Aptar Reports Fourth Quarter and Annual 2024 Results

Photo: Aptar
“Aptar achieved another strong quarter and year, delivering back-to-back years of double-digit earnings per share growth. For the full year, our pharma franchise grew sales
Fourth Quarter 2024 Highlights
-
Reported sales increased
1% and reported net income increased62% to$101 million -
Core sales increased
2% and adjusted EBITDA increased9% from the prior year to$195 million -
Reported earnings per share increased
60% to and adjusted earnings per share increased$1.49 27% to$1.52 -
Achieved an adjusted EBITDA margin of
23% , at the high end of the long-term target range
Annual 2024 Highlights
-
Reported and core sales grew
3% , with annual sales of , driven by favorable product mix and volume growth$3.6 billion -
Delivered
30% diluted earnings per share growth and achieved18% adjusted earnings per share growth -
Net income grew
32% to$375 million -
Net cash provided by operations increased
12% and free cash flow increased40% - 2024 was our 31st consecutive year of paying an annually increasing dividend
Fourth Quarter Results
For the quarter ended December 31, 2024, reported sales increased
Fourth Quarter Segment Sales Analysis (Change Over Prior Year) |
||||
|
Aptar Pharma |
Aptar Beauty |
Aptar Closures |
Total AptarGroup |
Reported Sales Growth |
|
(5)% |
|
|
Currency Effects (1) |
|
|
|
|
Acquisitions |
|
|
|
|
Core Sales Growth |
|
(3)% |
|
|
(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates. |
||||
Aptar Pharma’s reported sales and core sales increased
Aptar Beauty’s reported sales decreased
Aptar Closures’ reported sales increased
Aptar reported fourth quarter earnings per share of
Annual Results
For the year ended December 31, 2024, reported sales increased
Annual Segment Sales Analysis (Change Over Prior Year) |
||||
|
Aptar Pharma |
Aptar Beauty |
Aptar Closures |
Total AptarGroup |
Total Reported Sales Growth |
|
(3)% |
|
|
Currency Effects (1) |
|
|
|
|
Acquisitions |
|
|
|
|
Core Sales Growth |
|
(3)% |
|
|
(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates. |
||||
For the year ended December 31, 2024, Aptar’s reported earnings per share were
Outlook
Regarding Aptar’s outlook, Tanda stated, “We anticipate 2025 to be another strong year for Aptar. Having said that, in the first quarter we expect significant negative impacts from foreign currencies and a higher effective tax rate compared to the prior year quarter, as well as softer demand in certain end markets. Looking ahead, we expect pharma to continue to be the main driver of growth with our proprietary drug delivery systems anticipated to lead the way. When adjusting for currency fluctuations and tax impacts in 2025, we anticipate to deliver solid earnings growth and increase shareholder value.”
Aptar currently expects earnings per share for the first quarter of 2025, excluding any restructuring expenses, changes in the fair value of equity investments and acquisition costs, to be in the range of
Share Repurchase Authorization and Cash Dividend
As previously reported, Aptar’s Board of Directors authorized the repurchase of
Open Conference Call
There will be a conference call held on Friday, February 7, 2025 at 8:00 a.m. Central Time to discuss the company’s fourth quarter and annual 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
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
AptarGroup, Inc.
