AptarGroup, Inc. (NYSE:ATR), a global leader in drug delivery, consumer product dispensing and active material science solutions and services, today reported first quarter results for 2022.
First Quarter 2022 Summary
*Reported sales grew 9% and core sales (excluding currency effects and acquisitions) grew 13% with double-digit core growth in each segment
*Pharma segment posted sales growth in all markets including the prescription drug division as demand for allergic rhinitis and asthma devices began to recover
*Reported earnings per share of $0.93 compared to $1.24 in the prior year; prior year results included an effective tax rate of 17% and an unrealized gain of $17 million related to changes in the fair value of an equity investment
*Adjusted earnings per share of $0.96 compared to $1.05 in the prior year, which included the lower 2021 effective tax rate
For the quarter ended March 31, 2022, reported sales increased 9% to $845 million compared to $777 million in the prior year. Core sales, excluding the impact from changes in currency exchange rates and acquisitions, increased 13%.
Commenting on the first quarter, Stephan B. Tanda, President and CEO, said, “We performed well in the quarter and the strong top line growth across each segment is an indication that we are beginning to turn the corner on the effects of the global pandemic in the Western markets while we continue to monitor the situation in China and the war in Ukraine. Volume improvements and price initiatives to recover rising costs each contributed to the top line growth. In addition to this broad based demand, our results reflect a significant increase in sales of our Activ-Film™ moisture-mitigating technology that enhances the integrity of at-home COVID-19 tests. This further validates our material science expertise though the future demand for at-home COVID-19 test kits appears to be declining. We overcame several headwinds in the quarter including currency headwinds, a net negative price cost recovery position, customary start-up costs related to our capacity expansion for elastomeric components for injected medicines and a reserve against a note receivable. The war in Ukraine and the COVID-19 outbreak in China did not have a significant impact on our business in the quarter.”
details at: https://www.aptar.com/wp-content/uploads/2022/04/PR-April-28-2022-Aptar-Q1-Results.pdf