Aptar Reports Third Quarter 2024 Results
AptarGroup (NYSE:ATR) reported strong Q3 2024 results with a 2% increase in both reported and core sales to $909 million. Net income rose 19% to $100 million, with earnings per share up 17% to $1.48. The Pharma segment led growth with 8% reported sales increase, while Closures grew 3% and Beauty declined 7%. The company achieved an adjusted EBITDA of $208 million, delivering a 23% margin. For Q4 2024, Aptar expects earnings per share between $1.22 and $1.30, targeting double-digit adjusted EPS growth for the full year.
AptarGroup (NYSE:ATR) ha riportato risultati solidi per il terzo trimestre 2024, con un aumento del 2% sia nelle vendite riportate che in quelle core, raggiungendo 909 milioni di dollari. Il reddito netto è aumentato del 19% fino a 100 milioni di dollari, con utili per azione in crescita del 17% a 1,48 dollari. Il segmento Pharma ha guidato la crescita con un aumento delle vendite riportate dell'8%, mentre Closures è cresciuto del 3% e Beauty ha mostrato un calo del 7%. L'azienda ha ottenuto un EBITDA rettificato di 208 milioni di dollari, con un margine del 23%. Per il quarto trimestre 2024, Aptar si aspetta utili per azione compresi tra 1,22 e 1,30 dollari, puntando a una crescita dell'EPS rettificato a due cifre per l'intero anno.
AptarGroup (NYSE:ATR) reportó resultados sólidos para el tercer trimestre de 2024, con un aumento del 2% tanto en las ventas reportadas como en las ventas principales, alcanzando los 909 millones de dólares. El ingreso neto aumentó un 19% hasta 100 millones de dólares, con ganancias por acción en aumento del 17% a 1,48 dólares. El segmento Pharma lideró el crecimiento con un incremento en las ventas reportadas del 8%, mientras que Closures creció un 3% y Beauty disminuyó un 7%. La compañía logró un EBITDA ajustado de 208 millones de dólares, ofreciendo un margen del 23%. Para el cuarto trimestre de 2024, Aptar espera que las ganancias por acción se sitúen entre 1,22 y 1,30 dólares, y busca un crecimiento de dos dígitos en el EPS ajustado para todo el año.
AptarGroup (NYSE:ATR)는 2024년 3분기에 매출이 2% 증가하여 9억 900만 달러에 도달했다고 보고했습니다. 순이익은 19% 증가하여 1억 달러에 도달하였고, 주당 순이익은 17% 상승하여 1.48달러를 기록했습니다. 제약 부문이 8%의 매출 증가로 성장을 주도하였고, 폐쇄 패키지는 3% 성장하였으며 뷰티 부문은 7% 감소했습니다. 회사는 조정된 EBITDA가 2억 800만 달러로 23%의 마진을 달성하였습니다. 2024년 4분기 동안 Aptar는 주당 순이익이 1.22달러에서 1.30달러 사이가 될 것으로 예상하며, 연간 두 자릿수의 조정된 EPS 성장을 목표로 하고 있습니다.
AptarGroup (NYSE:ATR) a annoncé des résultats solides pour le troisième trimestre 2024, avec une augmentation de 2% des ventes rapportées et des ventes de base, atteignant 909 millions de dollars. Le bénéfice net a augmenté de 19% pour atteindre 100 millions de dollars, avec un bénéfice par action en hausse de 17% à 1,48 dollar. Le segment Pharma a mené la croissance avec une augmentation des ventes rapportées de 8%, tandis que Closures a connu une croissance de 3% et Beauty a décliné de 7%. L'entreprise a réalisé un EBITDA ajusté de 208 millions de dollars, avec une marge de 23%. Pour le quatrième trimestre 2024, Aptar s'attend à un bénéfice par action compris entre 1,22 et 1,30 dollar, visant une croissance à deux chiffres de l'EPS ajusté pour l'année entière.
AptarGroup (NYSE:ATR) hat starke Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Anstieg von 2% sowohl bei den gemeldeten als auch bei den Kernumsätzen auf 909 Millionen US-Dollar. Der Nettogewinn stieg um 19% auf 100 Millionen US-Dollar, während der Gewinn pro Aktie um 17% auf 1,48 US-Dollar zulegte. Das Pharma-Segment führte das Wachstum mit einem Anstieg der gemeldeten Verkaufszahlen um 8%, während Closures um 3% wuchs und Beauty um 7% zurückging. Das Unternehmen erzielte ein bereinigtes EBITDA von 208 Millionen US-Dollar und erzielte eine Marge von 23%. Für das vierte Quartal 2024 erwartet Aptar einen Gewinn pro Aktie zwischen 1,22 und 1,30 US-Dollar und strebt für das gesamte Jahr ein zweistelliges Wachstum des bereinigten EPS an.
- Net income increased 19% to $100 million
- Pharma segment reported 8% sales growth with double-digit growth in drug delivery systems
- Adjusted EBITDA increased 8% to $208 million with 23% margin
- Free cash flow improved to $255 million from $124 million year-over-year
- Net cash from operations increased to $465 million from $356 million
- Beauty segment sales declined 7% due to lower tooling sales and unfavorable product mix
- Chinese beauty market remains soft
- Some customers indicated seasonal inventory right-sizing in beauty and cough & cold markets
Insights
Strong quarterly performance with
Segment performance reveals important market dynamics: strong demand in pharmaceutical drug delivery systems, particularly in allergy, emergency medicine and CNS therapeutics. The Beauty segment faces challenges from softer Chinese market conditions and tough comparisons in prestige fragrances. Closures segment shows resilience with growing food market demand. The guidance for Q4 suggests continued momentum but acknowledges potential seasonal inventory adjustments in beauty and cough/cold markets. The successful completion of the Chinese joint venture positions Aptar strategically in a key growth market despite current headwinds.
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 and adjusted earnings per share increased$1.48 6% to$1.49 -
Reported net income of
increased$100 million 19% and adjusted EBITDA increased8% from the prior year to , delivering an adjusted EBITDA margin of$208 million 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 of7% 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
compared to$465 million in the prior year period$356 million -
Free cash flow increased to
compared to$255 million in the prior year$124 million
Third Quarter Results
For the quarter ended September 30, 2024, reported sales increased
Third Quarter Segment Sales Analysis (Change Over Prior Year) |
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|
Aptar Pharma |
Aptar Beauty |
Aptar Closures |
Total AptarGroup |
Reported Sales Growth |
|
(7)% |
|
|
Currency Effects (1) |
(1)% |
|
|
|
Acquisitions |
|
|
|
|
Core Sales Growth |
|
(6)% |
|
|
(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates. |
Aptar Pharma’s reported sales increased
Aptar Beauty’s reported sales decreased
Aptar Closures’ reported sales increased
Aptar reported third quarter earnings per share of
Year-To-Date Results
For the nine months ended September 30, 2024, reported sales increased
Nine Months Year-To-Date 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 nine months ended September 30, 2024, Aptar’s reported earnings per share were
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
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
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, 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
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 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.
|
|||||||
|
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.
|
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Three Months Ended September 30, 2024 |
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|
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|
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 |
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|
|
|||||||||||||||||||||||
|
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.
|
||||||||||||||||||||||||
|
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.
|
|||||||||||||||
|
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.
|
|||||||||||||||
|
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.
|
|||||
|
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) |
|
|
$ |
1.24 |
|
(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 |
|||||
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
Source: AptarGroup, Inc.
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