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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AptarGroup Inc | NYSE:ATR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.89 | 0.61% | 146.81 | 147.13 | 144.84 | 147.11 | 303,324 | 01:00:00 |
AptarGroup, Inc. (NYSE:ATR) today reported record third quarter net income and earnings per share.
Third Quarter 2015 Summary
THIRD QUARTER RESULTS
For the quarter ended September 30, 2015, reported sales decreased 10% to $586 million from $652 million a year ago. Core sales, which exclude the negative impact from changes in currency exchange rates, increased by approximately 3%.
Third Quarter Segment Sales Analysis(Change Over Prior Year)
Beauty + Food + Total Home Pharma Beverage AptarGroup Sales Growth Before Currency Effects (Core Sales) (1%) 10% 3% 3% Currency Effects (1) (14%) (12%) (8%) (13%) Total Reported Sales Growth (15%) (2%) (5%) (10%) (1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.Commenting on the quarter, Stephen Hagge, President and CEO, said, “This was an excellent quarter and quite similar to our second quarter record performance. Our Beauty + Home segment performed very well operationally despite continued softness in the personal care and beauty markets, a challenging foreign currency environment and a general deceleration in the developing regions. Our Pharma and Food + Beverage segments each had outstanding quarters as well, with broad-based demand for our innovative dispensing solutions. Food + Beverage’s core sales growth was negatively impacted by decreased tooling sales and the passing through of resin cost decreases. Excluding resin and tooling effects, Food + Beverage core product sales increased approximately 13%. Operating profit margins improved at each segment compared to the prior year and I’m pleased to see the impact of our cost saving efforts across the company.”
AptarGroup reported earnings per share of $0.83 compared to $0.73 per share a year ago. Assuming a comparable foreign currency exchange environment, comparable earnings per share for the prior year were approximately $0.64.
YEAR-TO-DATE RESULTS
For the nine months ended September 30, 2015, reported sales decreased 11% to approximately $1.8 billion from approximately $2.0 billion a year ago. Core sales, which exclude the negative impact from changes in currency exchange rates, increased by approximately 1%.
Nine Months Year-to-Date Segment Sales Analysis(Change Over Prior Year)
Beauty + Food + Total Home Pharma Beverage AptarGroup Sales Growth Before Currency Effects (Core Sales) (3%) 8% 3% 1% Currency Effects (1) (13%) (14%) (7%) (12%) Total Reported Sales Growth (16%) (6%) (4%) (11%) (1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.Hagge commented on the year-to-date results, “Currency translation headwinds significantly affected our year-to-date reported results compared to the prior year. Despite softness in certain markets and the passing through of resin cost decreases, our core sales improved over the prior year. We continue to focus on cost containment while we grow in the various markets we serve and this approach, along with a favorable mix of business, drove our strong operating results through the first nine months of this year.”
AptarGroup reported earnings per share of $2.41 compared to $2.21 a year ago. Excluding the effect of a change in inventory valuation methods made in the second quarter (approximately $0.08 per share), adjusted earnings per share for the nine months year-to-date were $2.33. Assuming a comparable foreign currency exchange environment, comparable earnings per share for the prior year were approximately $1.90.
OUTLOOK
Commenting on AptarGroup’s outlook, Hagge said, “Currency exchange rates will continue to be a significant headwind on our translated results compared to the prior year at least until early next year. We don’t see any significant changes in the macroeconomic conditions that are currently affecting our business, including selected softness in certain markets. Also, we anticipate that certain customers may choose to reduce inventory levels at year end as we have seen in recent years. Despite these near-term issues, we expect fourth quarter earnings on a comparable currency basis to improve over the prior year. In addition, we are optimistic about the future and we remain committed to our market-focused strategy, investing in research and development, and positioning the company for long-term growth.”
AptarGroup expects earnings per share for the fourth quarter, assuming a comparable effective tax rate as the prior year fourth quarter, to be in the range of $0.61 to $0.66 per share compared to $0.63 per share reported in the prior year. Assuming a comparable foreign currency exchange rate environment, comparable earnings per share for the prior year were approximately $0.58.
SHARE REPURCHASE PROGRAM AND INCREASED CASH DIVIDEND
As planned, AptarGroup concluded a previously announced $250 million accelerated share repurchase program near the end of the third quarter and received approximately 720,000 additional shares. This brings the total amount of shares repurchased under the program to approximately 3,853,000 shares. Also, as previously announced, AptarGroup increased the quarterly cash dividend by 7% to $0.30 per share. The payment date is November 25, 2015, to shareholders of record as of November 4, 2015. Hagge stated, “Our strong financial condition allows us to continue to invest in our business and return value to shareholders through share repurchases and increased cash dividends.”
OPEN CONFERENCE CALL
There will be a conference call on Friday, October 30, 2015 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) to discuss AptarGroup’s third quarter results for 2015. 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.
AptarGroup, Inc. is a leading global supplier of a broad range of innovative dispensing solutions for the beauty, personal care, home care, prescription drug, consumer health care, injectables, food, and beverage markets. AptarGroup is headquartered in Crystal Lake, Illinois, with manufacturing facilities in North America, Europe, Asia and South America. To learn more, visit www.aptar.com.
