AptarGroup, Inc. (NYSE:ATR), a global leader in drug and
consumer product dosing, dispensing and protection technologies,
today reported strong third quarter results due to solid
operational performance and margin improvement across the company.
Results were driven by growth in proprietary drug delivery systems,
as well as increased demand for closure technologies. Reported
sales and core sales increased by 2%, as currency and acquisition
effects did not impact the quarter. Aptar reported net income of
$100 million for the quarter, a 19% increase from the prior
year.
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Photo: Aptar
“Aptar delivered another strong quarter driven by our Pharma and
Closures segments. We saw increased demand for our proprietary drug
delivery systems, active material science solutions and closure
technologies, especially for food applications. The Beauty segment
saw growth in the personal care and home care markets, but it was
not enough to offset tough comparisons from tooling and fragrance
dispensing solutions from the prior year period. All three segments
continued to demonstrate solid operational performance and margin
improvement. We are proud of the strong results and progress we
have made for the first nine months of the year and are positioned
to achieve double-digit adjusted EPS growth for the full year,”
said Stephan B. Tanda, Aptar President and CEO.
Third Quarter 2024 Highlights
- Reported and core sales increased 2%
- Reported earnings per share increased 17% to $1.48 and
adjusted earnings per share increased 6% to $1.49
- Reported net income of $100 million increased 19% and
adjusted EBITDA increased 8% from the prior year to $208 million,
delivering an adjusted EBITDA margin of 23%, which is at the high
end of the long-term target range
- Pharma segment delivered reported sales growth of 8% and
core sales growth of 7% with continued demand for proprietary drug
delivery systems, which grew double digits in the quarter
- Closures segment achieved a solid quarter, with sales and
margins within its long-term target ranges
- Earlier this month, closed the previously announced joint
venture transaction in China, following regulatory approvals,
strengthening dispensing technology footprint
First Nine Months 2024 Highlights
- Double-digit earnings per share growth over the prior year
period
- Net cash provided by operations increased to $465 million
compared to $356 million in the prior year period
- Free cash flow increased to $255 million compared to $124
million in the prior year
Third Quarter Results
For the quarter ended September 30, 2024, reported sales
increased 2% to $909 million compared to $893 million in the prior
year. Core sales, which were not impacted by currency exchange
rates and acquisitions, increased 2%.
Third Quarter Segment Sales
Analysis
(Change Over Prior
Year)
Aptar
Pharma
Aptar
Beauty
Aptar
Closures
Total
AptarGroup
Reported Sales Growth
8%
(7)%
3%
2%
Currency Effects (1)
(1)%
1%
1%
0%
Acquisitions
0%
0%
0%
0%
Core Sales Growth
7%
(6)%
4%
2%
(1) - Currency effects are approximated by
translating last year's amounts at this year's foreign exchange
rates.
Aptar Pharma’s reported sales increased 8% from the prior year
quarter and core sales were up 7%. The segment’s strong performance
was driven by continued demand for proprietary drug delivery
systems, which grew double digits in the quarter after growing
double digits in the prior year period. Growth in the third quarter
was driven by allergy, emergency medicine and central nervous
system therapeutics, as well as growing royalty revenues, boosting
margins to 36%, which is at the top end of the long-term range. The
Active Material Science division also grew double digits, with
demand increasing across a number of end markets.
Aptar Beauty’s reported sales decreased 7%, and including
currency effects core sales were down 6% compared to the prior year
quarter. Approximately 4% of the decline in core sales can be
attributed to lower tooling sales, with less favorable product mix
contributing the remaining 2% of the decline. While revenue
increased from the personal care and home care markets, this
increase could not offset the challenging comparisons from prestige
fragrance sales in the prior year period. Sales in North America
improved progressively, while the Chinese beauty market remains
soft. Margins were up year over year for Beauty, with improved
operational performance and cost management remaining important
points of focus for the segment.
