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     459  0 Kommentare Aptar Reports Second Quarter Results

    AptarGroup, Inc. (NYSE:ATR), a global leader in consumer dispensing, active packaging and drug delivery solutions, today reported second quarter 2019 financial results.

    Second Quarter 2019 Summary

    • Reported sales increased 5%
    • Core sales, excluding currency and acquisition effects, grew 4%
    • Reported earnings per share increased 30% to $1.12 compared to prior year earnings per share of $0.86
    • Adjusted earnings per share increased 10% to $1.15 compared to prior year adjusted earnings per share of $1.05 (including comparable exchange rates)
    • Reported net income increased 33%
    • Adjusted EBITDA increased 14%, despite foreign currency headwinds
    • Expanded portfolio of services that support pharmaceutical and biotech customers with acquisitions of Nanopharm and Gateway Analytical

    Second Quarter Results

    For the quarter ended June 30, 2019, reported sales increased to $743 million compared to $711 million in the prior year. Core sales, excluding the impacts from changes in currency exchange rates and acquisitions, increased approximately 4%. Strong broad-based demand for Aptar’s industry leading drug delivery and food dispensing solutions drove top line core growth in the quarter. The Beauty + Home segment faced headwinds from lower custom tooling sales and decreased sales to the personal care market compared to the prior year.

    Second Quarter Segment Sales Analysis
    (Change Over Prior Year)

     
    Beauty +
    Home
    Pharma Food +
    Beverage
    Total
    AptarGroup
    Core Sales Growth

    (3%)

    10%

    10%

    4%

    Acquisitions

    1%

    13%

    11%

    6%

    Currency Effects (1)

    (5%)

    (6%)

    (3%)

    (5%)

    Total Reported Sales Growth

    (7%)

    17%

    18%

    5%

     
    (1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

    Commenting on the quarter, Stephan Tanda, President and CEO, said, “We performed well overall despite some headwinds that affected our Beauty + Home segment. Our Pharma segment grew across a variety of therapies and applications, especially nasally delivered allergic rhinitis and central nervous system treatments. In addition, we previously announced two strategic acquisitions that will broaden our services platform and bring additional value to our pharmaceutical and biotech customers. It was also a good quarter for our Food + Beverage segment, primarily due to increased demand for our innovative dispensing closures across a wide range of food-related categories. Our Beauty + Home segment continued to make progress on the transformation initiatives although sales declined due to significantly lower custom tooling sales and a pipeline fill connected to a customer’s global launch in the second quarter of last year. Further, currencies continued to be a headwind across each segment.”

    Aptar reported earnings per share of $1.12 compared to $0.86 reported a year ago. Current year adjusted earnings per share, excluding restructuring costs and acquisition-related expenses, were $1.15 and up 10% from the prior year adjusted earnings per share, including comparable exchange rates, of $1.05.

    Year-to-Date Results

    For the six months ended June 30, 2019, reported sales increased approximately 5% to $1.49 billion from $1.41 billion a year ago. Core sales, which exclude the impacts from changes in currency exchange rates and acquisitions, also increased approximately 5%.

    Six Months Year-to-Date Segment Sales Analysis
    (Change Over Prior Year)
     
    Beauty +
    Home
    Pharma Food +
    Beverage
    Total
    AptarGroup
    Core Sales Growth

    --

    12%

    7%

    5%

    Acquisitions

    1%

    13%

    11%

    6%

    Currency Effects (1)

    (6%)

    (7%)

    (4%)

    (6%)

    Total Reported Sales Growth

    (5%)

    18%

    14%

    5%

     
    (1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

    Tanda commented on the year-to-date results, “It was a solid first half overall for Aptar with good top line core growth of five percent and double-digit growth in adjusted earnings per share. The diversity of our business and our broad portfolio of innovative solutions allow us to deliver growth even when there is softness with certain customers or markets. Our Pharma and Food + Beverage segments continued to record excellent year-on-year core sales growth with improved margins. Our Beauty + Home segment also improved year on year margins despite facing challenging comparables in addition to weakness in certain U.S. markets that appeared in the second quarter.”

    For the six months year-to-date, Aptar’s reported earnings per share were $2.08, and up 17%, compared to $1.78 reported a year ago. Current year adjusted earnings per share, which exclude restructuring costs and acquisition-related expenses, were $2.22 and up 13% from prior year adjusted earnings per share, adjusted for comparable exchange rates, of $1.97.

