AptarGroup, Inc. (NYSE:ATR), a global leader in drug and
consumer product dosing, dispensing and protection technologies,
today reported strong fourth quarter operational results driven by
double-digit growth of the company’s proprietary drug delivery
systems and strong growth for fragrance dispensing technologies.
Reported sales increased by 5% and core sales, excluding currency
and acquisition effects, increased by 2%. Aptar reported net income
of $62 million for the quarter, a 6% increase over the prior
year.
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Photo: Aptar
“I am pleased to report that we delivered strong fourth quarter
and full year results. In 2023, we achieved year-over-year
double-digit earnings per share growth, an increase of net income
of almost 20% and a 15% increase in adjusted EBITDA. Our focus on
cost management and operational leverage yielded margin expansion
for each segment compared to the prior year and we also decreased
selling, general and administrative (SG&A) expenses as a
percentage of sales,” said Stephan B. Tanda, Aptar President and
CEO, commenting on the full year results.
Tanda added, “Our Pharma segment had an exceptional year. In
2023, we had the highest number of new product launches since 2018,
while adding an equal, risk-adjusted value of new project
opportunities to the pipeline, which bodes well for continued,
solid growth. A big driver of this success can be attributed to our
proprietary pharma dosing and dispensing systems, which reported
over 20% core sales growth in the fourth quarter and double-digit
growth for the year. Our beauty dispensing solutions in fragrance
also delivered double-digit core sales growth for 2023, rounding
out a very successful year for us. Of course, there is more work to
be done and we look forward to continuing the positive momentum
into 2024 and beyond.”
Fourth Quarter 2023 Highlights
- Reported sales increased 5% and net income increased 6% to
$62 million
- Core sales increased 2% and adjusted EBITDA increased 22%
from the prior year to $179 million
- Reported earnings per share increased about 4% to $0.93
compared to $0.89 in the prior year and adjusted earnings per share
increased 27% to $1.21 compared to $0.95 in the prior year
(including comparable exchange rates)
- Margins continued to expand across all three segments over
the prior year
- Achieved an adjusted EBITDA margin within the raised
long-term target range
Annual 2023 Highlights
- Achieved annual sales of $3.5 billion, with sales growth
driven evenly by favorable product mix, volume growth and
pricing
- Reported sales grew 5% and core sales increased 3%
- Reported earnings per share increased 18% to $4.25 and
adjusted earnings per share increased 24% to $4.78
- Reported net income increased 19% to $284 million and
adjusted EBITDA increased 15% to $708 million
- Margin improvement was driven by cost management, mix of
higher value products, higher productivity and lower input
costs
- Operating cash flow was $575 million, up from $479 million
in 2022
- Generated $263 million in free cash flow, up from $196
million in 2022
Fourth Quarter Results
For the quarter ended December 31, 2023, reported sales
increased 5% to $838 million compared to $796 million in the prior
year. Core sales, excluding the impact from changes in currency
exchange rates and acquisitions, increased 2%.
Fourth Quarter Segment Sales
Analysis (Change Over Prior Year)
Aptar
Pharma
Aptar
Beauty
Aptar
Closures
Total AptarGroup
Reported Sales Growth
15%
(2%)
(1%)
5%
Currency Effects (1)
(4%)
(4%)
(2%)
(3%)
Acquisitions
0%
0%
(1%)
0%
Core Sales Growth
11%
(6%)
(4%)
2%
(1) - Currency effects are approximated by
translating last year's amounts at this year's foreign exchange
rates.
Aptar Pharma’s performance was driven by strong double-digit
core sales growth for proprietary drug delivery systems used for
emergency medicines, allergic rhinitis, central nervous system
therapeutics, as well as eye care, nasal saline rinses, and nasal
decongestants. The injectables division sales were basically flat
after two years of strong core sales increases. Sales for
elastomeric components used for biologics continued to grow in the
quarter. Demand for active material science solutions declined due
to non-recurring sales of Activ-Film™ used for at home COVID-19
test kits.