Aptar Closures’ reported sales increased 3% from the prior year
quarter and the segment’s core sales increased 4%. The increase in
core sales was driven mainly by demand for closures in the food end
market. Closures delivered a solid quarter and was within its
long-term target ranges for both core sales and adjusted EBITDA
margins. The segment’s margins increased by nearly 200 basis points
over the prior year quarter, due to increased plant utilization and
ongoing cost containment efforts.
Aptar reported third quarter earnings per share of $1.48, an
increase of 17%, compared to $1.26 during the same period a year
ago. Third quarter adjusted earnings per share, excluding
restructuring charges and the unrealized gains or losses on an
equity investment, were $1.49, an increase of 6%, compared to $1.40
in the prior year, including comparable exchange rates. The third
quarter had an effective tax rate of 24% compared to the prior year
period effective tax rate of 23%.
Year-To-Date Results
For the nine months ended September 30, 2024, reported sales
increased 3% to $2.73 billion compared to $2.65 billion in the
prior year. Core sales, which were not impacted by currency
exchange rates and acquisitions, also increased 3%.
Nine Months Year-To-Date
Segment Sales Analysis
(Change Over Prior
Year)
Aptar
Pharma
Aptar
Beauty
Aptar
Closures
Total
AptarGroup
Total Reported Sales Growth
9%
(3)%
1%
3%
Currency Effects (1)
0%
0%
1%
0%
Acquisitions
0%
0%
0%
0%
Core Sales Growth
9%
(3)%
2%
3%
(1) - Currency effects are approximated by
translating last year's amounts at this year's foreign exchange
rates.
For the nine months ended September 30, 2024, Aptar’s reported
earnings per share were $4.05, an increase of 22%, compared to
$3.32 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 $4.12 and
increased 15% from prior year adjusted earnings per share of $3.58,
including comparable exchange rates. The current year had an
effective tax rate of 23% comparable to the prior year period
effective tax rate of 25%.
Outlook
Regarding Aptar’s outlook, Tanda stated, “Looking to the fourth
quarter, we anticipate a solid finish to a strong year. The top
line is expected to grow in the fourth quarter, even with some
customers having indicated seasonal inventory right-sizing in the
beauty and cough & cold end markets. Our pharma business should
finish full year 2024 within its core sales long-term target range
of 7-11%, driven by demand for allergy medication, emergency
medicine and central nervous system therapies. The segment will
deliver solid, double-digit adjusted EBITDA growth in 2024 due in
part to sales of higher value products and royalties. Our Closures
segment has returned to growth and we expect a strong finish to
2024, with healthy adjusted EBITDA margin improvements over the
prior year. Beauty is battling a tough macro environment but
continues to focus on the bottom line. Innovation, cost mitigation,
improved operational leverage and accelerating efficiencies remain
key priorities for our teams.”
Aptar currently expects earnings per share for the fourth
quarter of 2024, excluding any restructuring expenses, changes in
the fair value of equity investments and acquisition costs, to be
in the range of $1.22 to $1.30. This guidance is based on an
effective tax rate range of 20% to 22% with a comparable adjusted
prior year effective tax rate of 24%. The earnings per share
guidance range is based on spot rates at the end of September for
all currencies. Based on the fourth quarter guidance, full year
adjusted EPS would be in the range of $5.34 to $5.42, a
double-digit increase over full year 2023.
Share Repurchase Authorization and Cash Dividend
As previously reported, Aptar’s Board of Directors authorized
the repurchase of $500 million of the Company’s common stock. This
new authorization replaces all previous authorizations. Aptar may
repurchase shares through the open market, privately negotiated
transactions or other programs, subject to market conditions. The
Board also approved the quarterly cash dividend of $0.45 per share.
The payment date is November 14, 2024, to stockholders of record as
of October 24, 2024. During the third quarter, Aptar repurchased 95
thousand shares for approximately $14 million.
