CRYSTAL LAKE, Ill.--(BUSINESS WIRE)--Apr. 27, 2017--
AptarGroup, Inc. (NYSE:ATR) today announced increased revenue, net
income and earnings per share for the first quarter of 2017. In
addition, AptarGroup announced its continued investment in the field of
connected electronic drug delivery devices.
First Quarter Summary
-
Reported sales grew 3%; growth in Beauty + Home and Pharma offset
decline in Food + Beverage
-
Excluding the negative impact from changes in foreign currency
exchange rates and the positive contribution from an acquisition, core
sales also increased 3%
-
Reported earnings per share were $0.81, which includes a $0.04 tax
benefit not included in previous first quarter guidance, compared to
$0.67 in the prior year (+21%); when adjusting for special items and
changes in currency exchange rates, comparable earnings per share for
the prior year were $0.74 (+9%)
-
Earnings per share for both the current and prior year included
certain tax benefits amounting to approximately $0.04 in each
respective period
-
Received the first order for European Medicines Agency
(EMA)-approved integrated electronic nasal lockout device (Aptar’s
eLockout)
-
Acquired 20% minority ownership position in Kali Care, a
Silicon Valley-based technology company, which provides digital
monitoring systems for ophthalmic medications
First Quarter Results
For the quarter ended March 31, 2017, reported sales increased 3% to
$601 million from $582 million a year ago. Core sales, which exclude the
negative impact from changes in currency exchange rates and the positive
contribution from the Mega Airless acquisition, also increased by 3%.
|
First Quarter Segment Sales Analysis
|
|
(Change Over Prior Year)
|
|
|
|
Beauty +
|
|
|
|
Food +
|
|
Total
|
|
|
|
Home
|
|
Pharma
|
|
Beverage
|
|
AptarGroup
|
|
Core Sales Growth
|
|
1%
|
|
10%
|
|
(1%)
|
|
3%
|
|
Acquisitions
|
|
3%
|
|
1%
|
|
--
|
|
2%
|
|
Currency Effects (1) |
|
(1%)
|
|
(3%)
|
|
(2%)
|
|
(2%)
|
|
Total Reported Sales Growth
|
|
3%
|
|
8%
|
|
(3%)
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
(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
are pleased to report core sales growth after a challenging second half
of 2016. The diversity of our business continues to be a key strength.
Our Pharma segment had an excellent quarter with growth across all three
of its markets. The destocking effect that we saw at the end of 2016
appears to be over and we saw more normalized order levels in the
prescription market and strong demand in the consumer health care market
for decongestants and ophthalmics. We also achieved core sales growth in
our Beauty + Home segment and were able to offset continuing challenges
in the U.S. market with growth in the other regions. Our Beauty + Home
and Food + Beverage segments were negatively affected by rising raw
material costs, and our Food + Beverage segment was further impacted by
lower sales volumes in the Chinese beverage market.”
Aptar reported earnings per share of $0.81 compared to $0.67 per share a
year ago. Comparable adjusted earnings per share for the first quarter
of 2016 totaled $0.74 per share.
Continued Investment in Connected Electronic Drug Delivery Devices
In the quarter, Aptar received an order for the first integrated
electronic nasal lockout device (Aptar’s eLockout) approved by the EMA
following a multi-year development with Takeda Pharmaceuticals
International AG. This represents a major milestone, with the eLockout
device being the first and only fully integrated electronic nasal drug
delivery device to be approved by a European regulatory authority. The
Aptar eLockout device uses advanced electronic technology that
facilitates safe patient compliance by limiting the number of doses
available during a 24 hour period and features a child-resistant cap.
In addition, Aptar signed an agreement to acquire a 20% minority
ownership position in Kali Care, a Silicon Valley-based technology
company, which provides digital-monitoring systems for ophthalmic
medications. Kali Care’s sensing technology allows clinicians to collect
real time compliance data. For example, the ability to see the
medication-adherence score of patients with glaucoma is a powerful tool
for ophthalmologists in managing the care of their patients. Aptar’s
leading dispensing technologies combined with Kali Care’s smart sensors,
data analytics and cloud services has the potential to become a valuable
solution for clinicians. In 2016, we announced our partnership with
Propeller Health, a leading digital platform for respiratory health
management, to develop a fully-integrated connected metered dose inhaler
(cMDI) that combines electronic sensing, dose counting and wireless
communicating capabilities.