Aptar Beauty’s core sales declined compared to the prior year’s
quarter, due to continued market softness in North America. Healthy
demand continued for fragrance dispensing solutions in Europe and
Latin America. Additionally, adjusted EBITDA margins continued to
improve in the quarter.
Aptar Closures segment core sales declined compared with the
prior year’s quarter due to the passing through of lower resin
costs to our customers. Unit volumes were up in certain categories
such as beverage in Europe, and personal care and home care in
North America. Adjusted EBITDA margins continued to improve as a
result of cost containment efforts.
Aptar reported fourth quarter earnings per share of $0.93, an
increase of 4%, compared to $0.89 during the same period a year
ago. Fourth quarter adjusted earnings per share, excluding
restructuring charges and the unrealized gains or losses on an
equity investment, were $1.21, an increase of 27%, compared to
$0.95 in the prior year, including comparable exchange rates.
Annual Results
For the year ended December 31, 2023, reported sales increased
5% to $3.49 billion compared to $3.32 billion in the prior year.
Core sales, excluding the impact from changes in currency exchange
rates and acquisitions, increased 3%.
Annual Segment Sales Analysis
(Change Over Prior Year)
Aptar Pharma
Aptar Beauty
Aptar Closures
Total AptarGroup
Total Reported Sales Growth
12%
4%
(5)%
5%
Currency Effects (1)
(2)%
(2)%
(1)%
(2)%
Acquisitions
0%
0%
(1)%
0%
Core Sales Growth
10%
2%
(7)%
3%
(1) - Currency effects are approximated by
translating last year's amounts at this year's foreign exchange
rates.
For the year ended December 31, 2023, Aptar’s reported earnings
per share were $4.25, an increase of 18%, compared to $3.59
reported a year ago. Current year adjusted earnings per share,
excluding restructuring charges, acquisition costs, and the
unrealized gains or losses on an equity investment, were $4.78 and
increased 24% from prior year adjusted earnings per share of $3.87,
including comparable exchange rates. The prior year’s adjusted
earnings included an effective tax rate of 27% (approximately $0.13
per share negative impact compared to the current year effective
tax rate of 24%).
Outlook
Regarding Aptar’s outlook, Tanda stated, “In 2024, we intend to
build on our positive momentum from the previous year and
anticipate starting strong in the first quarter. We expect demand
for pharma’s proprietary drug delivery systems and elastomeric
components for biologics to continue to grow. We also expect our
beauty and closures segments to benefit from a progressive recovery
of the North American market and we anticipate continued demand for
our fragrance dispensing technologies. We remain focused on
reducing SG&A as a percentage of sales and reducing our fixed
costs. We are looking forward to another dynamic year.”
Aptar currently expects earnings per share for the first quarter
of 2024, excluding any restructuring expenses, changes in the fair
value of equity investments and acquisition costs, to be in the
range of $1.10 to $1.18. This guidance is based on an effective tax
rate range of 24.5% to 26.5% which compares to an effective tax
rate of 25.6% on prior year adjusted earnings. The earnings per
share guidance range was based on spot rates at the end of January
for all currencies. Our currency exchange rate assumptions equate
to an approximately $0.01 per share tailwind when compared to the
prior year first quarter earnings.
