AptarGroup, Inc. (NYSE:ATR), a global leader in drug and
consumer product dosing, dispensing and protection technologies,
today reported strong operational performance driven by continued
growth of the company’s proprietary drug delivery systems and
significant sequential improvement in injectables sales as
Enterprise Resource Planning (ERP) system implementation effects
moderated. Strong sales from prestige and mass fragrance also
contributed positively to the results. Reported sales increased by
6% and core sales, excluding currency and acquisition effects,
increased by 4%. Aptar reported net income of $83 million for the
quarter, a 31% increase over the prior year.
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Photo: Aptar
Commenting on the second quarter results, Stephan B. Tanda,
Aptar President and CEO, said, “Aptar delivered strong,
double-digit EPS growth in the second quarter, highlighted by
increased core sales in our pharma proprietary dosing and
dispensing systems and the success of our beauty dispensing
solutions in fragrance. Our strong performance coupled with our
ongoing efforts to reduce costs, resulted in improved margins.
Additionally, I am proud to share the ESG progress made by our
global team, with the recent release of our Corporate
Sustainability Report, which highlights key milestones, strategic
progress and the competitive advantage our leading position affords
us.”
Second Quarter 2023 Highlights
- Reported sales increased 6% and net income increased 31% to
$83 million
- Core sales increased 4% and adjusted EBITDA of $181 million
increased 13% from the prior year
- Pharma proprietary drug delivery systems grew across the
majority of end-use categories
- Beauty’s fragrance dispensing technologies had double-digit
growth in the quarter
- Reported earnings per share increased 31% to $1.24 compared
to $0.95 in the prior year
- Adjusted earnings per share increased 26% to $1.23 compared
to $0.98 in the prior year (including comparable exchange
rates)
- Announced an increase to the quarterly dividend by almost 8%
to $0.41 per share
- Issued new Corporate Sustainability Report highlighting ESG
commitments and initiatives
Second Quarter Results
For the quarter ended June 30, 2023, reported sales increased 6%
to $896 million compared to $845 million in the prior year. Core
sales, excluding the impact from changes in currency exchange rates
and acquisitions, increased 4%.
Second Quarter Segment Sales
Analysis (Change Over Prior Year)
Aptar Pharma
Aptar Beauty
Aptar Closures
Total AptarGroup
Reported Sales Growth
15%
4%
(6%)
6%
Currency Effects (1)
(2%)
(1%)
(1%)
(1%)
Acquisitions
0%
0%
(1%)
(1%)
Core Sales Growth
13%
3%
(8%)
4%
(1) - Currency effects are approximated by
translating last year's amounts at this year's foreign exchange
rates.
Aptar Pharma’s performance in the quarter was driven by strong
core sales for proprietary drug delivery systems used for nasal
decongestants, saline rinses, eye care, and cough and cold, as well
as allergic rhinitis, emergency medicines, asthma and COPD
therapies. Core sales for injectables were consistent with the
prior year quarter as the impact from the ERP system implementation
improved progressively.
Aptar Beauty’s core sales growth was driven by continued
strength in beauty dispensing solutions, including prestige and
mass fragrance, as well as color cosmetics. The segment continued
to perform well in Europe, which represented more than half of
Beauty’s revenue in the quarter, driven by global beauty companies
based in the region. China and Latin America continued to see
gradual improvements, while in North America, market softness
persisted from excess inventories in the personal and home care
markets.
Core sales for the Aptar Closures segment declined compared with
the prior year’s quarter primarily due to pass-throughs of lower
resin prices and continued market challenges in North America, with
modest sales growth in Europe and Asia.
Aptar reported second quarter earnings per share of $1.24, an
increase of 31%, compared to $0.95 during the same period a year
ago. Second quarter adjusted earnings per share, excluding
restructuring charges and the unrealized gains or losses on an
equity investment, were $1.23, an increase of 26%, compared to
$0.98 in the prior year, including comparable exchange rates.
Year-To-Date Results
For the six months ended June 30, 2023, reported sales increased
4% to $1.76 billion compared to $1.69 billion in the prior year.
Core sales, excluding the impact from changes in currency exchange
rates and acquisitions, increased 4%.