Commenting on the strategy, Tanda explained, “This is an important step
in our journey to leverage our leading drug delivery technologies to
develop the next generation of connected electronic devices. These
strategic collaborations underline Aptar’s commitment to breaking new
ground with health care innovations.”
Outlook
Commenting on Aptar’s outlook, Tanda said, “Looking to the second
quarter, we currently expect growth in our Pharma and Food + Beverage
segments. Our Beauty + Home segment may be impacted by uncertainties,
including the pace of economic growth in the U.S. and Brazil. I am
optimistic that we will continue to grow each of our business segments
over the long-term by executing on customer projects and developing new
business. I am also excited to continue to meet with our customers and
visit our facilities as we focus on key areas such as innovation, sales,
marketing and business development and pursue further growth
opportunities.”
Aptar expects earnings per share for the second quarter to be in the
range of $0.92 to $0.97 compared to $0.91 per share reported in the
prior year. Our guidance range is based on an effective tax rate range
of 26.5% to 27.5% which includes an estimate of a potential tax benefit
from our adoption of the new accounting standard for share-based
compensation. Adjusting for changes in foreign currency exchange rates,
comparable adjusted earnings per share for the prior year were
approximately $0.87.
Cash Dividend
As previously reported, the Board of Directors declared a quarterly cash
dividend of $0.32 per share. The payment date is May 24, 2017, to
stockholders of record as of May 3, 2017.
Open Conference Call
There will be a conference call on Friday, April 28, 2017 at 8:00 a.m.
Central Time to discuss Aptar’s first quarter results for 2017. 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 and sealing solutions for the beauty, personal care, home
care, prescription drug, consumer health care, injectables, food and
beverage markets. Aptar is headquartered in Crystal Lake, Illinois, with
manufacturing facilities in North America, Europe, Asia and South
America. For more information, visit www.aptar.com.
Presentation of Non-GAAP Information
This press release refers to certain non-GAAP financial measures,
including prior year adjusted earnings per share and adjusted EBITDA,
which exclude the impact of transaction costs and purchase accounting
adjustments that affected inventory values related to the Mega Airless
acquisition. Core sales and adjusted earnings per share also exclude the
impact of foreign currency translation effects. 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.
This press release contains forward-looking statements, including
certain statements set forth under the “Outlook” section of this press
release. 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 possible impact
and consequences of the fire at the Company’s facility in Annecy,
France; economic conditions worldwide including 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 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,
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 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 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
|
|
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
Net Sales
|
|
$
|
601,316
|
|
|
$
|
582,338
|
|
|
Cost of Sales (exclusive of depreciation and amortization shown
below) (1)
|
|
|
384,932
|
|
|
|
374,203
|
|
|
Selling, Research & Development and Administrative (2)
|
|
|
101,516
|
|
|
|
103,015
|
|
|
Depreciation and Amortization
|
|
|
37,331
|
|
|
|
35,887
|
|
|
Operating Income
|
|
|
77,537
|
|
|
|
69,233
|
|
|
Other Income/(Expense):
|
|
|
|
|
|
Interest Expense
|
|
|
(8,262
|
)
|
|
|
(8,591
|
)
|
|
Interest Income
|
|
|
330
|
|
|
|
584
|
|
|
Equity in Results of Affiliates
|
|
|
(48
|
)
|
|
|
(121
|
)
|
|
Miscellaneous, net
|
|
|
(77
|
)
|
|
|
(1,260
|
)
|
|
Income before Income Taxes
|
|
|
69,480
|
|
|
|
59,845
|
|
|
Provision for Income Taxes
|
|
|
17,675
|
|
|
|
15,979
|
|
|
Net Income
|
|
$
|
51,805
|
|
|
$
|
43,866
|
|
|
|
|
|
|
|
|
Net Loss/(Income) Attributable to Noncontrolling Interests
|
|
|
15
|
|
|
|
(3
|
)
|
|
Net Income Attributable to AptarGroup, Inc.