Open Conference Call
There will be a conference call held on Friday, October 25, 2024
at 8:00 a.m. Central Time to discuss the company’s third 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. Adjusted EBITDA is defined as earnings before net interest,
taxes, depreciation, amortization, restructuring initiatives,
acquisition-related costs, net unrealized investment gains and
losses related to observable market price changes on equity
securities and other special items. Adjusted EBITDA margin is
adjusted EBITDA divided by reported net sales. 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
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net Sales
$
909,291
$
892,997
$
2,734,802
$
2,648,970
Cost of Sales (exclusive of depreciation
and amortization shown below)
558,511
566,691
1,708,707
1,697,824
Selling, Research & Development and
Administrative
141,604
138,137
443,714
427,488
Depreciation and Amortization
67,015
62,686
196,332
184,212
Restructuring Initiatives
3,864
6,161
9,659
19,628
Operating Income
138,297
119,322
376,390
319,818
Other Income (Expense):
Interest Expense
(12,290
)
(9,984
)
(32,526
)
(29,900
)
Interest Income
3,022
946
9,022
2,266
Net Investment Gain (Loss)
1,043
(1,240
)
1,495
1,839
Equity in Results of Affiliates
(77
)
1,002
(168
)
1,514
Miscellaneous Income (Expense), net
1,136
3
(518
)
(1,341
)
Income before Income Taxes
131,131
110,049
353,695
294,196
Provision for Income Taxes
31,209
25,751
80,382
72,265
Net Income
$
99,922
$
84,298
$
273,313
$
221,931
Net Loss (Gain) Attributable to
Noncontrolling Interests
117
(2
)
284
201
Net Income Attributable to AptarGroup,
Inc.
$
100,039
$
84,296
$
273,597
$
222,132
Net Income Attributable to AptarGroup,
Inc. per Common Share:
Basic
$
1.51
$
1.28
$
4.13
$
3.39
Diluted
$
1.48
$
1.26
$
4.05
$
3.32
Average Numbers of Shares Outstanding:
Basic
66,445
65,707
66,274
65,550
Diluted
67,716
67,035
67,574
66,865
AptarGroup, Inc. Condensed
Consolidated Financial Statements (Unaudited) (continued) ($ In
Thousands) Consolidated Balance Sheets
September 30,
024
December 31,
2023
ASSETS
Cash and Equivalents
$
325,524
$
223,643
Short-term Investments
2,387
—
Accounts and Notes Receivable, Net
698,989
677,822
Inventories
488,540
513,053
Prepaid and Other
150,164
134,761
Total Current Assets
1,665,604
1,549,279
Property, Plant and Equipment, Net
1,505,209
1,478,063
Goodwill
968,293
963,418
Other Assets
486,109
461,130
Total Assets
$
4,625,215
$
4,451,890
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-Term Obligations
$
253,112
$
458,220
Accounts Payable, Accrued and Other
Liabilities
773,540
793,089
Total Current Liabilities
1,026,652
1,251,309
Long-Term Obligations
822,731
681,188
Deferred Liabilities and Other
222,191
198,095
Total Liabilities
2,071,574
2,130,592
AptarGroup, Inc. Stockholders' Equity
2,539,009
2,306,824
Noncontrolling Interests in
Subsidiaries
14,632
14,474
Total Stockholders' Equity
2,553,641
2,321,298
Total Liabilities and Stockholders'
Equity
$
4,625,215
$
4,451,890
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income
(Unaudited) ($ In Thousands)
Three Months Ended
September 30, 2024
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate
& Other
Net Interest
Net Sales
$
909,291
$
420,594
$
302,859
$
185,838
$
—
$
—
Reported net income
$
99,922
Reported income taxes
31,209
Reported income before income
taxes
131,131
120,243
17,839
18,042
(15,725
)
(9,268
)
Adjustments:
Restructuring initiatives
3,864
564
1,962
877
461
Curtailment gain related to restructuring
initiatives
(1,851
)
—
—
(1,851
)
—
Net investment gain
(1,043
)
—
—
—
(1,043
)
Adjusted earnings before income taxes
132,101
120,807
19,801
17,068
(16,307
)
(9,268
)
Interest expense
12,290
12,290
Interest income
(3,022
)
(3,022
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
141,369
120,807
19,801
17,068
(16,307
)
—
Depreciation and amortization
67,015
30,787
20,420
14,912
896
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
208,384
$
151,594
$
40,221
$
31,980
$
(15,411
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
11.0
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
22.9
%
36.0
%
13.3
%
17.2
%
Three Months Ended
September 30, 2023
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate
& Other
Net Interest
Net Sales
$
892,997
$
389,188
$
323,980
$
179,829
$
—
$
—
Reported net income
$
84,298
Reported income taxes
25,751
Reported income before income
taxes
110,049