Cash Dividends and Share Repurchases
As previously announced, Aptar’s Board of Directors approved a
quarterly cash dividend of $0.41 per share. The payment date is
February 22, 2024, to stockholders of record as of February 1,
2024. During the fourth quarter, Aptar repurchased 81 thousand
shares for $10.3 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, February 9, 2024
at 8:00 a.m. Central Time to discuss the company’s fourth quarter
and annual 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 more than 13,000
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 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 recent events in the Middle East
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; economic conditions worldwide,
including inflationary conditions and potential deflationary
conditions in other regions we rely on for growth; the execution of
our fixed cost reduction initiatives, including our optimization
initiative; 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, difficulties or failures in complying with government
regulation, including FDA or similar foreign governmental
authorities; 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 December
31,
Year Ended December 31,
2023
2022
2023
2022
Net Sales
$
838,480
$
795,914
$
3,487,450
$
3,322,249
Cost of Sales (exclusive of depreciation
and amortization shown below)
526,227
520,297
2,224,051
2,158,411
Selling, Research & Development and
Administrative
138,295
127,911
565,783
544,262
Depreciation and Amortization
64,381
58,888
248,593
233,706
Restructuring Initiatives
25,376
3,608
45,004
6,597
Operating Income
84,201
85,210
404,019
379,273
Other Income (Expense):
Interest Expense
(10,518
)
(10,159
)
(40,418
)
(40,827
)
Interest Income
2,107
671
4,373
2,700
Net Investment (Loss) Gain
(426
)
(1,026
)
1,413
(2,110
)
Equity in Results of Affiliates
712
651
2,226
467
Miscellaneous Income (Expense), net
4,553
(1,655
)
3,212
(4,799
)
Income before Income Taxes
80,629
73,692
374,825
334,704
Provision for Income Taxes
18,384
14,298
90,649
95,149
Net Income
$
62,245
$
59,394
$
284,176
$
239,555
Net Loss (Income) Attributable to
Noncontrolling Interests
110
(398
)
311
(267
)
Net Income Attributable to AptarGroup,
Inc.
$
62,355
$
58,996
$
284,487
$
239,288
Net Income Attributable to AptarGroup,
Inc. per Common Share:
Basic
$
0.95
$
0.90
$
4.34
$
3.66
Diluted
$
0.93
$
0.89
$
4.25
$
3.59
Average Numbers of Shares Outstanding:
Basic
65,813
65,272
65,616
65,402
Diluted
67,131
66,442
66,905
66,719
AptarGroup, Inc.
Condensed Consolidated
Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance
Sheets
December 31, 2023
December 31, 2022
ASSETS
Cash and Equivalents
$
223,643
$
141,732
Accounts and Notes Receivable, Net
677,822
676,987
Inventories
513,053
486,806
Prepaid and Other
134,761
124,766
Total Current Assets
1,549,279
1,430,291
Property, Plant and Equipment, Net
1,478,063
1,343,664
Goodwill
963,418
945,632
Other Assets
461,130
483,871
Total Assets
$
4,451,890
$
4,203,458
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-Term Obligations
$
458,220
$
122,791
Accounts Payable, Accrued and Other
Liabilities
793,089
794,385
Total Current Liabilities
1,251,309
917,176
Long-Term Obligations
681,188
1,052,597
Deferred Liabilities and Other
198,095
165,481
Total Liabilities
2,130,592
2,135,254
AptarGroup, Inc. Stockholders' Equity
2,306,824
2,053,935
Noncontrolling Interests in
Subsidiaries
14,474
14,269
Total Stockholders' Equity
2,321,298
2,068,204
Total Liabilities and Stockholders'
Equity
$
4,451,890
$
4,203,458
AptarGroup, Inc.
Reconciliation of Adjusted
EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Three Months Ended December 31,
2023
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate & Other
Net Interest
Net Sales
$
838,480
$
385,059
$
287,741
$
165,680
$
—
$
—
Reported net income
$
62,245
Reported income taxes
18,384
Reported income before income
taxes
80,629
99,812
12,567
(5,559
)
(17,780
)
(8,411
)
Adjustments:
Restructuring initiatives
25,376
3,195
8,033
13,867
281
Net investment loss
426
—
—
—
426
Transaction costs related to
acquisitions
225
—
225
—
—
Adjusted earnings before income taxes
106,656
103,007
20,825
8,308
(17,073
)
(8,411
)
Interest expense
10,518
10,518
Interest income
(2,107
)
(2,107
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
115,067
103,007
20,825
8,308
(17,073
)
—
Depreciation and amortization
64,381
28,118
21,516
13,998
749
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
179,448
$
131,125
$
42,341
$
22,306
$
(16,324
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
7.4
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
21.4
%
34.1
%
14.7
%
13.5
%
Three Months Ended December 31,
2022
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate & Other
Net Interest
Net Sales
$
795,914
$
335,166
$
292,742
$
168,006
$
—
$
—
Reported net income
$
59,394
Reported income taxes
14,298
Reported income before income
taxes
73,692
83,773
16,654
2,891
(20,138
)
(9,488
)
Adjustments:
Restructuring initiatives
3,608
—
2,765
843
—
Net investment loss
1,026
—
—
—
1,026
Adjusted earnings before income taxes
78,326
83,773
19,419
3,734
(19,112
)
(9,488
)
Interest expense
10,159
10,159
Interest income
(671
)
(671
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
87,814
83,773
19,419
3,734
(19,112
)
—
Depreciation and amortization
58,888
24,056
20,125
13,355
1,352
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
146,702
$
107,829
$
39,544
$
17,089
$
(17,760
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
7.5
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
18.4
%
32.2
%
13.5
%
10.2
%
AptarGroup, Inc.