Six Months Year-To-Date
Segment Sales Analysis (Change Over Prior Year)
Aptar Pharma
Aptar Beauty
Aptar Closures
Total AptarGroup
Total Reported Sales Growth
9%
5%
(7)%
4%
Currency Effects (1)
1%
1%
0%
1%
Acquisitions
0%
0%
(1)%
(1)%
Core Sales Growth
10%
6%
(8)%
4%
(1) - Currency effects are approximated by
translating last year's amounts at this year's foreign exchange
rates.
For the six months ended June 30, 2023, Aptar’s reported
earnings per share were $2.07, an increase of 10%, compared to
$1.88 reported a year ago. In the first half of the year, adjusted
earnings per share, excluding restructuring charges, acquisition
costs, and the unrealized gains or losses on an equity investment,
were $2.18 and increased 14% from prior year adjusted earnings per
share of $1.91, including comparable exchange rates. The prior
year’s adjusted earnings included an effective tax rate of 28%
(approximately $0.08 cents per share impact compared to the current
year effective tax rate of 25%).
Outlook
Regarding Aptar’s outlook, Tanda stated, “As we continue to
emerge from the challenging operating environment of the last few
years, we are energized for the future and well positioned to
create long-term value for all of our stakeholders. Aptar had an
exceptionally strong first half of the year due to the tremendous
growth of our pharma proprietary drug delivery systems and our
fragrance dispensing technologies. The strengths of these core
markets are expected to continue into the third quarter.
Additionally, the team has done an excellent job focusing on
reducing costs while growing the top line— an effort that is
continuing. Our consistent track record of returning value to
shareholders is underscored by our recently announced dividend
increase of almost 8% and ongoing share repurchases.”
Aptar currently expects earnings per share for the third quarter
of 2023, excluding any restructuring expenses, changes in the fair
value of equity investments and acquisition costs, to be in the
range of $1.23 to $1.31. This guidance is based on an effective tax
rate range of 25% to 27% which compares to an effective tax rate of
28% on prior year adjusted earnings. The earnings per share
guidance range was based on a Euro/US$ exchange rate of 1.09 and
the spot rates at the end of June for all other currencies. Our
currency exchange rate assumptions equate to an approximately $0.06
per share tailwind when compared to the prior year third quarter
earnings.
Cash Dividends and Share Repurchases
As previously announced, Aptar’s Board of Directors increased
the quarterly cash dividend by almost 8% to $0.41 per share. The
payment date is August 17, 2023, to stockholders of record as of
July 27, 2023. During the second quarter, Aptar repurchased 81
thousand shares for approximately $9.3 million. Aptar may
repurchase shares through the open market, privately negotiated
transactions or other programs, subject to market conditions.
Open Conference Call
There will be a conference call held on Friday, July 28, 2023 at
8:00 a.m. Central Time to discuss the company’s second quarter
results for 2023. The call will last approximately one hour.
Interested parties are invited to listen to a live webcast by
visiting the Investor Relations website at investors.aptar.com.
Replay of the conference call can also be accessed for a limited
time on the Investor Relations page of the website.
About Aptar
Aptar is a global leader in drug and consumer product dosing,
dispensing and protection technologies. Aptar serves a number of
attractive end markets including pharmaceutical, beauty, food,
beverage, personal care and home care. Using market expertise,
proprietary design, engineering and science to create innovative
solutions for many of the world’s leading brands, Aptar in turn
makes a meaningful difference in the lives, looks, health and homes
of millions of patients and consumers around the world. Aptar is
headquartered in Crystal Lake, Illinois and has 13,500 dedicated
employees in 20 countries. For more information, visit
www.aptar.com.
