AptarGroup, Inc. (NYSE:ATR), a global leader in drug and
consumer product dosing, dispensing and protection technologies,
today reported strong operational performance driven by continued
growth of the company’s proprietary drug delivery systems. Strong
sales from prestige and mass fragrance dispensing devices also
contributed positively to the results. Reported sales increased by
7% and core sales, excluding currency and acquisition effects,
increased by 2%. Aptar reported net income of $84 million for the
quarter, a 55% increase over the prior year.
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Photo: Aptar
Commenting on the third quarter results, Stephan B. Tanda, Aptar
President and CEO, said, “Aptar delivered another quarter of
strong, double-digit EPS growth, driven by increased core sales in
our proprietary pharma dosing and dispensing systems and the
success of our beauty dispensing solutions in fragrance. Our
margins also continued to improve thanks to our ongoing focus on
cost management and operational leverage.”
Third Quarter 2023 Highlights
- Reported sales increased 7% and net income increased 55% to
$84 million
- Core sales increased 2% and adjusted EBITDA of $193 million
increased 26% from the prior year
- Pharma proprietary drug delivery systems had double-digit
growth across multiple therapeutic applications
- Beauty’s prestige and mass fragrance dispensing technologies
had double-digit sales growth
- Reported earnings per share increased about 56% to $1.26
compared to $0.81 in the prior year
- Adjusted earnings per share increased 39% to $1.39 compared
to $1.00 in the prior year (including comparable exchange
rates)
- Margins continued to expand across all three
segments
- Cash flow from operations was $173 million and free cash
flow was $97 million, up from $55 million in 2022, a 76%
increase
Third Quarter Results
For the quarter ended September 30, 2023, reported sales
increased 7% to $893 million compared to $837 million in the prior
year. Core sales, excluding the impact from changes in 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
13%
7%
(6%)
7%
Currency Effects (1)
(5%)
(5%)
(2%)
(4%)
Acquisitions
0%
0%
(1%)
(1%)
Core Sales Growth
8%
2%
(9%)
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
allergic rhinitis, emergency medicines, central nervous system
therapeutics, nasal saline rinse solutions, cough and cold, and eye
care. The injectables division saw modest growth as new capacity
continues to come online. Sales for active material science
solutions were primarily impacted by a slow down in demand for
probiotics, which had experienced exceptionally strong sales growth
the past two years.
Aptar Beauty’s core sales growth was driven by ongoing strength
in beauty dispensing solutions for prestige and mass fragrance.
Regionally, Europe delivered another solid quarter, with modest
growth in Latin America, as Asia continued to gradually improve.
However, this progress was offset by continued softness in North
America, primarily in the personal care market.
Core sales for the Aptar Closures segment declined compared with
the prior year’s quarter driven by pass-throughs of lower resin
costs, as well as lower product sales. While sales declined, unit
volumes for the food and beverage markets improved.
Aptar reported third quarter earnings per share of $1.26, an
increase of 56%, compared to $0.81 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 $1.39, an increase of 39%, compared to
$1.00 in the prior year, including comparable exchange rates.
Year-To-Date Results
For the nine months ended September 30, 2023, reported sales
increased 5% to $2.65 billion compared to $2.53 billion in the
prior year. Core sales, excluding the impact from changes in
currency exchange rates and acquisitions, 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
11%
5%
(7)%
5%
Currency Effects (1)
(1)%
(1)%
0%
(1)%
Acquisitions
(1)%
0%
(1)%
(1)%
Core Sales Growth
9%
4%
(8)%
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, 2023, Aptar’s reported
earnings per share were $3.32, an increase of 23%, compared to
$2.70 reported a year ago. In the first nine months of the year,
adjusted earnings per share, excluding restructuring charges,
acquisition costs, and the unrealized gains or losses on an equity
investment, were $3.57 and increased 22% from prior year adjusted
earnings per share of $2.92, including comparable exchange rates.