108,113
17,415
11,647
(18,088
)
(9,038
)
Adjustments:
Restructuring initiatives
6,161
92
2,880
3,098
91
Net investment loss
1,240
—
—
—
1,240
Realized gain on investments included in
net investment loss above
4,188
—
—
—
4,188
Adjusted earnings before income taxes
121,638
108,205
20,295
14,745
(12,569
)
(9,038
)
Interest expense
9,984
9,984
Interest income
(946
)
(946
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
130,676
108,205
20,295
14,745
(12,569
)
—
Depreciation and amortization
62,686
28,139
20,775
12,862
910
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
193,362
$
136,344
$
41,070
$
27,607
$
(11,659
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
9.4
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
21.7
%
35.0
%
12.7
%
15.4
%
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income
(Unaudited) ($ In Thousands)
Nine Months Ended
September 30, 2024
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate
& Other
Net Interest
Net Sales
$
2,734,802
$
1,242,420
$
951,666
$
540,716
$
—
$
—
Reported net income
$
273,313
Reported income taxes
80,382
Reported income before income
taxes
353,695
335,409
57,808
42,883
(58,901
)
(23,504
)
Adjustments:
Restructuring initiatives
9,659
653
5,871
2,530
605
Curtailment gain related to restructuring
initiatives
(1,851
)
—
—
(1,851
)
—
Net investment gain
(1,495
)
—
—
—
(1,495
)
Transaction costs related to
acquisitions
140
—
140
—
—
Adjusted earnings before income taxes
360,148
336,062
63,819
43,562
(59,791
)
(23,504
)
Interest expense
32,526
32,526
Interest income
(9,022
)
(9,022
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
383,652
336,062
63,819
43,562
(59,791
)
—
Depreciation and amortization
196,332
89,198
62,174
42,697
2,263
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
579,984
$
425,260
$
125,993
$
86,259
$
(57,528
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
10.0
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
21.2
%
34.2
%
13.2
%
16.0
%
Nine Months Ended
September 30, 2023
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate
& Other
Net Interest
Net Sales
$
2,648,970
$
1,135,934
$
979,956
$
533,080
$
—
$
—
Reported net income
$
221,931
Reported income taxes
72,265
Reported income before income
taxes
294,196
288,603
46,643
39,174
(52,590
)
(27,634
)
Adjustments:
Restructuring initiatives
19,628
1,657
12,650
4,060
1,261
Net investment gain
(1,839
)
—
—
—
(1,839
)
Realized gain on investments included in
net investment gain above
4,188
—
—
—
4,188
Transaction costs related to
acquisitions
255
—
199
56
—
Adjusted earnings before income taxes
316,428
290,260
59,492
43,290
(48,980
)
(27,634
)
Interest expense
29,900
29,900
Interest income
(2,266
)
(2,266
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
344,062
290,260
59,492
43,290
(48,980
)
—
Depreciation and amortization
184,212
81,248
61,883
38,097
2,984
—
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
528,274
$
371,508
$
121,375
$
81,387
$
(45,996
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
8.4
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
19.9
%
32.7
%
12.4
%
15.3
%
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share
(Unaudited) (In Thousands, Except Per Share Data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Income before Income Taxes
$
131,131
$
110,049
$
353,695
$
294,196
Adjustments:
Restructuring initiatives
3,864
6,161
9,659
19,628
Curtailment gain related to restructuring
initiatives
(1,851
)
—
(1,851
)
—
Net investment (gain) loss
(1,043
)
1,240
(1,495
)
(1,839
)
Realized gain on investments included in
net investment (gain) loss above
—
4,188
—
4,188
Transaction costs related to
acquisitions
—
—
140
255
Foreign currency effects (1)
1,261
1,491
Adjusted Earnings before Income Taxes
$
132,101
$
122,899
$
360,148
$
317,919
Provision for Income Taxes
$
31,209
$
25,751
$
80,382
$
72,265
Adjustments:
Restructuring initiatives
1,013
1,611
2,471
5,170
Curtailment gain related to restructuring
initiatives
(478
)
—
(478
)
—
Net investment (gain) loss
(255
)
304
(366
)
(450
)
Realized gain on investments included in
net investment (gain) loss above
—
1,026
—
1,026
Transaction costs related to
acquisitions
—
—
35
65
Foreign currency effects (1)
295
366
Adjusted Provision for Income Taxes
$
31,489
$
28,987
$
82,044
$
78,442
Net Loss (Income) Attributable to
Noncontrolling Interests
$
117
$
(2
)
$
284
$
201
Net Income Attributable to AptarGroup,
Inc.
