Hillenbrand, Inc. (NYSE:HI) Q3 2023 Earnings Conference Call August 3, 2023 8:00 AM ET

Company Participants

Sam Mynsberge - Vice President of Investor Relations

Kim Ryan - President & Chief Executive Officer

Bob VanHimbergen - Senior Vice President & Chief Financial Officer

Conference Call Participants

Matt Summerville - D.A. Davidson

Daniel Moore - CJS Securities

John Franzreb - Sidoti & Company

Operator

Good day ladies and gentlemen and welcome to the Hillenbrand Third Quarter Fiscal Year 2023 Earnings Call. Our host for today's call is Sam Mynsberge, VP of Investor Relations. [Operator Instructions]

I would now like to turn the call over to your host. Sam, you may begin.

Sam Mynsberge

Thank you, operator. Good morning, everyone. Welcome to Hillenbrand's conference call for our fiscal third quarter of 2023. I'm joined by our President and CEO, Kim Ryan; and our Senior Vice President and CFO, Bob VanHimbergen. I'd like to direct your attention to the supplemental slides posted on our IR website that will be referenced on today's call. As a reminder, the divested Batesville segment is classified as discontinued operations for all periods presented and our commentary will be based on the performance of our continuing operations.

Turning to Slide 3. A reminder that our comments may contain certain forward-looking statements that are subject to the safe harbor provisions of the securities laws. These statements are not guarantees of future performance and our actual results could differ materially. Also during the course of this call, we will be discussing certain non-GAAP operating performance measures, including organic comparisons for our segments which exclude the impacts of acquisitions, divestitures and foreign currency exchange. I encourage you to review the appendix in Slide 3 of the presentation as well as our 10-Q which can be found on our website for a deeper discussion of non-GAAP information, forward-looking statements and the risk factors that could impact our actual results.

With that, I'll turn the call over to Kim.

Kim Ryan

Thanks, Sam and good morning, everyone. Thank you for joining us on today's call. I'd like to start by touching on our recently announced acquisition of the Schenck Food and Performance Materials business, or FPM which we expect to close later this quarter. This transaction builds upon the momentum of our Linxis, Peerless and Herbold acquisitions as we executed our profitable growth strategy to transform Hillenbrand into a pure-play global industrial company.

As a reminder, with these acquisitions and the divestiture of Batesville that we completed in February, we've transformed our portfolio from having roughly 20% of our revenues generated from the secularly declining death care end market to now anticipating nearly 30% of our combined revenues to be in the higher growth, less cyclical end markets of food, pharma and recycling. These end markets are supported by long-term macro growth demands and our improved scale allows us to leverage our global engineering and service capabilities along with our global footprint and scalable foundation to drive profitable growth.