|
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Net Sales |
$ |
848,088 |
|
|
$ |
838,480 |
|
|
$ |
3,582,890 |
|
|
$ |
3,487,450 |
|
Cost of Sales (exclusive of depreciation and amortization shown below) |
|
518,674 |
|
|
|
526,227 |
|
|
|
2,227,381 |
|
|
|
2,224,051 |
|
Selling, Research & Development and Administrative |
|
138,512 |
|
|
|
138,295 |
|
|
|
582,226 |
|
|
|
565,783 |
|
Depreciation and Amortization |
|
67,452 |
|
|
|
64,381 |
|
|
|
263,784 |
|
|
|
248,593 |
|
Restructuring Initiatives |
|
3,343 |
|
|
|
25,376 |
|
|
|
13,002 |
|
|
|
45,004 |
|
Operating Income |
|
120,107 |
|
|
|
84,201 |
|
|
|
496,497 |
|
|
|
404,019 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
||||||||
Interest Expense |
|
(11,372 |
) |
|
|
(10,518 |
) |
|
|
(43,898 |
) |
|
|
(40,418 |
) |
Interest Income |
|
3,079 |
|
|
|
2,107 |
|
|
|
12,101 |
|
|
|
4,373 |
|
Net Investment Gain (Loss) |
|
218 |
|
|
|
(426 |
) |
|
|
1,713 |
|
|
|
1,413 |
|
Equity in Results of Affiliates |
|
255 |
|
|
|
712 |
|
|
|
87 |
|
|
|
2,226 |
|
Miscellaneous Income, net |
|
3,783 |
|
|
|
4,553 |
|
|
|
3,265 |
|
|
|
3,212 |
|
Income before Income Taxes |
|
116,070 |
|
|
|
80,629 |
|
|
|
469,765 |
|
|
|
374,825 |
|
Provision for Income Taxes |
|
15,205 |
|
|
|
18,384 |
|
|
|
95,587 |
|
|
|
90,649 |
|
Net Income |
$ |
100,865 |
|
|
$ |
62,245 |
|
|
$ |
374,178 |
|
|
$ |
284,176 |
|
Net Loss Attributable to Noncontrolling Interests |
|
79 |
|
|
|
110 |
|
|
|
363 |
|
|
|
311 |
|
Net Income Attributable to AptarGroup, Inc. |
$ |
100,944 |
|
|
$ |
62,355 |
|
|
$ |
374,541 |
|
|
$ |
284,487 |
|
Net Income Attributable to AptarGroup, Inc. per Common Share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.52 |
|
|
$ |
0.95 |
|
|
$ |
5.65 |
|
|
$ |
4.34 |
|
Diluted |
$ |
1.49 |
|
|
$ |
0.93 |
|
|
$ |
5.53 |
|
|
$ |
4.25 |
|
|
|
|
|
|
|
|
|
||||||||
Average Numbers of Shares Outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
66,511 |
|
|
|
65,813 |
|
|
|
66,334 |
|
|
|
65,616 |
|
Diluted |
|
67,923 |
|
|
|
67,131 |
|
|
|
67,691 |
|
|
|
66,905 |
|
AptarGroup, Inc.
|
|||||
|
December 31, 2024 |
|
December 31, 2023 |
||
ASSETS |
|
|
|
||
|
|
|
|
||
Cash and Equivalents |
$ |
223,844 |
|
$ |
223,643 |
Short-term Investments |
|
2,337 |
|
|
— |
Accounts and Notes Receivable, Net |
|
658,057 |
|
|
677,822 |
Inventories |
|
461,807 |
|
|
513,053 |
Prepaid and Other |
|
132,338 |
|
|
134,761 |
Total Current Assets |
|
1,478,383 |
|
|
1,549,279 |
Property, Plant and Equipment, Net |
|
1,447,150 |
|
|
1,478,063 |
Goodwill |
|
936,256 |
|
|
963,418 |
Other Assets |
|
570,489 |
|
|
461,130 |
Total Assets |
$ |
4,432,278 |
|
$ |
4,451,890 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||
|
|
|
|
||
Short-Term Obligations |
$ |
338,285 |
|
$ |
458,220 |
Accounts Payable, Accrued and Other Liabilities |
|
729,996 |
|
|
793,089 |
Total Current Liabilities |
|
1,068,281 |
|
|
1,251,309 |
Long-Term Obligations |
|
688,066 |
|
|
681,188 |
Deferred Liabilities and Other |
|
190,007 |
|
|
198,095 |
Total Liabilities |
|
1,946,354 |
|
|
2,130,592 |
|
|
|
|
||
AptarGroup, Inc. Stockholders' Equity |
|
2,471,888 |
|
|
2,306,824 |
Noncontrolling Interests in Subsidiaries |
|
14,036 |
|
|
14,474 |
Total Stockholders' Equity |
|
2,485,924 |
|
|
2,321,298 |
|
|
|
|
||
Total Liabilities and Stockholders' Equity |
$ |
4,432,278 |
|
$ |
4,451,890 |
AptarGroup, Inc.
