AptarGroup, Inc. (NYSE:ATR), a global leader in drug and
consumer product dosing, dispensing and protection technologies,
today reported solid second quarter results driven by continued
growth of the company’s proprietary drug delivery systems and
margin improvement. Reported sales increased by 2% and core sales,
excluding currency and acquisition effects, increased by 3%. Aptar
reported net income of $90 million for the quarter, a 9% increase
from the prior year.
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Photo: Aptar
“Strong sales growth in our Pharma business and broad-based
margin expansion helped us achieve another quarter of strong
earnings per share growth. Our proprietary drug delivery systems
continue to see healthy demand, sales for our active material
science technologies grew nicely in the quarter and volumes for
consumer dispensing solutions continued to progressively improve in
North America. For the first six months of the year, we achieved
double-digit earnings growth and delivered strong net cash provided
by operations,” said Stephan B. Tanda, Aptar President and CEO,
commenting on the second quarter results.
Second Quarter 2024 Highlights
- Reported sales increased 2% and core sales increased
3%
- Reported earnings per share increased 8% to $1.34 and
adjusted earnings per share increased 12% to $1.37
- Reported net income increased 9% to $90 million and adjusted
EBITDA increased 6% from the prior year to $193 million
- Pharma segment delivered reported sales growth of 6% and
core sales growth of 7% with continued demand for proprietary drug
delivery systems
- Margins continued to improve over the prior year quarter,
driven by sales of higher value products, and improved operational
performance and cost management efforts
- Increased the quarterly dividend by approximately 10% to
$0.45 per share
First Six Months 2024 Highlights
- Double-digit EPS growth over the prior year period
- Net cash provided by operations increased to $236 million
compared to $182 million in the prior year period
- Free cash flow increased to $92 million compared to $27
million in the prior year
Second Quarter Results
For the quarter ended June 30, 2024, reported sales increased 2%
to $910 million compared to $896 million in the prior year. Core
sales, excluding the impact from changes in currency exchange rates
and acquisitions, increased 3%.
Second Quarter Segment Sales
Analysis (Change Over Prior Year)
Aptar Pharma
Aptar Beauty
Aptar Closures
Total AptarGroup
Reported Sales Growth
6%
(2)%
(1)%
2%
Currency Effects (1)
1%
1%
1%
1%
Acquisitions
0%
0%
0%
0%
Core Sales Growth
7%
(1)%
0%
3%
(1) - Currency effects are approximated by
translating last year's amounts at this year's foreign exchange
rates.
Aptar Pharma had an increase in reported sales of 6% and core
sales of 7% over the prior year quarter. The segment’s strong
performance was driven by continued growth for proprietary drug
delivery systems used for allergic rhinitis, central nervous system
therapeutics, emergency and pain medicines, as well as eye care and
nasal decongestants. Sales declined in the Injectables division
compared to the prior year quarter as sales normalized following
last year’s strong second quarter catch up from the Enterprise
Resource Planning (ERP) implementation in the first quarter of
2023. For the first six months of the year, the Injectables
division grew 14%. The Active Material Science division returned to
growth after a period of destocking due to COVID.
Aptar Beauty’s reported sales decreased 2%, and with currency
effects core sales were down 1% compared to the prior year quarter.
Volumes in the quarter grew over the prior year period as sales in
North America continued to show progressive improvement, however,
this was offset by higher tooling sales in the prior year period.
Margins continued to improve year over year even with softer sales,
due to operational performance and ongoing cost management.
Aptar Closures’ reported sales decreased 1% from the prior year
quarter and the segment’s core sales were flat. Increased volumes
were offset by the pass through of lower resin costs. Margins for
Closures were flat over the prior year quarter as ongoing cost
containment efforts and operational performance were offset by the
timing of pass through of lower resin costs.
Aptar reported second quarter earnings per share of $1.34, an
increase of 8%, compared to $1.24 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 $1.37, an increase of 12%, compared to
$1.22 in the prior year, including comparable exchange rates.
Year-To-Date Results
For the six months ended June 30, 2024, reported sales increased
4% to $1.83 billion compared to $1.76 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
10%
(1)%
0%
4%
Currency Effects (1)
0%
0%
0%
0%
Acquisitions
0%
0%
0%
0%
Core Sales Growth
10%
(1)%
0%
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, 2024, Aptar’s reported
earnings per share were $2.57, an increase of 24%, compared to
$2.07 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 $2.63 and
increased 21% from prior year adjusted earnings per share of $2.18,
including comparable exchange rates. The prior year’s adjusted
earnings included an effective tax rate of 25% (approximately $0.10
per share negative impact compared to the current year effective
tax rate of 22%).
Outlook
Regarding Aptar’s outlook, Tanda stated, “We had a strong first
half, and we expect growth to continue in the third quarter. We
anticipate growth for our proprietary drug delivery systems to
continue, driven by increased demand for nasally delivered central
nervous system drugs and allergy therapies. We are also seeing
growing demand for elastomeric components used for GLP-1. For our
consumer dispensing technologies, we are seeing pockets of strength
and progressive recovery in North America. As volumes come back, we
believe we will benefit from our continued focus on cost management
and improved operational leverage. Our solid operational
performance and our strong balance sheet should position us well
for future growth. Even in a slowing economy, we believe in the
resilience of our portfolio as demonstrated by our recent dividend
increase of approximately 10% on top of last year’s nearly 8%
increase.”