$
100,039
$
84,296
$
273,597
$
222,132
Adjustments:
Restructuring initiatives
2,851
4,550
7,188
14,458
Curtailment gain related to restructuring
initiatives
(1,373
)
—
(1,373
)
—
Net investment (gain) loss
(788
)
936
(1,129
)
(1,389
)
Realized gain on investments included in
net investment (gain) loss above
—
3,162
—
3,162
Transaction costs related to
acquisitions
—
—
105
190
Foreign currency effects (1)
966
1,125
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
100,729
$
93,910
$
278,388
$
239,678
Average Number of Diluted Shares
Outstanding
67,716
67,035
67,574
66,865
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share
$
1.48
$
1.26
$
4.05
$
3.32
Adjustments:
Restructuring initiatives
0.04
0.07
0.11
0.22
Curtailment gain related to restructuring
initiatives
(0.02
)
—
(0.02
)
—
Net investment (gain) loss
(0.01
)
0.01
(0.02
)
(0.02
)
Realized gain on investments included in
net investment (gain) loss above
—
0.05
—
0.05
Transaction costs related to
acquisitions
—
—
—
—
Foreign currency effects (1)
0.01
0.01
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share
$
1.49
$
1.40
$
4.12
$
3.58
(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
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net Cash Provided by Operations
$
229,262
$
173,401
$
465,174
$
355,602
Capital Expenditures
(66,550
)
(76,187
)
(210,416
)
(231,199
)
Free Cash Flow
$
162,712
$
97,214
$
254,758
$
124,403
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share
(Unaudited) (In Thousands, Except Per Share Data)
Three Months Ending
December 31,
Expected 2024
2023
Income before Income Taxes
$
80,629
Adjustments:
Restructuring initiatives
25,376
Net investment loss
426
Transaction costs related to
acquisitions
225
Foreign currency effects (1)
2,206
Adjusted Earnings before Income Taxes
$
108,862
Provision for Income Taxes
$
18,384
Adjustments:
Restructuring initiatives
6,769
Net investment loss
104
Transaction costs related to
acquisitions
56
Foreign currency effects (1)
503
Adjusted Provision for Income Taxes
$
25,816
Net Loss Attributable to Noncontrolling
Interests
$
110
Net Income Attributable to AptarGroup,
Inc.
$
62,355
Adjustments:
Restructuring initiatives
18,607
Net investment loss
322
Transaction costs related to
acquisitions
169
Foreign currency effects (1)
1,703
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
83,156
Average Number of Diluted Shares
Outstanding
67,131
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share (3)
$
0.93
Adjustments:
Restructuring initiatives
0.28
Net investment loss
—
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
0.03
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share (2)
$1.22 - $1.30
$
1.24
(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 September
30, 2024 for all applicable foreign currency exchange rates.
(2) AptarGroup’s expected earnings per
share range for the fourth 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
20% to 22%. This tax rate range compares to our fourth 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/20241024363414/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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