

Daniel Moore

just, Kristina, now. how of has maybe couple to And proppants much for it. Got are you color quarters been strong willing give but

us quarter the and the can last the contribution, you In are to both revenue terms for of contributing give percentages sense proppants PEG over business two? EBITDA that or a

Kristina Cerniglia

it said, historically, about was said, we it Yeah, see we was I think thinking quarter be cycle think roughly we, of to I so that smaller see little cycle, of than a to is million see about we the in that half than little larger about last in as XXXX. million that and starting half think as we the proppant million were and of going $XX XXXX and we're the about that a cycle $XX million What $XX in XXXX. half XXXX, so in XXX year going is last that we're did to

We to a little XXXX, expect in continues have to of see that more legs. that

So, but year. will greater we the see be this proppants definitely that last orders than year we the down, handling have

Daniel Moore

Got helpful. it, very

Kristina Cerniglia

My perspective.

Daniel Moore

jump Okay. queue. I'll One in more, back

You you do tax, or that be you there do XX expect work run fiscal be XXXX rate on some is XX%, to there? gave a color beyond a done still lot of to good to that

Kristina Cerniglia

slightly in rate. would the work we XXXX expect but to have and a still be quarters three XX% have is quarter tax year - There we of still because we some this lower to forward primarily that done, be

So, we statutory this of blended a have year XX.X%. rate tax

XX%. be will rate statutory the year, Next

slightly and would XXXX our depends what out on where at too mix, with call it to where we early provisions, it in and on our we that forward we to settle probably expect XXXX forward. be happens XX%, our, lower but point, it's that but geographical around So, expect this to be far

Daniel Moore

you. Thank helpful. Very

Operator

line from open. Sidoti Franzreb your question comes next is line Your of and John with the company,

John Franzreb

morning, everybody. Good

portfolio, in the last revenue Just on of of the side, QX on mix third last year? much EBITDA what's versus proppant higher quarter margin, year in similar the different QX

Joe Raver

don't the a and that like in big a driver to large of probably truth. compared quarter third be would lower number spare I believe have a So, is to We that a comparison, projects, the the they we I tend - as I higher you do of John. lower have margin to do polyolefin that think parts, about the my is so execute be analysis mix tend on But probably projects, right front we so of be well driver I large me but course need projects, think there margin with then of tell perspective. is they the to capital they from project, to projects follow-on these do the portion

John Franzreb

your three actually active backlog XXXX since Okay. is profile the about that process and two, becoming than that And revenue thoughts is ago? the customer the is was what expectation are just more it highest a given base number quarters

Joe Raver

strength a think in and Yeah, I understand if quarters just markets see saw than our I your question ago. do we with few we continued initiatives

customers bit and as projects to are a the the - move bit some and activity forward our fourth of years saw across saw lot of more we continued seeing mentioned earlier planning, be last middle say a concrete we'll brought of through quarter as the we have board large think more of backlog seeming so strongly this terms little we a year. a little and yeah, as So, in momentum I drawdown really of we from than know the sort year sort you there even we're

John Franzreb

guidance flu higher season flu literally the but seeing flu certainly to suggest And and talking rise they mortality - support are spike hospitalization your of XXXX, know rates recent the season this some how end prepared I customers you and Okay. of in given for XXXX of and season? to some rates what about severe the in are the Batesville, the rates the you are the level

Joe Raver

capacity, strong that the the have our terms and and seeing and and are many have we're flu the side in right of season it which now is is winter on a side data months. a historical the we pretty than summer of think Batesville of we so both years in a good we production extremes feeling the in of notion the months Batesville business, the plan schedule different we When many, about so flu of Yeah, pretty season are business. what

in We looked capacity more is our might the like the And what over have months, past we number to demand. a the winter rate faster a knowing upper limit where through up in standard there at of sense winter a of be. confidence demand the run model then goes the the has we decades standard that get interval plans flu - no

we're well And and of through to and so, we sometimes bands are and season confidence have overtime go in that flexibility use use but system at running increase now production the probably course and those distribution demand ensure to strongly now to with our so XX% ahead of right hit that we weekends Saturdays make we - within meet the demand. can XX% plans sure flu we or right

confident feel ability season the to flu year. deliver we that So, our this given we've seen

John Franzreb

Got it. Thanks Joe.

Joe Raver

Okay. Thanks, John.

Operator

Your question FBR. B. the with comes of line from Riley Burke Liam next

open. is line Your

Liam Burke

Joe. morning, morning, Good Kristina. Thank you. Good

Kristina Cerniglia

Liam. Hi,

Joe Raver

Hi, Liam.