Aptar currently expects earnings per share for the third quarter
of 2024, excluding any restructuring expenses, changes in the fair
value of equity investments and acquisition costs, to be in the
range of $1.38 to $1.46. This guidance is based on an effective tax
rate range of 23.5% to 25.5% with a comparable adjusted prior year
effective tax rate of 24%. The earnings per share guidance range
was based on spot rates at the end of June for all currencies. Our
currency exchange rate assumptions equate to an approximately $0.02
per share headwind 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 approximately 10% to $0.45 per
share. The payment date is August 15, 2024, to stockholders of
record as of July 25, 2024. During the second quarter, Aptar
repurchased 34 thousand shares for approximately $5 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 26, 2024 at
8:00 a.m. Central Time to discuss the company’s second quarter
results for 2024. 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; the availability
of raw materials and components (particularly from sole sourced
suppliers for some of our Pharma solutions) as well as the
financial viability of these suppliers; 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;
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 against our systems and/or service providers
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
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net Sales
$
910,063
$
895,906
$
1,825,511
$
1,755,973
Cost of Sales (exclusive of depreciation
and amortization shown below)
567,440
573,711
1,150,196
1,131,133
Selling, Research & Development and
Administrative
149,330
141,428
302,110
289,351
Depreciation and Amortization
64,968
62,267
129,317
121,526
Restructuring Initiatives
2,315
1,943
5,795
13,467
Operating Income
126,010
116,557
238,093
200,496
Other Income (Expense):
Interest Expense
(10,061
)
(9,688
)
(20,236
)
(19,916
)
Interest Income
3,102
648
6,000
1,320
Net Investment (Loss) Gain
(140
)
2,891
452
3,079
Equity in Results of Affiliates
130
643
(91
)
512
Miscellaneous Expense, net
(795
)
(173
)
(1,654
)
(1,344
)
Income before Income Taxes
118,246
110,878
222,564
184,147
Provision for Income Taxes
27,788
27,831
49,173
46,514
Net Income
$
90,458
$
83,047
$
173,391
$
137,633
Net (Gain) Loss Attributable to
Noncontrolling Interests
(4
)
25
167
203
Net Income Attributable to AptarGroup,
Inc.
$
90,454
$
83,072
$
173,558
$
137,836
Net Income Attributable to AptarGroup,
Inc. per Common Share:
Basic
$
1.36
$
1.27
$
2.62
$
2.11
Diluted
$
1.34
$
1.24
$
2.57
$
2.07
Average Numbers of Shares Outstanding:
Basic
66,312
65,568
66,188
65,470
Diluted
67,575
66,855
67,509
66,748
AptarGroup, Inc.
Condensed Consolidated
Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance
Sheets
June 30, 2024
December 31, 2023
ASSETS
Cash and Equivalents
$
221,492
$
223,643
Short-term Investments
2,399
—
Accounts and Notes Receivable, Net
737,764
677,822
Inventories
484,608
513,053
Prepaid and Other
147,387
134,761
Total Current Assets
1,593,650
1,549,279
Property, Plant and Equipment, Net
1,466,276
1,478,063
Goodwill
950,075
963,418
Other Assets
443,256
461,130
Total Assets
$
4,453,257
$
4,451,890
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-Term Obligations
$
405,719
$
458,220
Accounts Payable, Accrued and Other
Liabilities
762,390
793,089
Total Current Liabilities
1,168,109
1,251,309
Long-Term Obligations
681,532
681,188
Deferred Liabilities and Other
193,401
198,095
Total Liabilities
2,043,042
2,130,592
AptarGroup, Inc. Stockholders' Equity
2,396,449
2,306,824
Noncontrolling Interests in
Subsidiaries
13,766
14,474
Total Stockholders' Equity
2,410,215
2,321,298
Total Liabilities and Stockholders'
Equity
$
4,453,257
$
4,451,890
AptarGroup, Inc.
Reconciliation of Adjusted
EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Three Months Ended June 30,
2024
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate & Other
Net Interest
Net Sales
$
910,063
$
414,533
$
321,487
$
174,043
$
—
$
—
Reported net income
$
90,458
Reported income taxes
27,788
Reported income before income
taxes
118,246
111,814
22,773
11,971
(21,353
)
(6,959
)
Adjustments:
Restructuring initiatives
2,315
65
1,199
893
158
Net investment loss
140
—
—
—
140
Transaction costs related to
acquisitions
140
—
140
—
—
Adjusted earnings before income taxes
120,841
111,879
24,112
12,864
(21,055
)
(6,959
)
Interest expense
10,061
10,061
Interest income
(3,102
)
(3,102
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
127,800
111,879
24,112
12,864
(21,055
)
—
Depreciation and amortization
64,968
29,609
20,526
14,254
579
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
192,768
$
141,488
$
44,638
$
27,118
$
(20,476
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
9.9
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
21.2
%
34.1
%
13.9
%
15.6
%
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 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
%
AptarGroup, Inc.