    Outlook

    Commenting on Aptar’s outlook, Tanda said, “We anticipate core product sales growth across each segment. Our Pharma segment is expected to continue the positive momentum seen in the first half of the year. While we expect product growth in our Beauty + Home segment, some personal care customers are anticipating weaker volumes in the near-term and we expect lower custom tooling sales compared to a year ago. In addition, our expected effective tax rate will be higher than what we reported a year ago, in part due to a recently enacted corporate tax rate increase in France that is retroactive to the beginning of 2019.”

    Aptar expects earnings per share for the third quarter, excluding any restructuring costs and acquisition related expenses, to be in the range of $0.91 to $0.97 and this guidance is based on an effective tax rate range of 30% to 32%. The effective tax rate for the prior year third quarter was approximately 23%.

    Cash Dividend

    As previously announced, the Board declared a quarterly cash dividend of $0.36 per share. The payment date is August 21, 2019, for stockholders of record on July 31, 2019.

    Open Conference Call

    There will be a conference call on Thursday, August 1, 2019 at 8:00 a.m. Central Time to discuss the Company’s second quarter and year-to-date results for 2019. The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investor Relations page at www.aptar.com. Replay of the conference call can also be accessed for a limited time on the Investor Relations page of the website.

    Aptar is a leading global supplier of a broad range of innovative dispensing, sealing and active packaging solutions for the beauty, personal care, home care, prescription drug, consumer health care, injectables, food and beverage markets. Aptar uses insights, design, engineering and science to create innovative packaging technologies that build brand value for its customers, and, in turn, make a meaningful difference in the lives, looks, health and homes of people around the world. Aptar is headquartered in Crystal Lake, Illinois and has over 14,000 dedicated employees in 18 different 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 costs, acquisition-related expenses and purchase accounting adjustments that affected inventory values. 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. 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, 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 and statements regarding the anticipated effect of acquisitions. Words such as “expects,” “anticipates,” “believes,” “estimates,” “future,” “potential” 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 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: the successful integration of acquisitions; the impact of tax reform legislation including changes in tax rates and other tax-related events or transactions that could impact our effective tax rate; the execution of the business transformation plan; economic conditions worldwide including potential deflationary or inflationary conditions in regions we rely on for growth; political conditions worldwide; significant fluctuations in foreign currency exchange rates; changes in customer and/or consumer spending levels; financial conditions of customers and suppliers; consolidations within our customer or supplier bases; fluctuations in the cost of materials, components and other input costs; the availability of raw materials and components; our ability to successfully implement facility expansions and new facility projects; our ability to increase prices, contain costs and improve productivity; changes in capital availability or cost, including interest rate fluctuations; volatility of global credit markets; cybersecurity threats that could impact our networks and reporting systems; fiscal and monetary policies and other regulations; direct or indirect consequences of acts of war or terrorism; work stoppages due to labor disputes; and competition, including technological advances. 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-Ks and Form 10-Qs. We undertake no obligation to update publically 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

    Six Months Ended

    June 30,

    June 30,

     

    2019

     

     

    2018

     

     

    2019

     

     

    2018

     

     
    Net Sales

    $

    742,661

     

    $

    710,608

     

    $

    1,487,121

     

    $

    1,413,958

     

    Cost of Sales (exclusive of depreciation and amortization shown below) (1)

     

    469,441

     

     

    464,244

     

     

    938,573

     

     

    920,066

     

    Selling, Research & Development and Administrative (2)

     

    113,752

     

     

    107,111

     

     

    234,967

     

     

    219,572

     

    Depreciation and Amortization

     

    47,867

     

     

    40,101

     

     

    95,356

     

     

    81,276

     

    Restructuring Initiatives

     

    1,737

     

     

    18,214

     

     

    11,267

     

     

    24,150

     

    Operating Income

     

    109,864

     

     

    80,938

     

     

    206,958

     

     

    168,894

     

    Other Income/(Expense):
    Interest Expense

     

    (8,756

    )

     

    (7,964

    )

     

    (17,970

    )

     

    (16,019

    )

    Interest Income

     

    1,033

     

     

    2,521

     

     

    2,781

     

     

    4,769

     