|
||||||||||||||||||||||||
|
Three Months Ended December 31, 2024 |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Consolidated |
|
|
Aptar Pharma |
|
Aptar Beauty |
|
Aptar Closures |
|
Corporate & Other |
|
Net Interest |
||||||||||||
Net Sales |
$ |
848,088 |
|
|
|
$ |
400,732 |
|
|
$ |
274,064 |
|
|
$ |
173,292 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported net income |
$ |
100,865 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported income taxes |
|
15,205 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported income before income taxes |
|
116,070 |
|
|
|
|
111,944 |
|
|
|
10,989 |
|
|
|
11,949 |
|
|
|
(10,519 |
) |
|
|
(8,293 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring initiatives |
|
3,343 |
|
|
|
|
(64 |
) |
|
|
2,170 |
|
|
|
1,305 |
|
|
|
(68 |
) |
|
|
||
Net investment gain |
|
(218 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(218 |
) |
|
|
||
Adjusted earnings before income taxes |
|
119,195 |
|
|
|
|
111,880 |
|
|
|
13,159 |
|
|
|
13,254 |
|
|
|
(10,805 |
) |
|
|
(8,293 |
) |
Interest expense |
|
11,372 |
|
|
|
|
|
|
|
|
|
|
|
|
11,372 |
|
||||||||
Interest income |
|
(3,079 |
) |
|
|
|
|
|
|
|
|
|
|
|
(3,079 |
) |
||||||||
Adjusted earnings before net interest and taxes (Adjusted EBIT) |
|
127,488 |
|
|
|
|
111,880 |
|
|
|
13,159 |
|
|
|
13,254 |
|
|
|
(10,805 |
) |
|
|
— |
|
Depreciation and amortization |
|
67,452 |
|
|
|
|
31,231 |
|
|
|
20,757 |
|
|
|
14,629 |
|
|
|
835 |
|
|
|
||
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) |
$ |
194,940 |
|
|
|
$ |
143,111 |
|
|
$ |
33,916 |
|
|
$ |
27,883 |
|
|
$ |
(9,970 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported net income margins (Reported net income / Reported Net Sales) |
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) |
|
23.0 |
% |
|
|
|
35.7 |
% |
|
|
12.4 |
% |
|
|
16.1 |
% |
|
|
|
|
|
Three Months Ended December 31, 2023 |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Consolidated |
|
|
Aptar Pharma |
|
Aptar Beauty |
|
Aptar Closures |
|
Corporate & Other |
|
Net Interest |
||||||||||||
Net Sales |
$ |
838,480 |
|
|
|
$ |
385,059 |
|
|
$ |
287,741 |
|
|
$ |
165,680 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported net income |
$ |
62,245 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported income taxes |
|
18,384 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported income before income taxes |
|
80,629 |
|
|
|
|
99,812 |
|
|
|
12,567 |
|
|
|
(5,559 |
) |
|
|
(17,780 |
) |
|
|
(8,411 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring initiatives |
|
25,376 |
|
|
|
|
3,195 |
|
|
|
8,033 |
|
|
|
13,867 |
|
|
|
281 |
|
|
|
||
Net investment loss |
|
426 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
426 |
|
|
|
||
Transaction costs related to acquisitions |
|
225 |
|
|
|
|
— |
|
|
|
225 |
|
|
|
— |
|
|
|
— |
|
|
|
||
Adjusted earnings before income taxes |
|
106,656 |
|
|
|
|
103,007 |
|
|
|
20,825 |
|
|
|
8,308 |
|
|
|
(17,073 |
) |
|
|
(8,411 |
) |
Interest expense |
|
10,518 |
|
|
|
|
|
|
|
|
|
|
|
|
10,518 |
|
||||||||
Interest income |
|
(2,107 |
) |
|
|
|
|
|
|
|
|
|
|
|
(2,107 |
) |
||||||||
Adjusted earnings before net interest and taxes (Adjusted EBIT) |
|
115,067 |
|
|
|
|
103,007 |
|
|
|
20,825 |
|
|
|
8,308 |
|
|
|
(17,073 |
) |
|
|
— |
|
Depreciation and amortization |
|
64,381 |
|
|
|
|
28,118 |
|
|
|
21,516 |
|
|
|
13,998 |
|
|
|
749 |
|
|
|
||
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) |
$ |
179,448 |
|
|
|
$ |
131,125 |
|
|
$ |
42,341 |
|
|
$ |
22,306 |
|
|
$ |
(16,324 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported net income margins (Reported net income / Reported Net Sales) |
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) |
|
21.4 |
% |
|
|
|
34.1 |
% |
|
|
14.7 |
% |
|
|
13.5 |
% |
|
|
|
|
AptarGroup, Inc.