Reconciliation of Adjusted
EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Year Ended December 31, 2023
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate & Other
Net Interest
Net Sales
$
3,487,450
$
1,520,993
$
1,267,697
$
698,760
$
—
$
—
Reported net income
$
284,176
Reported income taxes
90,649
Reported income before income
taxes
374,825
388,415
59,210
33,615
(70,370
)
(36,045
)
Adjustments:
Restructuring initiatives
45,004
4,852
20,683
17,927
1,542
Net investment gain
(1,413
)
—
—
—
(1,413
)
Realized gain on investments included in
net investment gain above
4,188
—
—
—
4,188
Transaction costs related to
acquisitions
480
—
424
56
—
Adjusted earnings before income taxes
423,084
393,267
80,317
51,598
(66,053
)
(36,045
)
Interest expense
40,418
40,418
Interest income
(4,373
)
(4,373
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
459,129
393,267
80,317
51,598
(66,053
)
—
Depreciation and amortization
248,593
109,366
83,399
52,095
3,733
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
707,722
$
502,633
$
163,716
$
103,693
$
(62,320
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
8.1
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
20.3
%
33.0
%
12.9
%
14.8
%
Year Ended December 31, 2022
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate
& Other
Net Interest
Net Sales
$
3,322,249
$
1,361,256
$
1,222,535
$
738,458
$
—
$
—
Reported net income
$
239,555
Reported income taxes
95,149
Reported income before income
taxes
334,704
346,995
65,850
32,185
(72,199
)
(38,127
)
Adjustments:
Restructuring initiatives
6,597
—
5,539
1,058
—
Net investment loss
2,110
—
—
—
2,110
Realized gain on investments included in
net investment loss above
1,213
—
—
—
1,213
Transaction costs related to
acquisitions
231
231
—
—
—
Adjusted earnings before income taxes
344,855
347,226
71,389
33,243
(68,876
)
(38,127
)
Interest expense
40,827
40,827
Interest income
(2,700
)
(2,700
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
382,982
347,226
71,389
33,243
(68,876
)
—
Depreciation and amortization
233,706
94,396
80,498
52,866
5,946
—
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
616,688
$
441,622
$
151,887
$
86,109
$
(62,930
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
7.2
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
18.6
%
32.4
%
12.4
%
11.7
%
AptarGroup, Inc.
Reconciliation of Adjusted
Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share
Data)
Three Months Ended December
31,
Year Ended December 31,
2023
2022
2023
2022
Income before Income Taxes
$
80,629
$
73,692
$
374,825
$
334,704
Adjustments:
Restructuring initiatives
25,376
3,608
45,004
6,597
Net investment loss (gain)
426
1,026
(1,413
)
2,110
Realized gain on investments included in
net investment loss (gain) above
—
—
4,188
1,213
Transaction costs related to
acquisitions
225
—
480
231
Foreign currency effects (1)
2,877
8,204
Adjusted Earnings before Income Taxes
$
106,656
$
81,203
$
423,084
$
353,059
Provision for Income Taxes
$
18,384
$
14,298
$
90,649
$
95,149
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
—
1,350
—
(5,850
)
Restructuring initiatives
6,769
1,023
11,939
1,818
Net investment loss (gain)
104
251
(346
)
517
Realized gain on investments included in
net investment loss (gain) above
—
—
1,026
297
Transaction costs related to
acquisitions
56
—
121
57
Foreign currency effects (1)
558
2,332
Adjusted Provision for Income Taxes
$
25,313
$
17,480
$
103,389
$
94,320
Net (Income) Loss Attributable to
Noncontrolling Interests
$
110
$
(398
)
$
311
$
(267
)
Net Income Attributable to AptarGroup,
Inc.