Reconciliation of Adjusted
EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Six Months Ended June 30,
2024
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate & Other
Net Interest
Net Sales
$
1,825,511
$
821,826
$
648,807
$
354,878
$
—
$
—
Reported net income
$
173,391
Reported income taxes
49,173
Reported income before income
taxes
222,564
215,166
39,969
24,841
(43,176
)
(14,236
)
Adjustments:
Restructuring initiatives
5,795
89
3,909
1,653
144
Net investment gain
(452
)
—
—
—
(452
)
Transaction costs related to
acquisitions
140
—
140
—
—
Adjusted earnings before income taxes
228,047
215,255
44,018
26,494
(43,484
)
(14,236
)
Interest expense
20,236
20,236
Interest income
(6,000
)
(6,000
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
242,283
215,255
44,018
26,494
(43,484
)
—
Depreciation and amortization
129,317
58,411
41,754
27,785
1,367
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
371,600
$
273,666
$
85,772
$
54,279
$
(42,117
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
9.5
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
20.4
%
33.3
%
13.2
%
15.3
%
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 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
%
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,
2024
2023
2024
2023
Income before Income Taxes
$
118,246
$
110,878
$
222,564
$
184,147
Adjustments:
Restructuring initiatives
2,315
1,943
5,795
13,467
Net investment loss (gain)
140
(2,891
)
(452
)
(3,079
)
Transaction costs related to
acquisitions
140
—
140
255
Foreign currency effects (1)
(1,007
)
230
Adjusted Earnings before Income Taxes
$
120,841
$
108,923
$
228,047
$
195,020
Provision for Income Taxes
$
27,788
$
27,831
$
49,173
$
46,514
Adjustments:
Restructuring initiatives
567
494
1,458
3,559
Net investment loss (gain)
34
(708
)
(111
)
(754
)
Transaction costs related to
acquisitions
35
—
35
65
Foreign currency effects (1)
(253
)
58
Adjusted Provision for Income Taxes
$
28,424
$
27,364
$
50,555
$
49,442
Net (Income) Loss Attributable to
Noncontrolling Interests
$
(4
)
$
25
$
167
$
203
Net Income Attributable to AptarGroup,
Inc.
$
90,454
$
83,072
$
173,558
$
137,836
Adjustments:
Restructuring initiatives
1,748
1,449
4,337
9,908
Net investment loss (gain)
106
(2,183
)
(341
)
(2,325
)
Transaction costs related to
acquisitions
105
—
105
190
Foreign currency effects (1)
(754
)
172
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
92,413
$
81,584
$
177,659
$
145,781
Average Number of Diluted Shares
Outstanding
67,575
66,855
67,509
66,748
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share
$
1.34
$
1.24
$
2.57
$
2.07
Adjustments:
Restructuring initiatives
0.03
0.02
0.06
0.15
Net investment loss (gain)
—
(0.03
)
—
(0.04
)
Transaction costs related to
acquisitions
—
—
—
—
Foreign currency effects (1)
(0.01
)
—
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share
$
1.37
$
1.22
$
2.63
$
2.18
(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,
2024
2023
2024
2023
Net Cash Provided by Operations
$
143,579
$
83,897
$
235,912
$
182,201
Capital Expenditures
(68,205
)
(77,187
)
(143,866
)
(155,012
)
Free Cash Flow
$
75,374
$
6,710
$
92,046
$
27,189
AptarGroup, Inc.
Reconciliation of Adjusted
Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share
Data)
Three Months Ending September
30,
Expected 2024
2023
Income before Income Taxes
$
110,049
Adjustments:
Restructuring initiatives
6,161
Net investment loss
1,240
Realized gain on investments included in
net investment loss above
4,188
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
(1,412
)
Adjusted Earnings before Income Taxes
$
120,226
Provision for Income Taxes
$
25,751
Adjustments:
Restructuring initiatives
1,611
Net investment loss
304
Realized gain on investments included in
net investment loss above
1,026
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
(330
)
Adjusted Provision for Income Taxes
$
28,362
Net Loss Attributable to Noncontrolling
Interests
$
(2
)
Net Income Attributable to AptarGroup,
Inc.
$
84,296
Adjustments:
Restructuring initiatives
4,550
Net investment loss
936
Realized gain on investments included in
net investment loss above
3,162
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
(1,082
)
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
91,862
Average Number of Diluted Shares
Outstanding
67,035
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share (3)
$
1.26
Adjustments:
Restructuring initiatives
0.07
Net investment loss
0.01
Realized gain on investments included in
net investment loss above
0.05
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
(0.02
)
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share (2)
$1.38 - $1.46
$
1.37
(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 June 30,
2024 for all applicable foreign currency exchange rates.
(2) AptarGroup’s expected earnings per
share range for the third 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
23.5% to 25.5%. This tax rate range compares to our third quarter
of 2023 effective tax rate of 23% on reported earnings per share
and 24% on adjusted earnings per share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240725389689/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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