|
||||||||||||||||||||||||
|
Year Ended December 31, 2024 |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Consolidated |
|
|
Aptar Pharma |
|
Aptar Beauty |
|
Aptar Closures |
|
Corporate & Other |
|
Net Interest |
||||||||||||
Net Sales |
$ |
3,582,890 |
|
|
|
$ |
1,643,152 |
|
|
$ |
1,225,730 |
|
|
$ |
714,008 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported net income |
$ |
374,178 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported income taxes |
|
95,587 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported income before income taxes |
|
469,765 |
|
|
|
|
447,353 |
|
|
|
68,797 |
|
|
|
54,832 |
|
|
|
(69,420 |
) |
|
|
(31,797 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring initiatives |
|
13,002 |
|
|
|
|
589 |
|
|
|
8,041 |
|
|
|
3,835 |
|
|
|
537 |
|
|
|
||
Curtailment gain related to restructuring initiatives |
|
(1,851 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
(1,851 |
) |
|
|
— |
|
|
|
||
Net investment gain |
|
(1,713 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,713 |
) |
|
|
||
Transaction costs related to acquisitions |
|
140 |
|
|
|
|
— |
|
|
|
140 |
|
|
|
— |
|
|
|
— |
|
|
|
||
Adjusted earnings before income taxes |
|
479,343 |
|
|
|
|
447,942 |
|
|
|
76,978 |
|
|
|
56,816 |
|
|
|
(70,596 |
) |
|
|
(31,797 |
) |
Interest expense |
|
43,898 |
|
|
|
|
|
|
|
|
|
|
|
|
43,898 |
|
||||||||
Interest income |
|
(12,101 |
) |
|
|
|
|
|
|
|
|
|
|
|
(12,101 |
) |
||||||||
Adjusted earnings before net interest and taxes (Adjusted EBIT) |
|
511,140 |
|
|
|
|
447,942 |
|
|
|
76,978 |
|
|
|
56,816 |
|
|
|
(70,596 |
) |
|
|
— |
|
Depreciation and amortization |
|
263,784 |
|
|
|
|
120,429 |
|
|
|
82,931 |
|
|
|
57,326 |
|
|
|
3,098 |
|
|
|
||
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) |
$ |
774,924 |
|
|
|
$ |
568,371 |
|
|
$ |
159,909 |
|
|
$ |
114,142 |
|
|
$ |
(67,498 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported net income margins (Reported net income / Reported Net Sales) |
|
10.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) |
|
21.6 |
% |
|
|
|
34.6 |
% |
|
|
13.0 |
% |
|
|
16.0 |
% |
|
|
|
|
|
Year Ended December 31, 2023 |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Consolidated |
|
|
Aptar Pharma |
|
Aptar Beauty |
|
Aptar Closures |
|
Corporate & Other |
|
Net Interest |
||||||||||||
Net Sales |
$ |
3,487,450 |
|
|
|
$ |
1,520,993 |
|
|
$ |
1,267,697 |
|
|
$ |
698,760 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported net income |
$ |
284,176 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported income taxes |
|
90,649 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported income before income taxes |
|
374,825 |
|
|
|
|
388,415 |
|
|
|
59,210 |
|
|
|
33,615 |
|
|
|
(70,370 |
) |
|
|
(36,045 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring initiatives |
|
45,004 |
|
|
|
|
4,852 |
|
|
|
20,683 |
|
|
|
17,927 |
|
|
|
1,542 |
|
|
|
||
Net investment gain |
|
(1,413 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,413 |
) |
|
|
||
Realized gain on investments included in net investment gain above |
|
4,188 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,188 |
|
|
|
||
Transaction costs related to acquisitions |
|
480 |
|
|
|
|
— |
|
|
|
424 |
|
|
|
56 |
|
|
|
— |
|
|
|
||
Adjusted earnings before income taxes |
|
423,084 |
|
|
|
|
393,267 |
|
|
|
80,317 |
|
|
|
51,598 |
|
|
|
(66,053 |
) |
|
|
(36,045 |
) |
Interest expense |
|
40,418 |
|
|
|
|
|
|
|
|
|
|
|
|
40,418 |
|
||||||||
Interest income |
|
(4,373 |
) |
|
|
|
|
|
|
|
|
|
|
|
(4,373 |
) |
||||||||
Adjusted earnings before net interest and taxes (Adjusted EBIT) |
|
459,129 |
|
|
|
|
393,267 |
|
|
|
80,317 |
|
|
|
51,598 |
|
|
|
(66,053 |
) |
|
|
— |
|
Depreciation and amortization |
|
248,593 |
|
|
|
|
109,366 |
|
|
|
83,399 |
|
|
|
52,095 |
|
|
|
3,733 |
|
|
|
— |
|
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) |
$ |
707,722 |
|
|
|
$ |
502,633 |
|
|
$ |
163,716 |
|
|
$ |
103,693 |
|
|
$ |
(62,320 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reported net income margins (Reported net income / Reported Net Sales) |
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) |
|
20.3 |
% |
|
|
|
33.0 |
% |
|
|
12.9 |
% |
|
|
14.8 |
% |
|
|
|
|
AptarGroup, Inc.