$
62,355
$
58,996
$
284,487
$
239,288
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
—
(1,350
)
—
5,850
Restructuring initiatives
18,607
2,585
33,065
4,779
Net investment loss (gain)
322
775
(1,067
)
1,593
Realized gain on investments included in
net investment loss (gain) above
—
—
3,162
916
Transaction costs related to
acquisitions
169
—
359
174
Foreign currency effects (1)
2,319
5,872
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
81,453
$
63,325
$
320,006
$
258,472
Average Number of Diluted Shares
Outstanding
67,131
66,442
66,905
66,719
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share
$
0.93
$
0.89
$
4.25
$
3.59
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
—
(0.02
)
—
0.09
Restructuring initiatives
0.28
0.04
0.49
0.07
Net investment loss (gain)
—
0.01
(0.02
)
0.03
Realized gain on investments included in
net investment loss (gain) above
—
—
0.05
0.01
Transaction costs related to
acquisitions
—
—
0.01
—
Foreign currency effects (1)
0.03
0.08
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share
$
1.21
$
0.95
$
4.78
$
3.87
(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.
(2) Items included in the Provision for
Income Taxes reflects a tax expense related to a legal entity
reorganization.
AptarGroup, Inc.
Reconciliation of Free Cash
Flow to Net Cash Provided by Operations (Unaudited)
(In Thousands)
Three Months Ended December
31,
Year Ended December 31,
2023
2022
2023
2022
Net Cash Provided by Operations
$
219,637
$
172,268
$
575,239
$
478,617
Capital Expenditures
(81,143
)
(84,296
)
(312,342
)
(310,427
)
Proceeds from Government Grants
—
10,737
—
27,795
Free Cash Flow
$
138,494
$
98,709
$
262,897
$
195,985
AptarGroup, Inc.
Reconciliation of Adjusted
Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share
Data)
Three Months Ending March 31,
Expected 2024
2023
Income before Income Taxes
$
73,269
Adjustments:
Restructuring initiatives
11,524
Net investment gain
(188
)
Transaction costs related to
acquisitions
255
Foreign currency effects (1)
1,304
Adjusted Earnings before Income Taxes
$
86,164
Provision for Income Taxes
$
18,683
Adjustments:
Restructuring initiatives
3,065
Net investment gain
(46
)
Transaction costs related to
acquisitions
65
Foreign currency effects (1)
333
Adjusted Provision for Income Taxes
$
22,100
Net Loss Attributable to Noncontrolling
Interests
$
178
Net Income Attributable to AptarGroup,
Inc.
$
54,764
Adjustments:
Restructuring initiatives
8,459
Net investment gain
(142
)
Transaction costs related to
acquisitions
190
Foreign currency effects (1)
971
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
64,242
Average Number of Diluted Shares
Outstanding
66,735
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share (3)
$
0.82
Adjustments:
Restructuring initiatives
0.13
Net investment gain
—
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
0.01
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share (2)
$1.10 - $1.18
$
0.96
(1) Foreign currency effects are
approximations of the adjustment necessary to state the prior year
earnings and earnings per share using spot rates as of January 31,
2024 for all applicable foreign currency exchange rates.
(2) AptarGroup’s expected earnings per
share range for the first quarter of 2024, excluding any
restructuring expenses, acquisition costs and changes in fair value
of equity investments, is based on an effective tax rate range of
24.5% to 26.5%. This tax rate range compares to our first quarter
of 2023 effective tax rate of 25.5% on reported earnings per share
and 25.6% on adjusted earnings per share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240208100452/en/
Investor Relations Contact:
Mary Skafidas mary.skafidas@aptar.com 815-479-5530
Media Contact: Katie Reardon
katie.reardon@aptar.com 815-479-5671
AptarGroup (NYSE:ATR)
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