Liam Burke

the side Batesville side to on on you the cost been flexibility PEG begins on the Joe, the you rise? of business business if input cost pricing have much of touched employed but how

Joe Raver

have Batesville very a and Yeah, the your contracts on we it's different or so once price price the once year where typically where side. casket than business price we adjustment long-term

something we year. out really during and ability of process the the have also ordinary update pieces course of to these every the of we the on quote equipment equipment projects we our On see time have the side, the to price book we if ability

process raw accommodate cost, increases ability a amount or prices this in is in have also adjust even so in So, lock the to the for big big better then we can materials, much can it's big as equipment on input side we not an issue a of big we business. if prices. lock And decreases

we're standard our assured we margin when of So, the pretty contract. sign

Liam Burke

the of active nicely the your much to much aftermarket is of markets of grow business that screening And resources how your quarter, it were just that in end redeployment of and proppants side of business like growth the this business? grew how

Joe Raver

answer. easy an to question That's not

you, some takes based a to produce out, understand it we're do a little on do time the machine algorithms longer should not. really I it's But little a do while gaining figure we We to in whether pretty parts it So, takes or whether undertake, technical our share even demand we projects spare what that material where bit places. understand to market. or have us sometime modernize tell or big like share would sophisticated success in and had some update includes the larger We've to an in equipment for and handling are they highly competitors system a of go whole we that tend our project extruder few in sophisticated out we difficult grow the more focus and piece a of will marketplace. just system.

preferred faster modernization prepared an over term. longer come an focus by mentioned So, my we've that those larger to provider I projects But the area seen up focus the in market success the there, that's grow it being remarks. than on of is area of that where working we're

and modernize is their they're our when thing they helps customers, output when equipment other for it looking there, increased efficiency. The demand, can reduce risk improved

there we've space well. now And so, it's growing and for a right us quite good been

Liam Burke

Joe. you, Thank

Joe Raver

Liam. Thanks,

Operator

question next our of the And comes Moore with CJS Daniel Instructions] Securities. line [Operator from

open. Your line is

Daniel Moore

again. you, Thank

Just two one two or more more.

nice that mixed In terms on gains? equipment efficiency of How expansion group and and points how or process was of the expansion XXX-basis incremental revenue. much the margins much just volume of pure was

Joe Raver

we don't with in combination it the a business. we the and did leverage operating manner. see across volumes It increased break good But Yeah. out was detailed

operating strong that focus part business then of us we Hillenbrand leverage. model big as of nice that - related you of a get especially margin that is imagine see continue And As lean. for we to the to benefits is can course, we

the across organization to projects lean drive We continue working efficiencies. constantly for

- been effort that's that is So ongoing.

big you're increased we'd seeing. that haven't sorts of seeing expect restructurings any year-over-year-over-year. the efficiencies We you're those that But ongoing had

Kristina Cerniglia

that. that And just Dan, Yeah. I to add would

frankly most Our and of our of because price. volume mix frankly is improvement

certainly with the Our as offset the the not to that productivity; we're volume. we mix earlier. as our is larger to Joe script We in that mix working indicated and our in favor, so able alluded price, do have projects,

Daniel Moore

helpful. Very

opting just would Lastly, in what words Batesville, Or of an say several years? lower is ASP seen are we folks is the accelerated mix continuation the basis? on other that trend you tougher getting for for the just

Joe Raver

of Dan. we've that long-term the the seen in a trend than a continuation Yeah It's trend several industry. for years. more It's

operations in volume didn't pressure sort a effectively And And cost some all then And helped we've with the is unusual that quarter. that. nothing pushing product of like success the we're team And good of see introduction But business had to to mix. is our mix. improve so, constantly that during quarter, offset unusual against with really some run that more we constant the time. challenges but it the to the kind of new understands that trying anything

Daniel Moore

on year. Got it start thanks. the a And congrats to nice

Joe Raver

Thanks, Dan.

Kristina Cerniglia

Thanks, Dan.

Operator

more questions. the over now And Joe for comments. to back no turn like Raver final call I'd have We to

Joe Raver

like Thank the I'd look with call great today. forward to second report operator. We we May, in a as to thank And you, results. day. once you Have our speaking again, for again everyone participating fiscal on quarter

Operator

call. This concludes today's conference

may You now disconnect.

Hillenbrand (HI) 1 Feb 182018 Q1 Earnings call transcript