The prior year’s adjusted earnings included an effective tax rate
of 28% (approximately $0.15 per share negative impact compared to
the current year effective tax rate of 25%).
Outlook
Regarding Aptar’s outlook, Tanda stated, “We anticipate a strong
end to 2023 and are energized for 2024. In the fourth quarter, we
expect continued growth in our proprietary pharma drug delivery
systems and continued improvement in our injectables division’s
performance as new capacity continues to come online. Our fragrance
dispensing solutions experienced strong growth in the first nine
months of the year and we anticipate sales for these dispensing
solutions to finish strong in 2023. Our Beauty and Closures
segments will be aided by the improving environment in North
America as we start to move past the destocking caused by elevated
inventory levels. While we are clearly focused on growing the top
line, the team is equally focused on reducing costs and driving
profitable growth across each of our segments by leveraging our
fixed cost base and reducing our SG&A as a percentage of
sales.”
Aptar currently expects earnings per share for the fourth
quarter of 2023, excluding any restructuring expenses, changes in
the fair value of equity investments and acquisition costs, to be
in the range of $1.06 to $1.14. This guidance is based on an
effective tax rate range of 24% to 26% which compares to an
effective tax rate of 22% on prior year adjusted earnings. The
earnings per share guidance range was based on a Euro/US$ exchange
rate of 1.06 and the spot rates at the end of September for all
other currencies. Our currency exchange rate assumptions equate to
an approximately $0.02 per share tailwind when compared to the
prior year fourth 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
November 16, 2023, to stockholders of record as of October 26,
2023. During the third quarter, Aptar repurchased 66 thousand
shares for $8.3 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 Thursday, October 26,
2023 at 8:00 a.m. Central Time to discuss the company’s third
quarter results for 2023. The call will last approximately one
hour. Interested parties are invited to listen to a live webcast by
visiting the Investor Relations website at investors.aptar.com.
Replay of the conference call can also be accessed for a limited
time on the Investor Relations page of the website.
About Aptar
Aptar is a global leader in drug and consumer product dosing,
dispensing and protection technologies. Aptar serves a number of
attractive end markets including pharmaceutical, beauty, food,
beverage, personal care and home care. Using market expertise,
proprietary design, engineering and science to create innovative
solutions for many of the world’s leading brands, Aptar in turn
makes a meaningful difference in the lives, looks, health and homes
of millions of patients and consumers around the world. Aptar is
headquartered in Crystal Lake, Illinois and has 13,500 dedicated
employees in 20 countries. For more information, visit
www.aptar.com.
Presentation of Non-GAAP Information
This press release refers to certain non-GAAP financial
measures, including current year adjusted earnings per share and
adjusted EBITDA, which exclude the impact of 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; the impact of COVID-19 and its
variants on our global supply chain and our global customers,
employees and operations, which has elevated and will continue to
elevate many of the risks and uncertainties discussed below;
economic conditions worldwide, including inflationary conditions
and potential deflationary conditions in other regions we rely on
for growth; the execution of our restructuring initiatives; our
ability to preserve organizational culture and maintain employee
productivity in the work-from-home environment caused by the
current pandemic; the availability of raw materials and components
(particularly from sole sourced suppliers) as well as the financial
viability of these suppliers; fluctuations in the cost of
materials, components, transportation cost as a result of supply
chain disruptions and labor shortages, and other input costs
(particularly resin, metal, anodization costs and energy costs);
significant fluctuations in foreign currency exchange rates or our
effective tax rate; the impact of tax reform legislation, changes
in tax rates and other tax-related events or transactions that
could impact our effective tax rate; financial conditions of
customers and suppliers; consolidations within our customer or
supplier bases; changes in customer and/or consumer spending
levels; loss of one or more key accounts; our ability to
successfully implement facility expansions and new facility