|
|
$
|
51,820
|
|
|
$
|
43,863
|
|
|
Net Income Attributable to AptarGroup, Inc. per Common Share:
|
|
|
|
|
|
Basic
|
|
$
|
0.83
|
|
|
$
|
0.70
|
|
|
Diluted
|
|
$
|
0.81
|
|
|
$
|
0.67
|
|
|
|
|
|
|
|
|
Average Numbers of Shares Outstanding:
|
|
|
|
|
|
Basic
|
|
|
62,355
|
|
|
|
62,722
|
|
|
Diluted
|
|
|
64,234
|
|
|
|
65,063
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Condensed Consolidated Financial Statements:
|
|
(1) For the quarter ended March 31, 2016, Cost of Sales included
the effect of approximately $2.6 million of purchase accounting
adjustments to inventory related to the Mega Airless acquisition.
|
|
|
|
(2) For the quarter ended March 31, 2016, Selling, Research &
Development and Administrative included approximately $5.6 million
of costs related to the Mega Airless acquisition.
|
|
AptarGroup, Inc.
|
|
Condensed Consolidated Financial Statements (Unaudited)
|
|
(continued)
|
|
(In Thousands)
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Equivalents
|
|
$
|
284,727
|
|
$
|
466,287
|
|
Receivables, net
|
|
|
474,957
|
|
|
433,127
|
|
Inventories
|
|
|
309,592
|
|
|
296,914
|
|
Other Current Assets
|
|
|
87,458
|
|
|
73,842
|
|
Total Current Assets
|
|
|
1,156,734
|
|
|
1,270,170
|
|
Net Property, Plant and Equipment
|
|
|
798,630
|
|
|
784,321
|
|
Goodwill
|
|
|
411,272
|
|
|
407,522
|
|
Other Assets
|
|
|
157,003
|
|
|
144,772
|
|
Total Assets
|
|
$
|
2,523,639
|
|
$
|
2,606,785
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Obligations
|
|
$
|
9,938
|
|
$
|
173,816
|
|
Accounts Payable and Accrued Liabilities
|
|
|
402,993
|
|
|
369,139
|
|
Total Current Liabilities
|
|
|
412,931
|
|
|
542,955
|
|
Long-Term Obligations
|
|
|
771,291
|
|
|
772,737
|
|
Deferred Liabilities
|
|
|
98,800
|
|
|
116,851
|
|
Total Liabilities
|
|
|
1,283,022
|
|
|
1,432,543
|
|
|
|
|
|
|
|
AptarGroup, Inc. Stockholders' Equity
|
|
|
1,240,338
|
|
|
1,173,950
|
|
Noncontrolling Interests in Subsidiaries
|
|
|
279
|
|
|
292
|
|
Total Equity
|
|
|
1,240,617
|
|
|
1,174,242
|
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
$
|
2,523,639
|
|
$
|
2,606,785
|
|
AptarGroup, Inc.
|
|
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income
(Unaudited)
|
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beauty +
|
|
|
|
Food +
|
|
Corporate &
|
|
|
|
|
|
Consolidated
|
|
Home
|
|
Pharma
|
|
Beverage
|
|
Other
|
|
Net Interest
|
|
Net Sales
|
|
$
|
601,316
|
|
|
|
322,448
|
|
|
|
196,912
|
|
|
|
81,956
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income
|
|
$
|
51,805
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported income taxes
|
|
|
17,675
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported income before income taxes
|
|
|
69,480
|
|
|
|
22,208
|
|
|
|
59,070
|
|
|
|
7,140
|
|
|
|
(11,006
|
)
|
|
|
(7,932
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings before income taxes
|
|
|
69,480
|
|
|
|
22,208
|
|
|
|
59,070
|
|
|
|
7,140
|
|
|
|
(11,006
|
)
|
|
|
(7,932
|
)
|
|
Interest expense
|
|
|
8,262
|
|
|
|
|
|
|
|
|
|
|
|
8,262
|
|
|
Interest income
|
|
|
(330
|
)
|
|
|
|
|
|
|
|
|
|
|
(330
|
)
|
|
Adjusted earnings before net interest and taxes (Adjusted EBIT)
|
|
|
77,412
|
|
|
|
22,208
|
|
|
|
59,070
|
|
|
|
7,140
|
|
|
|
(11,006
|
)
|
|
|
-
|
|
|
Depreciation and amortization
|
|
|
37,331
|
|
|
|
19,880
|
|
|
|
9,771
|
|
|
|
5,806
|
|
|
|
1,874
|
|
|
|
-
|
|
|
Adjusted earnings before net interest, taxes, depreciation and