|
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Income before Income Taxes |
$ |
116,070 |
|
|
$ |
80,629 |
|
|
$ |
469,765 |
|
|
$ |
374,825 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Restructuring initiatives |
|
3,343 |
|
|
|
25,376 |
|
|
|
13,002 |
|
|
|
45,004 |
|
Curtailment gain related to restructuring initiatives |
|
— |
|
|
|
— |
|
|
|
(1,851 |
) |
|
|
— |
|
Net investment (gain) loss |
|
(218 |
) |
|
|
426 |
|
|
|
(1,713 |
) |
|
|
(1,413 |
) |
Realized gain on investments included in net investment (gain) loss above |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,188 |
|
Transaction costs related to acquisitions |
|
— |
|
|
|
225 |
|
|
|
140 |
|
|
|
480 |
|
Foreign currency effects (1) |
|
|
|
(730 |
) |
|
|
|
|
761 |
|
||||
Adjusted Earnings before Income Taxes |
$ |
119,195 |
|
|
$ |
105,926 |
|
|
$ |
479,343 |
|
|
$ |
423,845 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for Income Taxes |
$ |
15,205 |
|
|
$ |
18,384 |
|
|
$ |
95,587 |
|
|
$ |
90,649 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Restructuring initiatives |
|
926 |
|
|
|
6,769 |
|
|
|
3,397 |
|
|
|
11,939 |
|
Curtailment gain related to restructuring initiatives |
|
— |
|
|
|
— |
|
|
|
(478 |
) |
|
|
— |
|
Net investment (gain) loss |
|
(54 |
) |
|
|
104 |
|
|
|
(420 |
) |
|
|
(346 |
) |
Realized gain on investments included in net investment (gain) loss above |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,026 |
|
Transaction costs related to acquisitions |
|
— |
|
|
|
56 |
|
|
|
35 |
|
|
|
121 |
|
Foreign currency effects (1) |
|
|
|
(166 |
) |
|
|
|
|
184 |
|
||||
Adjusted Provision for Income Taxes |
$ |
16,077 |
|
|
$ |
25,147 |
|
|
$ |
98,121 |
|
|
$ |
103,573 |
|
|
|
|
|
|
|
|
|
||||||||
Net Loss Attributable to Noncontrolling Interests |
$ |
79 |
|
|
$ |
110 |
|
|
$ |
363 |
|
|
$ |
311 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to AptarGroup, Inc. |
$ |
100,944 |
|
|
$ |
62,355 |
|
|
$ |
374,541 |
|
|
$ |
284,487 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Restructuring initiatives |
|
2,417 |
|
|
|
18,607 |
|
|
|
9,605 |
|
|
|
33,065 |
|
Curtailment gain related to restructuring initiatives |
|
— |
|
|
|
— |
|
|
|
(1,373 |
) |
|
|
— |
|
Net investment (gain) loss |
|
(164 |
) |
|
|
322 |
|
|
|
(1,293 |
) |
|
|
(1,067 |
) |
Realized gain on investments included in net investment (gain) loss above |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,162 |
|
Transaction costs related to acquisitions |
|
— |
|
|
|
169 |
|
|
|
105 |
|
|
|
359 |
|
Foreign currency effects (1) |
|
|
|
(564 |
) |
|
|
|
|
577 |
|
||||
Adjusted Net Income Attributable to AptarGroup, Inc. |
$ |
103,197 |
|
|
$ |
80,889 |
|
|
$ |
381,585 |
|
|
$ |
320,583 |
|
|
|
|
|
|
|
|
|
||||||||
Average Number of Diluted Shares Outstanding |
|
67,923 |
|
|
|
67,131 |
|
|
|
67,691 |
|
|
|
66,905 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to AptarGroup, Inc. Per Diluted Share |
$ |
1.49 |
|
|
$ |
0.93 |
|
|
$ |
5.53 |
|
|
$ |
4.25 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Restructuring initiatives |
|
0.03 |
|
|
|
0.28 |
|
|
|
0.15 |
|
|
|
0.49 |
|
Curtailment gain related to restructuring initiatives |
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
Net investment (gain) loss |
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
Realized gain on investments included in net investment (gain) loss above |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
Transaction costs related to acquisitions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Foreign currency effects (1) |
|
|
|
(0.01 |
) |
|
|
|
|
0.01 |
|
||||
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share |
$ |
1.52 |
|
|
$ |
1.20 |
|
|
$ |
5.64 |
|
|
$ |
4.79 |
|
(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.