projects; our ability to offset inflationary impacts with cost
containment, productivity initiatives and price increases; changes
in capital availability or cost, including rising interest rates;
volatility of global credit markets; our ability to identify
potential new acquisitions and to successfully acquire and
integrate such operations, including the successful integration of
the businesses we have acquired, including contingent consideration
valuation; our ability to build out acquired businesses and
integrate the product/service offerings of the acquired entities
into our existing product/service portfolio; direct or indirect
consequences of acts of war, terrorism or social unrest;
cybersecurity threats that could impact our networks and reporting
systems; the impact of natural disasters and other weather-related
occurrences; fiscal and monetary policies and other regulations;
changes or difficulties in complying with government regulation;
changing regulations or market conditions regarding environmental
sustainability; work stoppages due to labor disputes; competition,
including technological advances; our ability to protect and defend
our intellectual property rights, as well as litigation involving
intellectual property rights; the outcome of any legal proceeding
that has been or may be instituted against us and others; our
ability to meet future cash flow estimates to support our goodwill
impairment testing; the demand for existing and new products; the
success of our customers’ products, particularly in the
pharmaceutical industry; our ability to manage worldwide customer
launches of complex technical products, particularly in developing
markets; difficulties in product development and uncertainties
related to the timing or outcome of product development;
significant product liability claims; and other risks associated
with our operations. For additional information on these and other
risks and uncertainties, please see our filings with the Securities
and Exchange Commission, including the discussion under “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in our Form 10-K and Form
10-Qs. We undertake no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
AptarGroup, Inc.
Condensed Consolidated
Financial Statements (Unaudited)
(In Thousands, Except Per Share
Data)
Consolidated Statements of
Income
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net Sales
$
892,997
$
836,860
$
2,648,970
$
2,526,335
Cost of Sales (exclusive of depreciation
and amortization shown below)
566,691
546,376
1,697,824
1,638,114
Selling, Research & Development and
Administrative
138,137
135,428
427,488
416,351
Depreciation and Amortization
62,686
57,601
184,212
174,818
Restructuring Initiatives
6,161
2,270
19,628
2,989
Operating Income
119,322
95,185
319,818
294,063
Other Income (Expense):
Interest Expense
(9,984
)
(9,756
)
(29,900
)
(30,668
)
Interest Income
946
752
2,266
2,029
Net Investment (Loss) Gain
(1,240
)
649
1,839
(1,084
)
Equity in Results of Affiliates
1,002
178
1,514
(184
)
Miscellaneous Income (Expense), net
3
(2,093
)
(1,341
)
(3,144
)
Income before Income Taxes
110,049
84,915
294,196
261,012
Provision for Income Taxes
25,751
30,738
72,265
80,851
Net Income
$
84,298
$
54,177
$
221,931
$
180,161
Net (Income) Loss Attributable to
Noncontrolling Interests
(2
)
67
201
131
Net Income Attributable to AptarGroup,
Inc.
$
84,296
$
54,244
$
222,132
$
180,292
Net Income Attributable to AptarGroup,
Inc. per Common Share:
Basic
$
1.28
$
0.83
$
3.39
$
2.75
Diluted
$
1.26
$
0.81
$
3.32
$
2.70
Average Numbers of Shares Outstanding:
Basic
65,707
65,322
65,550
65,446
Diluted
67,035
66,581
66,865
66,825
AptarGroup, Inc.
Condensed Consolidated
Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance
Sheets
September 30, 2023
December 31, 2022
ASSETS
Cash and Equivalents
$
151,573
$
141,732
Accounts and Notes Receivable, Net
717,484
676,987
Inventories
490,872
486,806
Prepaid and Other Current Assets
142,829
124,766
Total Current Assets
1,502,758
1,430,291
Property, Plant and Equipment, Net
1,388,648
1,343,664
Goodwill
943,037
945,632
Other Assets
463,781
483,871
Total Assets
$
4,298,224
$
4,203,458
LIABILITIES AND EQUITY
Short-Term Obligations
$
490,881
$
122,791
Accounts Payable, Accrued and Other
Liabilities
740,759
794,385
Total Current Liabilities
1,231,640
917,176
Long-Term Obligations
680,065
1,052,597
Deferred Liabilities and Other
172,830
165,481
Total Liabilities
2,084,535
2,135,254
AptarGroup, Inc. Stockholders' Equity
2,199,739
2,053,935
Noncontrolling Interests in
Subsidiaries
13,950
14,269
Total Equity
2,213,689
2,068,204
Total Liabilities and Equity
$
4,298,224
$
4,203,458
AptarGroup, Inc.