    Equity in Results of Affiliates

     

    9

     

     

    (20

    )

     

    (86

    )

     

    (85

    )

    Miscellaneous, net

     

    (49

    )

     

    (577

    )

     

    417

     

     

    (1,444

    )

    Income before Income Taxes

     

    102,101

     

     

    74,898

     

     

    192,100

     

     

    156,115

     

    Provision for Income Taxes

     

    28,180

     

     

    19,117

     

     

    55,180

     

     

    41,046

     

    Net Income

    $

    73,921

     

    $

    55,781

     

    $

    136,920

     

    $

    115,069

     

    Net (Income) Loss Attributable to Noncontrolling Interests

     

    (6

    )

     

    (6

    )

     

    (1

    )

     

    6

     

    Net Income Attributable to AptarGroup, Inc.

    $

    73,915

     

    $

    55,775

     

    $

    136,919

     

    $

    115,075

     

    Net Income Attributable to AptarGroup, Inc. per Common Share:
    Basic

    $

    1.16

     

    $

    0.89

     

    $

    2.17

     

    $

    1.85

     

    Diluted

    $

    1.12

     

    $

    0.86

     

    $

    2.08

     

    $

    1.78

     

     
    Average Numbers of Shares Outstanding:
    Basic

     

    63,471

     

     

    62,402

     

     

    63,219

     

     

    62,266

     

    Diluted

     

    66,232

     

     

    64,850

     

     

    65,842

     

     

    64,640

     

     
    Notes to the Condensed Consolidated Financial Statements:

    (1) For the three and six months ended June 30, 2019, Cost of Sales included the effect of approximately $0.2 million of purchase accounting adjustments to inventory related to acquisitions. For the three and six months ended June 30, 2018, Cost of Sales included the effect of approximately $0.1 million of purchase accounting adjustments to inventory related to acquisitions.

    (2) For the three and six months ended June 30, 2019, Selling, Research & Development and Administrative included approximately $1.1 million of acquisition costs. For the three and six months ended June 30, 2018, Selling, Research & Development and Administrative included approximately $2.4 million of acquisition costs.
    AptarGroup, Inc.
    Condensed Consolidated Financial Statements (Unaudited)
    (continued)
    ($ In Thousands)
    Consolidated Balance Sheets
     
    June 30, 2019 December 31, 2018
    ASSETS
     
    Cash and Equivalents

    $

    302,950

    $

    261,823

    Receivables, net

     

    599,597

     

    569,630

    Inventories

     

    399,319

     

    381,110

    Other Current Assets

     

    116,675

     

    118,245

    Total Current Assets

     

    1,418,541

     

    1,330,808

    Net Property, Plant and Equipment

     

    1,051,535

     

    991,613

    Goodwill

     

    737,422

     

    712,095

    Other Assets

     

    381,218

     

    343,219

    Total Assets

    $

    3,588,716

    $

    3,377,735

     
    LIABILITIES AND EQUITY
     
    Short-Term Obligations

    $

    122,604

    $

    163,971

    Accounts Payable and Accrued Liabilities

     

    548,330

     

    525,199

    Total Current Liabilities

     

    670,934

     

    689,170

    Long-Term Obligations

     

    1,148,261

     

    1,125,993

    Deferred Liabilities

     

    188,099

     

    139,701

    Total Liabilities

     

    2,007,294

     

    1,954,864

     
    AptarGroup, Inc. Stockholders' Equity

     

    1,581,106

     

    1,422,556

    Noncontrolling Interests in Subsidiaries

     

    316

     

    315

    Total Equity

     

    1,581,422

     

    1,422,871

     
    Total Liabilities and Equity

    $

    3,588,716

    $

    3,377,735

    AptarGroup, Inc.
    Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
    ($ In Thousands)
     

    Three Months Ended

    June 30, 2019

     

    Consolidated

    Beauty + Home

    Pharma

    Food +
    Beverage

    Corporate &
    Other

    Net Interest

    Net Sales

    $

    742,661

     

     

    342,080

     

     

    281,939

     

     

    118,642

     

     

    -

     

     

    -

     

     
    Reported net income

    $

    73,921

     

    Reported income taxes

     

    28,180

     

    Reported income before income taxes

     

    102,101

     

     

    26,813

     

     

    84,425

     

     

    12,195

     

     

