AptarGroup, Inc. (NYSE:ATR) today reported first quarter results and declared a quarterly dividend.
First Quarter Summary
• Reported sales increased 17%, including the positive effect of currency rates (+10%)
• Core sales, excluding currency effects, rose 7% driven by growth in each business segment
• Reported net income (8% of net sales) increased 14% to $59 million
• Adjusted EBITDA (19% of net sales) increased 17% to $134 million
• Reported earnings per share grew 14% to $0.92 and included costs associated with our business transformation ($0.07 per share)
• Adjusted earnings per share of $0.99 compared to prior year reported earnings per share of $0.81 (+22%) and to prior year currency adjusted earnings per share of $0.90 (+10%)
• Business transformation progressing as planned
First Quarter Results
For the quarter ended March 31, 2018, reported sales increased 17% over the prior year to $703 million. Core sales, which exclude the positive impact from changes in currency exchange rates, increased approximately 7%.
Commenting on the quarter, Stephan Tanda, President and CEO, said, “We are pleased to report a positive start to 2018. Driven by broad-based demand for our value-adding innovative dispensing solutions, core sales grew in each business segment. Our Beauty + Home segment had another strong quarter with robust core sales growth, especially in the beauty and personal care markets. Our Pharma segment had another excellent quarter with increased demand for our leading drug delivery systems, particularly in the consumer healthcare market where the aggressive flu season helped drive demand for our nasal spray and saline systems. Our Food + Beverage segment had a mixed quarter with increased core sales to the food market and sluggish sales to the beverage market, primarily due to weak volumes in China. In addition to the top line growth, our Beauty + Home and Pharma segments reported adjusted EBITDA growth over the prior year, while our Food + Beverage segment had a slight decrease in adjusted EBITDA, in part due to the mix of business and the timing of our pass-through of higher resin costs.”
Aptar’s reported earnings per share of $0.92 is an increase of 14% over the prior year level of $0.81 despite the negative impacts of our business transformation initiatives, higher raw material costs and a slightly higher tax rate. Comparable adjusted earnings per share, excluding the business transformation initiatives in the current period, increased 10% to $0.99 compared to currency adjusted prior year results of $0.90.
more detail at: http://investors.aptar.com/phoenix.zhtml?c=109617&p=irol-newsArticle&ID=2345178