Hillenbrand cuts FY24 adjusted EPS view to $3.30-$3.50 from $3.60-$3.95

FY24 consensus $3.70. Cuts FY24 revenue view to $3.23B-$3.3B from $3.28B-$3.44B, consensus $3.33B. These changes reflect reduced volumes stemming from lower than expected orders, unfavorable product mix in MTS, and pricing pressure in MTS, partially offset by approximately $8 million of in-year MTS restructuring benefits, cost actions throughout APS and corporate, and accelerated margin enhancement within the recent acquisitions. Free cash flow is now expected to be approximately $130 million to $150 million for the year, down from our previous expectation of approximately $230 million.