0000896622FALSE00008966222024-07-252024-07-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
July 25, 2024
Date of Report (Date of earliest event reported)
AptarGroup, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1184636-3853103
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
265 Exchange Drive, Suite 301, Crystal Lake, Illinois 60014
(Address of principal executive offices)
Registrant’s telephone number, including area code: 815-477-0424.
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueATRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02      Results of Operations and Financial Condition.
On July 25, 2024, AptarGroup, Inc. announced certain information related to its results of operations for the quarter ended June 30, 2024. The press release regarding this announcement is furnished as Exhibit 99.1 hereto.
The information in Item 2.02 of this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01      Financial Statements and Exhibits.
(d) Exhibits
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AptarGroup, Inc.
Date:  July 25, 2024
By:/s/ Robert W. Kuhn
Robert W. Kuhn
Executive Vice President and
Chief Financial Officer


Exhibit 99.1
imagea.jpg
Aptar Reports Second Quarter 2024 Results
Crystal Lake, Illinois, July 25, 2024 -- 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.
“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 Growth6%(2)%(1)%2%
Currency Effects (1)
1%1%1%1%
Acquisitions0%0%0%0%
Core Sales Growth7%(1)%0%3%
(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

1

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 Growth10%(1)%0%4%
Currency Effects (1)
0%0%0%0%
Acquisitions0%0%0%0%
Core Sales Growth10%(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.”

2

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.

3

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.

Contacts
Investor Relations Contact:
Mary Skafidas
mary.skafidas@aptar.com
815-479-5530
Media Contact:
Katie Reardon
katie.reardon@aptar.com
815-479-5671

4

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,
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 Administrative149,330 141,428 302,110 289,351 
Depreciation and Amortization64,968 62,267 129,317 121,526 
Restructuring Initiatives2,315 1,943 5,795 13,467 
Operating Income126,010 116,557 238,093 200,496 
Other Income (Expense):
Interest Expense(10,061)(9,688)(20,236)(19,916)
Interest Income3,102 648 6,000 1,320 
Net Investment (Loss) Gain(140)2,891 452 3,079 
Equity in Results of Affiliates130 643 (91)512 
Miscellaneous Expense, net(795)(173)(1,654)(1,344)
Income before Income Taxes118,246 110,878 222,564 184,147 
Provision for Income Taxes27,788 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:
Basic66,312 65,568 66,188 65,470 
Diluted67,575 66,855 67,509 66,748 

5

AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance Sheets
June 30, 2024December 31, 2023
ASSETS
Cash and Equivalents$221,492 $223,643 
Short-term Investments2,399 — 
Accounts and Notes Receivable, Net737,764 677,822 
Inventories484,608 513,053 
Prepaid and Other147,387 134,761 
Total Current Assets1,593,650 1,549,279 
Property, Plant and Equipment, Net1,466,276 1,478,063 
Goodwill950,075 963,418 
Other Assets443,256 461,130 
Total Assets$4,453,257 $4,451,890 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-Term Obligations$405,719 $458,220 
Accounts Payable, Accrued and Other Liabilities762,390 793,089 
Total Current Liabilities1,168,109 1,251,309 
Long-Term Obligations681,532 681,188 
Deferred Liabilities and Other193,401 198,095 
Total Liabilities2,043,042 2,130,592 
AptarGroup, Inc. Stockholders' Equity2,396,449 2,306,824 
Noncontrolling Interests in Subsidiaries13,766 14,474 
Total Stockholders' Equity2,410,215 2,321,298 
Total Liabilities and Stockholders' Equity$4,453,257 $4,451,890 