Presentation of Non-GAAP Information
This press release refers to certain non-GAAP financial
measures, including current year adjusted earnings per share and
adjusted EBITDA, which exclude the impact of business
transformation charges (restructuring initiatives),
acquisition-related costs, certain purchase accounting adjustments
related to acquisitions and investments and net unrealized
investment gains and losses related to observable market price
changes on equity securities. Core sales and adjusted earnings per
share also neutralize the impact of foreign currency translation
effects when comparing current results to the prior year. Non-GAAP
financial measures may not be comparable to similarly titled
non-GAAP financial measures provided by other companies. Aptar’s
management believes these non-GAAP financial measures provide
useful information to our investors because they allow for a better
period over period comparison of operating results by removing the
impact of items that, in management’s view, do not reflect Aptar’s
core operating performance. These non-GAAP financial measures also
provide investors with certain information used by Aptar’s
management when making financial and operational decisions. Free
cash flow is calculated as cash provided by operating activities
less capital expenditures plus proceeds from government grants
related to capital expenditures. We use free cash flow to measure
cash flow generated by operations that is available for dividends,
share repurchases, acquisitions and debt repayment. We believe that
it is meaningful to investors in evaluating our financial
performance and measuring our ability to generate cash internally
to fund our initiatives. These non-GAAP financial measures should
not be considered in isolation or as a substitute for GAAP
financial results but should be read in conjunction with the
unaudited condensed consolidated statements of income and other
information presented herein. A reconciliation of non-GAAP
financial measures to the most directly comparable GAAP measures is
included in the accompanying tables. Our outlook is provided on a
non-GAAP basis because certain reconciling items are dependent on
future events that either cannot be controlled, such as exchange
rates and changes in the fair value of equity investments, or
reliably predicted because they are not part of the company's
routine activities, such as restructuring and acquisition
costs.
This press release contains forward-looking statements,
including certain statements set forth under the “Outlook” section
of this press release. Words such as “expects,” “anticipates,”
“believes,” “estimates,” “future,” “potential,” “continues” and
other similar expressions or future or conditional verbs such as
“will,” “should,” “would” and “could” are intended to identify such
forward-looking statements. Forward-looking statements are made
pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 and are based on our beliefs as well as assumptions
made by and information currently available to us. Accordingly, our
actual results or other events may differ materially from those
expressed or implied in such forward-looking statements due to
known or unknown risks and uncertainties that exist in our
operations and business environment including, but not limited to:
geopolitical conflicts worldwide including the invasion of Ukraine
by the Russian military and the resulting indirect impact on demand
from our customers selling their products into these countries, as
well as rising input costs and certain supply chain disruptions;
lower demand and asset utilization due to an economic recession
either globally or in key markets we operate within; the impact of
COVID-19 and its variants on our global supply chain and our global
customers, employees and operations, which has elevated and will
continue to elevate many of the risks and uncertainties discussed
below; economic conditions worldwide, including inflationary
conditions and potential deflationary conditions in other regions
we rely on for growth; the execution of our restructuring
initiatives; our ability to preserve organizational culture and
maintain employee productivity in the work-from-home environment
caused by the current pandemic; the availability of raw materials
and components (particularly from sole sourced suppliers) as well
as the financial viability of these suppliers; fluctuations in the
cost of materials, components, transportation cost as a result of
supply chain disruptions and labor shortages, and other input costs
(particularly resin, metal, anodization costs and energy costs);
significant fluctuations in foreign currency exchange rates or our
effective tax rate; the impact of tax reform legislation, changes
in tax rates and other tax-related events or transactions that
could impact our effective tax rate; financial conditions of
customers and suppliers; consolidations within our customer or
supplier bases; changes in customer and/or consumer spending
levels; loss of one or more key accounts; our ability to
successfully implement facility expansions and new facility
projects; our ability to offset inflationary impacts with cost
containment, productivity initiatives and price increases; changes
in capital availability or cost, including rising interest rates;
volatility of global credit markets; our ability to identify
potential new acquisitions and to successfully acquire and
integrate such operations, including the successful integration of
the businesses we have acquired, including contingent consideration
valuation; our ability to build out acquired businesses and
integrate the product/service offerings of the acquired entities
into our existing product/service portfolio; direct or indirect
consequences of acts of war, terrorism or social unrest;
cybersecurity threats that could impact our networks and reporting
systems; the impact of natural disasters and other weather-related
occurrences; fiscal and monetary policies and other regulations;
changes or difficulties in complying with government regulation;
changing regulations or market conditions regarding environmental
sustainability; work stoppages due to labor disputes; competition,
including technological advances; our ability to protect and defend
our intellectual property rights, as well as litigation involving
intellectual property rights; the outcome of any legal proceeding
that has been or may be instituted against us and others; our
ability to meet future cash flow estimates to support our goodwill
impairment testing; the demand for existing and new products; the
success of our customers’ products, particularly in the
pharmaceutical industry; our ability to manage worldwide customer
launches of complex technical products, particularly in developing
markets; difficulties in product development and uncertainties
related to the timing or outcome of product development;
significant product liability claims; and other risks associated
with our operations. For additional information on these and other
risks and uncertainties, please see our filings with the Securities
and Exchange Commission, including the discussion under “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in our Form 10-K and Form
10-Qs. We undertake no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
AptarGroup, Inc.