|
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Net Cash Provided by Operations |
$ |
178,239 |
|
|
$ |
219,637 |
|
|
$ |
643,413 |
|
|
$ |
575,239 |
|
Capital Expenditures |
|
(66,065 |
) |
|
|
(81,143 |
) |
|
|
(276,481 |
) |
|
|
(312,342 |
) |
Free Cash Flow |
$ |
112,174 |
|
|
$ |
138,494 |
|
|
$ |
366,932 |
|
|
$ |
262,897 |
|
AptarGroup, Inc.
|
|||||
|
Three Months Ending March 31, |
||||
|
Expected 2025 |
|
|
2024 |
|
|
|
|
|
||
Income before Income Taxes |
|
|
$ |
104,318 |
|
|
|
|
|
||
Adjustments: |
|
|
|
||
Restructuring initiatives |
|
|
|
3,480 |
|
Net investment gain |
|
|
|
(592 |
) |
Transaction costs related to acquisitions |
|
|
|
— |
|
Foreign currency effects (1) |
|
|
|
(5,925 |
) |
Adjusted Earnings before Income Taxes |
|
|
$ |
101,281 |
|
|
|
|
|
||
Provision for Income Taxes |
|
|
$ |
21,385 |
|
|
|
|
|
||
Adjustments: |
|
|
|
||
Restructuring initiatives |
|
|
|
891 |
|
Net investment gain |
|
|
|
(145 |
) |
Transaction costs related to acquisitions |
|
|
|
— |
|
Foreign currency effects (1) |
|
|
|
(1,215 |
) |
Adjusted Provision for Income Taxes |
|
|
$ |
20,916 |
|
|
|
|
|
||
Net Loss Attributable to Noncontrolling Interests |
|
|
$ |
171 |
|
|
|
|
|
||
Net Income Attributable to AptarGroup, Inc. |
|
|
$ |
83,104 |
|
|
|
|
|
||
Adjustments: |
|
|
|
||
Restructuring initiatives |
|
|
|
2,589 |
|
Net investment gain |
|
|
|
(447 |
) |
Transaction costs related to acquisitions |
|
|
|
— |
|
Foreign currency effects (1) |
|
|
|
(4,710 |
) |
Adjusted Net Income Attributable to AptarGroup, Inc. |
|
|
$ |
80,536 |
|
|
|
|
|
||
Average Number of Diluted Shares Outstanding |
|
|
|
67,432 |
|
|
|
|
|
||
Net Income Attributable to AptarGroup, Inc. Per Diluted Share (3) |
|
|
$ |
1.23 |
|
|
|
|
|
||
Adjustments: |
|
|
|
||
Restructuring initiatives |
|
|
|
0.04 |
|
Net investment gain |
|
|
|
(0.01 |
) |
Transaction costs related to acquisitions |
|
|
|
— |
|
Foreign currency effects (1) |
|
|
|
(0.07 |
) |
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2) |
|
|
$ |
1.19 |
|
(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 December 31, 2024 for all applicable foreign currency exchange rates. |
|||||
(2) AptarGroup’s expected earnings per share range for the first quarter of 2025, excluding any restructuring expenses, acquisition costs and changes in fair value of equity investments, is based on an effective tax rate range of |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250206018010/en/
Investor Relations:
Mary Skafidas
mary.skafidas@aptar.com
815-479-5530
Media:
Katie Reardon
katie.reardon@aptar.com
815-479-5671
Source: AptarGroup, Inc.