Reconciliation of Adjusted
EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
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
%
Three Months Ended September 30,
2022
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate
& Other
Net Interest
Net Sales
$
836,860
$
343,397
$
303,046
$
190,417
$
—
$
—
Reported net income
$
54,177
Reported income taxes
30,738
Reported income before income
taxes
84,915
83,571
14,729
10,460
(14,841
)
(9,004
)
Adjustments:
Restructuring initiatives
2,270
—
2,240
30
—
Net investment gain
(649
)
—
—
—
(649
)
Realized gain on investments included in
net investment gain above
372
—
—
—
372
Transaction costs related to
acquisitions
231
231
—
—
—
Adjusted earnings before income taxes
87,139
83,802
16,969
10,490
(15,118
)
(9,004
)
Interest expense
9,756
9,756
Interest income
(752
)
(752
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
96,143
83,802
16,969
10,490
(15,118
)
—
Depreciation and amortization
57,601
23,433
19,594
12,993
1,581
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
153,744
$
107,235
$
36,563
$
23,483
$
(13,537
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
6.5
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
18.4
%
31.2
%
12.1
%
12.3
%
AptarGroup, Inc.
Reconciliation of Adjusted
EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
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
%
Nine Months Ended September 30,
2022
Consolidated
Aptar Pharma
Aptar Beauty
Aptar Closures
Corporate
& Other
Net Interest
Net Sales
$
2,526,335
$
1,026,090
$
929,793
$
570,452
$
—
$
—
Reported net income
$
180,161
Reported income taxes
80,851
Reported income before income
taxes
261,012
263,222
49,196
29,294
(52,061
)
(28,639
)
Adjustments:
Restructuring initiatives
2,989
—
2,774
215
—
Net investment loss
1,084
—
—
—
1,084
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
266,529
263,453
51,970
29,509
(49,764
)
(28,639
)
Interest expense
30,668
30,668
Interest income
(2,029
)
(2,029
)
Adjusted earnings before net interest and
taxes (Adjusted EBIT)
295,168
263,453
51,970
29,509
(49,764
)
—
Depreciation and amortization
174,818
70,340
60,373
39,511
4,594
—
Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA)
$
469,986
$
333,793
$
112,343
$
69,020
$
(45,170
)
$
—
Reported net income margins (Reported
net income / Reported Net Sales)
7.1
%
Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales)
18.6
%
32.5
%
12.1
%
12.1
%
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,
2023
2022
2023
2022
Income before Income Taxes
$
110,049
$
84,915
$
294,196
$
261,012
Adjustments:
Restructuring initiatives
6,161
2,270
19,628
2,989
Net investment loss (gain)
1,240
(649
)
(1,839
)
1,084
Realized gain on investments included in
net investment loss (gain) above
4,188
372
4,188
1,213
Transaction costs related to
acquisitions
—
231
255
231
Foreign currency effects (1)
6,002
5,327
Adjusted Earnings before Income Taxes
$
121,638
$
93,141
$
316,428
$
271,856
Provision for Income Taxes
$
25,751
$
30,738
$
72,265
$
80,851
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
—
(7,200
)
—
(7,200
)
Restructuring initiatives
1,611
607
5,170
795
Net investment loss (gain)
304
(159
)
(450
)
266
Realized gain on investments included in
net investment loss (gain) above
1,026
91
1,026
297
Transaction costs related to
acquisitions
—
57
65
57
Foreign currency effects (1)
2,173
1,650
Adjusted Provision for Income Taxes
$
28,692
$
26,307
$
78,076
$
76,716
Net (Income) Loss Attributable to
Noncontrolling Interests
$
(2
)
$
67
$
201
$
131
Net Income Attributable to AptarGroup,
Inc.