Condensed Consolidated
Financial Statements (Unaudited)
(In Thousands, Except Per Share
Data)
Consolidated Statements of
Income
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Net Sales
$
895,906
$
844,543
$
1,755,973
$
1,689,475
Cost of Sales (exclusive of depreciation
and amortization shown below)
573,711
549,010
1,131,133
1,091,738
Selling, Research & Development and
Administrative
141,428
135,382
289,351
280,923
Depreciation and Amortization
62,267
58,552
121,526
117,217
Restructuring Initiatives
1,943
428
13,467
719
Operating Income
116,557
101,171
200,496
198,878
Other Income (Expense):
Interest Expense
(9,688
)
(11,982
)
(19,916
)
(20,912
)
Interest Income
648
989
1,320
1,277
Net Investment Gain (Loss)
2,891
(483
)
3,079
(1,733
)
Equity in Results of Affiliates
643
(276
)
512
(362
)
Miscellaneous, net
(173
)
52
(1,344
)
(1,051
)
Income before Income Taxes
110,878
89,471
184,147
176,097
Provision for Income Taxes
27,831
25,858
46,514
50,113
Net Income
$
83,047
$
63,613
$
137,633
$
125,984
Net Loss Attributable to Noncontrolling
Interests
25
12
203
64
Net Income Attributable to AptarGroup,
Inc.
$
83,072
$
63,625
$
137,836
$
126,048
Net Income Attributable to AptarGroup,
Inc. per Common Share:
Basic
$
1.27
$
0.97
$
2.11
$
1.92
Diluted
$
1.24
$
0.95
$
2.07
$
1.88
Average Numbers of Shares Outstanding:
Basic
65,568
65,475
65,470
65,509
Diluted
66,855
66,900
66,748
66,969
AptarGroup, Inc.
Condensed Consolidated
Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance
Sheets
June 30, 2023
December 31, 2022
ASSETS
Cash and Equivalents
$
120,983
$
141,732
Short-term Investments
21
—
Accounts and Notes Receivable, Net
718,619
676,987
Inventories
516,338
486,806
Prepaid and Other Current Assets
160,058
124,766
Total Current Assets
1,516,019
1,430,291
Property, Plant and Equipment, Net
1,395,811
1,343,664
Goodwill
956,908
945,632
Other Assets
478,974
483,871
Total Assets
$
4,347,712
$
4,203,458
LIABILITIES AND EQUITY
Short-Term Obligations
$
276,095
$
122,791
Accounts Payable, Accrued and Other
Liabilities
753,690
794,385
Total Current Liabilities
1,029,785
917,176
Long-Term Obligations
949,852
1,052,597
Deferred Liabilities and Other
179,649
165,481
Total Liabilities
2,159,286
2,135,254
AptarGroup, Inc. Stockholders' Equity
2,174,388
2,053,935
Noncontrolling Interests in
Subsidiaries
14,038
14,269
Total Equity
2,188,426
2,068,204
Total Liabilities and Equity
$
4,347,712
$
4,203,458
AptarGroup, Inc.