    (13,609

    )

     

    (7,723

    )

    Adjustments:
    Restructuring initiatives

     

    1,737

     

     

    1,259

     

     

    (113

    )

     

    112

     

     

    479

     

    Transaction costs related to acquisitions

     

    1,059

     

     

    1,059

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    222

     

     

    222

     

    Adjusted earnings before income taxes

     

    105,119

     

     

    28,072

     

     

    85,593

     

     

    12,307

     

     

    (13,130

    )

     

    (7,723

    )

    Interest expense

     

    8,756

     

     

    8,756

     

    Interest income

     

    (1,033

    )

     

    (1,033

    )

    Adjusted earnings before net interest and taxes (Adjusted EBIT)

     

    112,842

     

     

    28,072

     

     

    85,593

     

     

    12,307

     

     

    (13,130

    )

     

    -

     

    Depreciation and amortization

     

    47,867

     

     

    20,673

     

     

    16,057

     

     

    8,637

     

     

    2,500

     

     

    -

     

    Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

    $

    160,709

     

    $

    48,745

     

    $

    101,650

     

    $

    20,944

     

    $

    (10,630

    )

    $

    -

     

     
    Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

     

    21.6

    %

     

    14.2

    %

     

    36.1

    %

     

    17.7

    %

     
     

    Three Months Ended

    June 30, 2018

     

    Consolidated

    Beauty + Home

    Pharma

    Food +
    Beverage

    Corporate &
    Other

    Net Interest

    Net Sales

    $

    710,608

     

     

    368,536

     

     

    241,209

     

     

    100,863

     

     

    -

     

     

    -

     

     
    Reported net income

    $

    55,781

     

    Reported income taxes

     

    19,117

     

    Reported income before income taxes

     

    74,898

     

     

    10,510

     

     

    73,607

     

     

    10,329

     

     

    (14,105

    )

     

    (5,443

    )

    Adjustments:
    Restructuring initiatives

     

    18,214

     

     

    14,631

     

     

    1,224

     

     

    1,354

     

     

    1,005

     

    Transaction costs related to acquisitions

     

    2,444

     

     

    574

     

     

    1,870

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    119

     

     

    119

     

    Adjusted earnings before income taxes

     

    95,675

     

     

    25,834

     

     

    74,831

     

     

    11,683

     

     

    (11,230

    )

     

    (5,443

    )

    Interest expense

     

    7,964

     

     

    7,964

     

    Interest income

     

    (2,521

    )

     

    (2,521

    )

    Adjusted earnings before net interest and taxes (Adjusted EBIT)

     

    101,118

     

     

    25,834

     

     

    74,831

     

     

    11,683

     

     

    (11,230

    )

     

    -

     

    Depreciation and amortization

     

    40,101

     

     

    20,012

     

     

    11,522

     

     

    6,380

     

     

    2,187

     

     

    -

     

    Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

    $

    141,219

     

    $

    45,846

     

    $

    86,353

     

    $

    18,063

     

    $

    (9,043

    )

    $

    -

     

     
    Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

     

    19.9

    %

     

    12.4

    %

     

    35.8

    %

     

    17.9

    %

    AptarGroup, Inc.
    Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
    ($ In Thousands)
     

    Six Months Ended

    June 30, 2019

     

    Consolidated

    Beauty +
    Home

    Pharma

    Food +
    Beverage

    Corporate &
    Other

    Net Interest

    Net Sales

    $

    1,487,121

     

     

    709,739

     

     

    554,640

     

     

    222,742

     

     

    -

     

     

    -

     

     
    Reported net income

    $

    136,920

     

    Reported income taxes

     

    55,180

     

    Reported income before income taxes

     

    192,100

     

     

    50,994

     

     

    165,683

     

     

    19,911

     

     

    (29,299

    )

     

    (15,189

    )

    Adjustments:
    Restructuring initiatives

     

    11,267

     

     

    9,528

     

     

    213

     

     

    622

     

     

    904

     

    Transaction costs related to acquisitions

     

    1,059

     

     

    1,059

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    222

     

     

    222

     

    Adjusted earnings before income taxes

     

    204,648

     

     

    60,522

     

     

    167,177

     

     

    20,533

     

     

    (28,395

    )

     

    (15,189

    )

    Interest expense

     

    17,970

     

     

    17,970

     