This press release contains forward-looking statements. Words such as “expects,” “anticipates,” “believes,” “estimates,” 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 management’s beliefs as well as assumptions made by and information currently available to management. Accordingly, AptarGroup’s 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 including, but not limited to, economic conditions worldwide as well as potential deflationary 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 raw materials, components and other input costs; the availability of raw materials and components; 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, including changes in tax rates; 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 AptarGroup’s filings with the Securities and Exchange Commission, including its Form 10-Ks and Form 10-Qs. AptarGroup undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
APTARGROUP, INC. Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except Per Share Data) CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Nine Months Ended September 30, September 30,2015
2014
2015
2014
Net Sales $ 586,290 $ 651,942 $ 1,770,376 $ 1,998,624 Cost of Sales (exclusive of depreciation shown below) 381,424 443,520 1,142,681 1,347,982 Selling, Research & Development and Administrative 81,370 91,649 266,869 294,809 Depreciation and Amortization 35,439 38,158 103,664 113,871 Operating Income 88,057 78,615 257,162 241,962 Other Income/(Expense): Interest Expense (8,948 ) (5,332 ) (25,446 ) (15,459 ) Interest Income 1,762 1,386 4,598 3,449 Equity in results of affiliates (209 ) (124 ) (735 ) (1,868 ) Miscellaneous, net (1,285 ) (429 ) (2,752 ) (582 ) Income before Income Taxes 79,377 74,116 232,827 227,502 Provision for Income Taxes 26,115 25,496 76,925 77,390 Net Income $ 53,262 $ 48,620 $ 155,902 $ 150,112 Net (Income)/Loss Attributable to Noncontrolling Interests (15 ) (25 ) 55 (52 ) Net Income Attributable to AptarGroup, Inc. $ 53,247 $ 48,595 $ 155,957 $ 150,060 Net Income Attributable to AptarGroup, Inc. Per Common Share: Basic $ 0.85 $ 0.75 $ 2.49 $ 2.30 Diluted $ 0.83 $ 0.73 $ 2.41 $ 2.21 Average Numbers of Shares Outstanding: Basic 62,885 64,886 62,627 65,225 Diluted 64,454 66,845 64,609 67,761APTARGROUP, INC. Condensed Consolidated Financial Statements (Unaudited) (continued) (In Thousands) CONSOLIDATED BALANCE SHEETS September 30, 2015 December 31, 2014 ASSETS Cash and Equivalents $ 434,059 $ 399,762 Short-term Investments 67,053 - Total Cash and Equivalents, and Short-term Investments 501,112 399,762 Receivables, net 422,895 406,976 Inventories 310,844 311,072 Other Current Assets 97,651 96,128 Total Current Assets 1,332,502 1,213,938 Net Property, Plant and Equipment 773,203 811,655 Goodwill, net 316,382 329,741 Other Assets 69,665 81,856 Total Assets $ 2,491,752 $ 2,437,190 LIABILITIES AND EQUITY Short-Term Obligations $ 72,748 $ 251,976 Accounts Payable and Accrued Liabilities 365,460 352,762 Total Current Liabilities 438,208 604,738 Long-Term Obligations 763,731 588,892 Deferred Liabilities 129,909 139,644 Total Liabilities 1,331,848 1,333,274 AptarGroup, Inc. Stockholders' Equity 1,159,606 1,103,407 Noncontrolling Interests in Subsidiaries 298 509 Total Equity 1,159,904 1,103,916 Total Liabilities and Equity $ 2,491,752 $ 2,437,190
APTARGROUP, INC. Condensed Consolidated Financial Statements (Unaudited) (continued) (In Thousands) SEGMENT INFORMATION Three Months Ended Nine Months Ended September 30, September 30,
2015
2014
2015
2014
NET SALES
Beauty + Home $ 321,638 $ 378,905 $ 970,176 $ 1,155,367 Pharma 175,427 179,191 537,396 569,230 Food + Beverage 89,225 93,846 262,804 274,027 Total Net Sales $ 586,290 $ 651,942 $ 1,770,376 $ 1,998,624SEGMENT INCOME (1)
Beauty + Home $ 27,961 $ 25,399 $ 78,529 $ 80,378 Pharma 52,941 49,314 160,404 154,589 Food + Beverage 13,236 11,713 37,277 33,209 Corporate and Other (7,575 ) (8,364 ) (22,535 ) (28,664 ) Total Income Before Interest and Taxes $ 86,563 $ 78,062 $ 253,675 $ 239,512 Interest Expense, Net (7,186 ) (3,946 ) (20,848 ) (12,010 ) Income before Income Taxes $ 79,377 $ 74,116 $ 232,827 $ 227,502SEGMENT INCOME AS % OF NET SALES
Beauty + Home 8.7 % 6.7 % 8.1 % 7.0 % Pharma 30.2 % 27.5 % 29.8 % 27.2 % Food + Beverage 14.8 % 12.5 % 14.2 % 12.1 % Notes to Condensed Consolidated Financial Statements: (1) - The Company evaluates performance of its business units and allocates resources based upon segment income defined as earnings before net interest expense, certain corporate expenses and income taxes.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151029006735/en/
AptarGroup, Inc.Matthew DellaMaria815-477-0424
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