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AptarGroup, Inc. (NYSE:ATR) today reported second quarter results for 2020 and provided an update related to COVID-19 including the Company’s ability to supply essential products for critical industries and continued health and safety measures being implemented across its global facilities.
Second Quarter 2020 Summary:
*Reported sales and core sales decreased 6% primarily due to the negative effects of COVID-19 on the beauty and beverage markets as well as passing on lower resin costs; negative currency effects were offset by contributions coming from acquisitions
*Reported sales growth of 7% and core sales growth of 6% in our Pharma segment was offset by decreases in reported sales and core sales in our Beauty + Home and Food + Beverage segments
*“Thank You Award” costs of $3.6 million (pretax) were included in second quarter reported and adjusted earnings; this one-time Award was granted to employees who made it possible for Aptar to continue to supply critical infrastructure industries during the initial phases of the COVID-19 crisis
*Reported earnings per share totaled $0.63 (a decrease of 44% compared to the prior year)
*Adjusted earnings per share totaled $0.80 (a decrease of 30% compared to the prior year)
*Reported net income totaled $42 million (a decrease of 43% compared to the prior year)
*Adjusted EBITDA totaled $137 million (a decrease of 15% compared to the prior year)
*Cash flow from operations was $228 million in the first half of 2020 (an increase of 3% compared to the prior year)
*Free cash flow was $105 million in the first half of 2020 (an increase of 9% compared to the prior year)
*Declared quarterly dividend of $0.36 per share
*Subsequent to the end of the quarter, Kimberly Y. Chainey joined Aptar as EVP General Counsel and is a member of the Executive Committee
For the quarter ended June 30, 2020, reported sales decreased 6% to $699 million compared to $743 million in the prior year. The headwinds from changes in currency rates were completely offset by revenue generated by recent acquisitions and therefore core sales also declined 6%.
For the six months ended June 30, 2020, reported sales decreased approximately 4% to $1.42 billion from $1.49 billion a year ago. The headwinds from changes in currency rates were completely offset by revenue generated by recent acquisitions and therefore core sales also declined 4%.
details at: https://investors.aptar.com/news/news-details/2020/Aptar-Reports-Second-Quarter-2020-Results/default.aspx