    Interest income

     

    (2,781

    )

     

    (2,781

    )

    Adjusted earnings before net interest and taxes (Adjusted EBIT)

     

    219,837

     

     

    60,522

     

     

    167,177

     

     

    20,533

     

     

    (28,395

    )

     

    -

     

    Depreciation and amortization

     

    95,356

     

     

    41,414

     

     

    31,830

     

     

    17,102

     

     

    5,010

     

     

    -

     

    Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

    $

    315,193

     

    $

    101,936

     

    $

    199,007

     

    $

    37,635

     

    $

    (23,385

    )

    $

    -

     

     
    Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

     

    21.2

    %

     

    14.4

    %

     

    35.9

    %

     

    16.9

    %

     
     

    Six Months Ended

    June 30, 2018

     

    Consolidated

    Beauty +
    Home

    Pharma

    Food +
    Beverage

    Corporate &
    Other

    Net Interest

    Net Sales

    $

    1,413,958

     

     

    746,709

     

     

    471,336

     

     

    195,913

     

     

    -

     

     

    -

     

     
    Reported net income

    $

    115,069

     

    Reported income taxes

     

    41,046

     

    Reported income before income taxes

     

    156,115

     

     

    37,217

     

     

    141,899

     

     

    16,255

     

     

    (28,006

    )

     

    (11,250

    )

    Adjustments:
    Restructuring initiatives

     

    24,150

     

     

    19,647

     

     

    1,588

     

     

    1,669

     

     

    1,246

     

    Transaction costs related to acquisitions

     

    2,444

     

     

    574

     

     

    1,870

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    119

     

     

    119

     

    Adjusted earnings before income taxes

     

    182,828

     

     

    57,557

     

     

    143,487

     

     

    17,924

     

     

    (24,890

    )

     

    (11,250

    )

    Interest expense

     

    16,019

     

     

    16,019

     

    Interest income

     

    (4,769

    )

     

    (4,769

    )

    Adjusted earnings before net interest and taxes (Adjusted EBIT)

     

    194,078

     

     

    57,557

     

     

    143,487

     

     

    17,924

     

     

    (24,890

    )

     

    -

     

    Depreciation and amortization

     

    81,276

     

     

    41,424

     

     

    22,706

     

     

    12,878

     

     

    4,268

     

     

    -

     

    Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

    $

    275,354

     

    $

    98,981

     

    $

    166,193

     

    $

    30,802

     

    $

    (20,622

    )

    $

    -

     

     
    Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

     

    19.5

    %

     

    13.3

    %

     

    35.3

    %

     

    15.7

    %

     
    AptarGroup, Inc.
    Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
    (In Thousands, Except Per Share Data)
     

    Three Months Ended

    Six Months Ended

    June 30,

    June 30,

     

    2019

     

     

    2018

     

     

    2019

     

     

    2018

     

     
    Income before Income Taxes

    $

    102,101

     

    $

    74,898

     

    $

    192,100

     

    $

    156,115

     

     
    Adjustments:
    Restructuring initiatives

     

    1,737

     

     

    18,214

     

     

    11,267

     

     

    24,150

     

    Transaction costs related to acquisitions

     

    1,059

     

     

    2,444

     

     

    1,059

     

     

    2,444

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    222

     

     

    119

     

     

    222

     

     

    119

     

    Foreign currency effects (1)

     

    (4,103

    )

     

    (9,596

    )

    Adjusted Income before Income Taxes

    $

    105,119

     

    $

    91,572

     

    $

    204,648

     

    $

    173,232

     

     
     
    Provision for Income Taxes

    $

    28,180

     

    $

    19,117

     

    $

    55,180

     

    $

    41,046

     

     
    Adjustments:
    Restructuring initiatives

     

    488

     

     

    4,923

     

     

    3,166

     

     

    6,528

     

    Transaction costs related to acquisitions

     

    53

     

     

    628

     

     

    53

     

     

    628

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    42

     

     

    41

     

     

    42

     

     

    41

     

    Foreign currency effects (1)

     

    (1,191

    )

     

    (2,595

    )

    Adjusted Provision for Income Taxes

    $

    28,763

     

    $

    23,518

     

    $

    58,441

     

    $

    45,648

     

     
     
    Net Income Attributable to Noncontrolling Interests

    $

    (6

    )

    $

    (6

    )

    $

    (1

    )

    $

    6

     

     
    Net Income Attributable to AptarGroup, Inc.