$
84,296
$
54,244
$
222,132
$
180,292
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
—
7,200
—
7,200
Restructuring initiatives
4,550
1,663
14,458
2,194
Net investment loss (gain)
936
(490
)
(1,389
)
818
Realized gain on investments included in
net investment loss (gain) above
3,162
281
3,162
916
Transaction costs related to
acquisitions
—
174
190
174
Foreign currency effects (1)
3,829
3,677
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
92,944
$
66,901
$
238,553
$
195,271
Average Number of Diluted Shares
Outstanding
67,035
66,581
66,865
66,825
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share
$
1.26
$
0.81
$
3.32
$
2.70
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
—
0.11
—
0.11
Restructuring initiatives
0.07
0.03
0.22
0.03
Net investment loss (gain)
0.01
(0.01
)
(0.02
)
0.01
Realized gain on investments included in
net investment loss (gain) above
0.05
0.01
0.05
0.02
Transaction costs related to
acquisitions
—
—
—
—
Foreign currency effects (1)
0.05
0.05
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share
$
1.39
$
1.00
$
3.57
$
2.92
(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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net Cash Provided by Operations
$
173,401
$
129,695
$
355,602
$
306,349
Capital Expenditures
(76,187
)
(78,869
)
(231,199
)
(226,131
)
Proceeds from Government Grants
—
4,264
—
17,058
Free Cash Flow
$
97,214
$
55,090
$
124,403
$
97,276
AptarGroup, Inc.
Reconciliation of Adjusted
Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share
Data)
Three Months Ending December
31,
Expected 2023
2022
Income before Income Taxes
$
73,692
Adjustments:
Restructuring initiatives
3,608
Net investment loss
1,026
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
1,536
Adjusted Earnings before Income Taxes
$
79,862
Provision for Income Taxes
$
14,298
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
1,350
Restructuring initiatives
1,023
Net investment loss
251
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
298
Adjusted Provision for Income Taxes
$
17,220
Net Loss Attributable to Noncontrolling
Interests
$
(398
)
Net Income Attributable to AptarGroup,
Inc.
$
58,996
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
(1,350
)
Restructuring initiatives
2,585
Net investment loss
775
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
1,238
Adjusted Net Income Attributable to
AptarGroup, Inc.
$
62,244
Average Number of Diluted Shares
Outstanding
66,442
Net Income Attributable to AptarGroup,
Inc. Per Diluted Share (3)
$
0.89
Adjustments:
Net effect of items included in the
Provision for Income Taxes (2)
(0.02
)
Restructuring initiatives
0.04
Net investment loss
0.01
Transaction costs related to
acquisitions
—
Foreign currency effects (1)
0.02
Adjusted Net Income Attributable to
AptarGroup, Inc. Per Diluted Share (3)
$1.06 - $1.14
$
0.94
(1) Foreign currency effects are
approximations of the adjustment necessary to state the prior year
earnings and earnings per share using a Euro/US$ exchange rate of
1.06 and the spot rates as of September 30, 2023 for all other
applicable foreign currency exchange rates.
(2) Items included in the Provision for
Income Taxes reflects a tax expense related to a legal entity
reorganization.
(3) AptarGroup’s expected earnings per share range for the fourth
quarter of 2023, excluding any restructuring expenses, acquisition
costs and changes in fair value of equity investments, is based on
an effective tax rate range of 24% to 26%. This tax rate range
compares to our fourth quarter of 2022 effective tax rate of 19% on
reported earnings per share and 22% on adjusted earnings per share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231025463223/en/
Investor Relations Contact:
Mary Skafidas mary.skafidas@aptar.com 815-479-5530
Media Contact: Katie Reardon
katie.reardon@aptar.com 815-479-5671
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