Reconciliation of Adjusted
EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Three Months Ended June 30,
2023
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate & Other
Net Interest
Net Sales
$
895,906
$
390,700
$
329,587
$
175,619
$
—
$
—
Reported net income
$
83,047
Reported income taxes
27,831
Reported income before income
taxes
110,878
98,100
21,796
14,232
(14,210
)
(9,040
)
Adjustments:
Restructuring initiatives
1,943
434
479
440
590
Net unrealized investment gain
(2,891
)
—
—
—
(2,891
)
Adjusted earnings before income taxes
109,930
98,534
22,275
14,672
(16,511
)
(9,040
)
Interest expense
9,688
9,688
Interest income
(648
)
(648
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
118,970
98,534
22,275
14,672
(16,511
)
—
Depreciation and amortization
62,267
27,332
20,825
13,100
1,010
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
181,237
$
125,866
$
43,100
$
27,772
$
(15,501
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
9.3
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
20.2
%
32.2
%
13.1
%
15.8
%
Three Months Ended June 30,
2022
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate & Other
Net Interest
Net Sales
$
844,543
$
340,231
$
317,667
$
186,645
$
—
$
—
Reported net income
$
63,613
Reported income taxes
25,858
Reported income before income
taxes
89,471
87,445
20,459
8,188
(15,628
)
(10,993
)
Adjustments:
Restructuring initiatives
428
—
423
5
—
Net unrealized investment loss
483
—
—
—
483
Adjusted earnings before income taxes
90,382
87,445
20,882
8,193
(15,145
)
(10,993
)
Interest expense
11,982
11,982
Interest income
(989
)
(989
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
101,375
87,445
20,882
8,193
(15,145
)
—
Depreciation and amortization
58,552
23,561
20,348
13,161
1,482
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
159,927
$
111,006
$
41,230
$
21,354
$
(13,663
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
7.5
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
18.9
%
32.6
%
13.0
%
11.4
%
AptarGroup, Inc.
Reconciliation of Adjusted
EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Six Months Ended June 30,
2023
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate & Other
Net Interest
Net Sales
$
1,755,973
$
746,746
$
655,976
$
353,251
$
—
$
—
Reported net income
$
137,633
Reported income taxes
46,514
Reported income before income
taxes
184,147
180,490
29,228
27,527
(34,502
)
(18,596
)
Adjustments:
Restructuring initiatives
13,467
1,565
9,770
962
1,170
Net unrealized investment gain
(3,079
)
—
—
—
(3,079
)
Transaction costs related to
acquisitions
255
—
199
56
—
Adjusted earnings before income taxes
194,790
182,055
39,197
28,545
(36,411
)
(18,596
)
Interest expense
19,916
19,916
Interest income
(1,320
)
(1,320
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
213,386
182,055
39,197
28,545
(36,411
)
—
Depreciation and amortization
121,526
53,109
41,108
25,235
2,074
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
334,912
$
235,164
$
80,305
$
53,780
$
(34,337
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
7.8
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
19.1
%
31.5
%
12.2
%
15.2
%
Six Months Ended June 30,
2022
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate & Other
Net Interest
Net Sales
$
1,689,475
$
682,693
$
626,747
$
380,035
$
—
$
—
Reported net income
$
125,984
Reported income taxes
50,113
Reported income before income
taxes
176,097
179,651
34,467
18,834
(37,220
)
(19,635
)
Adjustments:
Restructuring initiatives
719
—
534
185
—
Net unrealized investment loss
2,574
—
—
—
2,574
Adjusted earnings before income taxes
179,390
179,651
35,001
19,019
(34,646
)
(19,635
)
Interest expense
20,912
20,912
Interest income
(1,277
)
(1,277
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
199,025
179,651
35,001
19,019
(34,646
)
—
Depreciation and amortization
117,217
46,907
40,779
26,518
3,013
—
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
316,242
$
226,558
$
75,780
$
45,537
$
(31,633
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
7.5
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
18.7
%
33.2
%
12.1
%
12.0
%
AptarGroup, Inc.
Reconciliation of Adjusted
Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share
Data)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Income before Income Taxes
$
110,878
$
89,471
$
184,147
$
176,097
Adjustments:
Restructuring initiatives
1,943
428
13,467
719
Net unrealized investment (gain) loss
(2,891
)
483
(3,079
)
2,574
Transaction costs related to
acquisitions
—
—
255
—
Foreign currency effects (1)
1,718
(675
)
Adjusted Earnings before Income Taxes
$
109,930
$
92,100
$
194,790
$
178,715
Provision for Income Taxes
$
27,831
$
25,858
$
46,514
$
50,113
Adjustments:
Restructuring initiatives
494
111
3,559
188
Net unrealized investment (gain) loss
(708
)
119
(754
)
631
Transaction costs related to
acquisitions
—
—
65
—
Foreign currency effects (1)
497
(192
)
Adjusted Provision for Income Taxes
$
27,617
$
26,585
$
49,384
$
50,740
Net (Income) Loss Attributable to
Noncontrolling Interests
$
25
$
12
$
203
$
64
Net Income Attributable to AptarGroup,
Inc.