    $

    73,915

     

    $

    55,775

     

    $

    136,919

     

    $

    115,075

     

     
    Adjustments:
    Restructuring initiatives

     

    1,249

     

     

    13,291

     

     

    8,101

     

     

    17,622

     

    Transaction costs related to acquisitions

     

    1,006

     

     

    1,816

     

     

    1,006

     

     

    1,816

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    180

     

     

    78

     

     

    180

     

     

    78

     

    Foreign currency effects (1)

     

    (2,912

    )

     

    (7,001

    )

    Adjusted Net Income Attributable to AptarGroup, Inc.

    $

    76,350

     

    $

    68,048

     

    $

    146,206

     

    $

    127,590

     

     
    Average Number of Diluted Shares Outstanding

     

    66,232

     

     

    64,850

     

     

    65,842

     

     

    64,640

     

     
    Net Income Attributable to AptarGroup, Inc. Per Diluted Share

    $

    1.12

     

    $

    0.86

     

    $

    2.08

     

    $

    1.78

     

     
    Adjustments:
    Restructuring initiatives

     

    0.02

     

     

    0.20

     

     

    0.12

     

     

    0.27

     

    Transaction costs related to acquisitions

     

    0.01

     

     

    0.03

     

     

    0.02

     

     

    0.03

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    -

     

     

    -

     

     

    -

     

     

    -

     

    Foreign currency effects (1)

     

    (0.04

    )

     

    (0.11

    )

    Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share

    $

    1.15

     

    $

    1.05

     

    $

    2.22

     

    $

    1.97

     

     
    (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 Adjusted Earnings Per Diluted Share (Unaudited)
    (In Thousands, Except Per Share Data)
     
    Three Months Ending
    September 30,
    Expected 2019

     

    2018

     

     
    Income before Income Taxes

    $

    50,942

     

     
    Adjustments:
    Restructuring initiatives

     

    23,852

     

    Transaction costs related to acquisitions

     

    7,082

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    3,287

     

    Foreign currency effects (1)

     

    (2,197

    )

    Adjusted Income before Income Taxes

    $

    82,966

     

     
    Provision for Income Taxes

    $

    11,920

     

     
    Adjustments:
    Restructuring initiatives

     

    6,802

     

    Transaction costs related to acquisitions

     

    847

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    843

     

    Foreign currency effects (1)

     

    (640

    )

    Adjusted Provision for Income Taxes

    $

    19,772

     

     
     
    Net Income Attributable to Noncontrolling Interests

    $

    (26

    )

     
    Net Income Attributable to AptarGroup, Inc.

    $

    38,996

     

     
    Adjustments:
    Restructuring initiatives

     

    17,050

     

    Transaction costs related to acquisitions

     

    6,235

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    2,444

     

    Foreign currency effects (1)

     

    (1,557

    )

    Adjusted Net Income Attributable to AptarGroup, Inc.

    $

    63,168

     

     
    Average Number of Diluted Shares Outstanding

     

    65,129

     

     
    Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2)

    $

    0.60

     

     
    Adjustments:
    Restructuring initiatives

     

    0.26

     

    Transaction costs related to acquisitions

     

    0.09

     

    Purchase accounting adjustments related to acquired companies' inventory

     

    0.04

     

    Foreign currency effects (1)

     

    (0.02

    )

    Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2) $0.91 - $0.97

    $

    0.97

     

     

    (1) Foreign currency effects are approximations of the adjustment necessary to state the prior year earnings per share using foreign currency exchange rates as of June 30, 2019, with the exception of the euro for which a 1.12 rate was used.

    (2) AptarGroup’s expected earnings per share range, excluding any restructuring costs, for the third quarter of 2019 is based on an effective tax rate range of 30% to 32%. This tax rate range compares to our third quarter of 2018 effective tax rate of 23% on reported earnings per share and 24% on adjusted earnings per share.

     



    Business Wire (engl.)
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    Aptar Reports Second Quarter Results AptarGroup, Inc. (NYSE:ATR), a global leader in consumer dispensing, active packaging and drug delivery solutions, today reported second quarter 2019 financial results. Second Quarter 2019 Summary Reported sales increased 5% Core sales, excluding …