6

AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Three Months Ended
June 30, 2024
ConsolidatedAptar PharmaAptar BeautyAptar ClosuresCorporate
& Other		Net Interest
Net Sales$910,063 $414,533 $321,487 $174,043 $— $— 
Reported net income$90,458 
Reported income taxes27,788 
Reported income before income taxes118,246 111,814 22,773 11,971 (21,353)(6,959)
Adjustments:
Restructuring initiatives2,315 65 1,199 893 158 
Net investment loss140 — — — 140 
Transaction costs related to acquisitions140 — 140 — — 
Adjusted earnings before income taxes120,841 111,879 24,112 12,864 (21,055)(6,959)
Interest expense10,061 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 amortization64,968 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
ConsolidatedAptar PharmaAptar BeautyAptar ClosuresCorporate
& Other		Net Interest
Net Sales$895,906 $390,700 $329,587 $175,619 $— $— 
Reported net income$83,047 
Reported income taxes27,831 
Reported income before income taxes110,878 98,100 21,796 14,232 (14,210)(9,040)
Adjustments:
Restructuring initiatives1,943 434 479 440 590 
Net investment gain(2,891)— — — (2,891)
Adjusted earnings before income taxes109,930 98,534 22,275 14,672 (16,511)(9,040)
Interest expense9,688 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 amortization62,267 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 %

7

AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
Six Months Ended
June 30, 2024
ConsolidatedAptar PharmaAptar BeautyAptar ClosuresCorporate
& Other		Net Interest
Net Sales$1,825,511 $821,826 $648,807 $354,878 $— $— 
Reported net income$173,391 
Reported income taxes49,173 
Reported income before income taxes222,564 215,166 39,969 24,841 (43,176)(14,236)
Adjustments:
Restructuring initiatives5,795 89 3,909 1,653 144 
Net investment gain(452)— — — (452)
Transaction costs related to acquisitions140 — 140 — — 
Adjusted earnings before income taxes228,047 215,255 44,018 26,494 (43,484)(14,236)
Interest expense20,236 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 amortization129,317 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
ConsolidatedAptar PharmaAptar BeautyAptar ClosuresCorporate
& Other		Net Interest
Net Sales$1,755,973 $746,746 $655,976 $353,251 $— $— 
Reported net income$137,633 
Reported income taxes46,514 
Reported income before income taxes184,147 180,490 29,228 27,527 (34,502)(18,596)
Adjustments:
Restructuring initiatives13,467 1,565 9,770 962 1,170 
Net investment gain(3,079)— — — (3,079)
Transaction costs related to acquisitions255 — 199 56 — 
Adjusted earnings before income taxes194,790 182,055 39,197 28,545 (36,411)(18,596)
Interest expense19,916 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 amortization121,526 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 %

8

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,
2024202320242023
Income before Income Taxes$118,246 $110,878 $222,564 $184,147 
Adjustments:
Restructuring initiatives2,315 1,943 5,795 13,467 
Net investment loss (gain)140 (2,891)(452)(3,079)
Transaction costs related to acquisitions140 — 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 initiatives567 494 1,458 3,559 
Net investment loss (gain)34 (708)(111)(754)
Transaction costs related to acquisitions35 — 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 initiatives1,748 1,449 4,337 9,908 
Net investment loss (gain)106 (2,183)(341)(2,325)
Transaction costs related to acquisitions105 — 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 Outstanding67,575 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 initiatives0.03 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.

9

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,
2024202320242023
 
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 

10

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 initiatives6,161 
Net investment loss1,240 
Realized gain on investments included in net investment loss above4,188 
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 initiatives1,611 
Net investment loss304 
Realized gain on investments included in net investment loss above1,026 
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 initiatives4,550 
Net investment loss936 
Realized gain on investments included in net investment loss above3,162 
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 Outstanding67,035 
Net Income Attributable to AptarGroup, Inc. Per Diluted Share (3)$1.26 
Adjustments:
Restructuring initiatives0.07 
Net investment loss0.01 
Realized gain on investments included in net investment loss above0.05 
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.

11
v3.24.2
Cover
Jul. 25, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 25, 2024
Entity Registrant Name AptarGroup, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-11846
Entity Tax Identification Number 36-3853103
Entity Address, Address Line One 265 Exchange Drive
Entity Address, Address Line Two Suite 301
Entity Address, City or Town Crystal Lake
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60014
City Area Code 815
Local Phone Number 477-0424
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $.01 par value
Trading Symbol ATR
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000896622
Amendment Flag false
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