$
83,072
$
63,625
$
137,836
$
126,048
Adjustments:
Restructuring initiatives
1,449
317
9,908
531
Net unrealized investment (gain) loss
(2,183
)
364
(2,325
)
1,943
Transaction costs related to
acquisitions
—
—
190
—
Foreign currency effects (1)
1,221
(483
)
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
82,338
$
65,527
$
145,609
$
128,039
Average Number of Diluted Shares
Outstanding
66,855
66,900
66,748
66,969
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share
$
1.24
$
0.95
$
2.07
$
1.88
Adjustments:
Restructuring initiatives
0.02
—
0.15
0.01
Net unrealized investment (gain) loss
(0.03
)
0.01
(0.04
)
0.03
Transaction costs related to
acquisitions
—
—
—
—
Foreign currency effects (1)
0.02
(0.01
)
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share
$
1.23
$
0.98
$
2.18
$
1.91
(1) Foreign currency effects are
approximations of the adjustment necessary to state the prior year
earnings and earnings per share using current period foreign
currency exchange rates.
AptarGroup, Inc.
Reconciliation of Free Cash
Flow to Net Cash Provided by Operations (Unaudited)
(In Thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Net Cash Provided by Operations
$
83,897
$
84,577
$
182,201
$
176,654
Capital Expenditures
(77,187
)
(74,204
)
(155,012
)
(147,262
)
Proceeds from Government Grants
—
4,839
—
12,794
Free Cash Flow
$
6,710
$
15,212
$
27,189
$
42,186
AptarGroup, Inc.
Reconciliation of Adjusted
Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share
Data)
Three Months Ending September
30,
Expected 2023
2022
Income before Income Taxes
$
84,915
Adjustments:
Restructuring initiatives
2,270
Net unrealized investment gain
(277
)
Transaction costs related to
acquisitions
231
Foreign currency effects (1)
6,405
Adjusted Earnings before Income Taxes
$
93,544
Provision for Income Taxes
$
30,738
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
(7,200
)
Restructuring initiatives
607
Net unrealized investment gain
(68
)
Transaction costs related to
acquisitions
57
Foreign currency effects (1)
2,319
Adjusted Provision for Income Taxes
$
26,453
Net Loss Attributable to Noncontrolling
Interests
$
67
Net Income Attributable to AptarGroup,
Inc.
$
54,244
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
7,200
Restructuring initiatives
1,663
Net unrealized investment gain
(209
)
Transaction costs related to
acquisitions
174
Foreign currency effects (1)
4,086
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
67,158
Average Number of Diluted Shares
Outstanding
66,581
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share (3)
$
0.81
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
0.11
Restructuring initiatives
0.03
Net unrealized investment gain
—
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
0.06
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share (3)
$1.23 - $1.31
$
1.01
(1) Foreign currency effects are
approximations of the adjustment necessary to state the prior year
earnings and earnings per share using a Euro/US$ exchange rate of
1.09 and the spot rates as of June 30, 2023 for all other
applicable foreign currency exchange rates.
(2) Items included in the Provision for
Income Taxes reflects a tax expense related to a legal entity
reorganization.
(3) AptarGroup’s expected earnings per
share range for the third quarter of 2023, excluding any
restructuring expenses, acquisition costs and changes in fair value
of equity investments, is based on an effective tax rate range of
25% to 27%. This tax rate range compares to our third quarter of
2022 effective tax rate of 36% on reported earnings per share and
28% on adjusted earnings per share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230727441444/en/
Investor Relations Contact:
Mary Skafidas mary.skafidas@aptar.com 815-479-5530 Media Contact: Katie Reardon
katie.reardon@aptar.com 815-479-5671
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