amortization (Adjusted EBITDA)
|
|
$
|
114,743
|
|
|
$
|
42,088
|
|
|
$
|
68,841
|
|
|
$
|
12,946
|
|
|
$
|
(9,132
|
)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income margins (Income before income taxes / Reported Net
Sales)
|
|
|
|
6.9
|
%
|
|
|
30.0
|
%
|
|
|
8.7
|
%
|
|
|
|
|
|
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)
|
|
|
19.1
|
%
|
|
|
13.1
|
%
|
|
|
35.0
|
%
|
|
|
15.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beauty +
|
|
|
|
Food +
|
|
Corporate &
|
|
|
|
|
|
Consolidated
|
|
Home
|
|
Pharma
|
|
Beverage
|
|
Other
|
|
Net Interest
|
|
Net Sales
|
|
$
|
582,338
|
|
|
|
314,336
|
|
|
|
183,135
|
|
|
|
84,867
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income
|
|
$
|
43,866
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported income taxes
|
|
|
15,979
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported income before income taxes
|
|
|
59,845
|
|
|
|
23,528
|
|
|
|
53,236
|
|
|
|
9,283
|
|
|
|
(18,195
|
)
|
|
|
(8,007
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs related to the Mega Airless acquisition
|
|
|
5,640
|
|
|
|
|
|
|
|
|
|
5,640
|
|
|
|
|
Purchase accounting adjustments related to Mega Airless inventory
|
|
|
2,577
|
|
|
|
2,151
|
|
|
|
426
|
|
|
|
|
|
|
|
|
Adjusted earnings before income taxes
|
|
|
68,062
|
|
|
|
25,679
|
|
|
|
53,662
|
|
|
|
9,283
|
|
|
|
(12,555
|
)
|
|
|
(8,007
|
)
|
|
Interest expense
|
|
|
8,591
|
|
|
|
|
|
|
|
|
|
|
|
8,591
|
|
|
Interest income
|
|
|
(584
|
)
|
|
|
|
|
|
|
|
|
|
|
(584
|
)
|
|
Adjusted earnings before net interest and taxes (Adjusted EBIT)
|
|
|
76,069
|
|
|
|
25,679
|
|
|
|
53,662
|
|
|
|
9,283
|
|
|
|
(12,555
|
)
|
|
|
-
|
|
|
Depreciation and amortization
|
|
|
35,887
|
|
|
|
19,258
|
|
|
|
9,257
|
|
|
|
5,824
|
|
|
|
1,548
|
|
|
|
-
|
|
|
Adjusted earnings before net interest, taxes, depreciation and
amortization (Adjusted EBITDA)
|
|
$
|
111,956
|
|
|
$
|
44,937
|
|
|
$
|
62,919
|
|
|
$
|
15,107
|
|
|
$
|
(11,007
|
)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income margins (Income before income taxes / Reported Net
Sales)
|
|
|
|
7.5
|
%
|
|
|
29.1
|
%
|
|
|
10.9
|
%
|
|
|
|
|
|
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)
|
|
|
19.2
|
%
|
|
|
14.3
|
%
|
|
|
34.4
|
%
|
|
|
17.8
|
%
|
|
|
|
|
|
AptarGroup, Inc.
|
|
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
|
|
($ in thousands, except per share information)
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
Income before Income Taxes
|
|
$
|
69,480
|
|
$
|
59,845
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Transaction costs related to the Mega Airless acquisition
|
|
|
|
|
5,640
|
|
|
Purchase accounting adjustments related to Mega Airless inventory
|
|
|
|
|
2,577
|
|
|
Foreign currency effects (1)
|
|
|
|
|
(1,540
|
)
|
|
Adjusted Income before Income Taxes
|
|
$
|
69,480
|
|
$
|
66,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income Taxes
|
|
$
|
17,675
|
|
$
|
15,979
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Transaction costs related to the Mega Airless acquisition
|
|
|
|
|
1,483
|
|
|
Purchase accounting adjustments related to Mega Airless inventory
|
|
|
|
|
859
|
|
|
Foreign currency effects (1)
|
|
|
|
|
(331
|
)
|
|
Adjusted Provision for Income Taxes
|
|
$
|
17,675
|
|
$
|
17,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Income)/Loss Attributable to Noncontrolling Interests
|
|
$
|
15
|
|
$
|
(3
|
)
|
|
|
|
|
|
|
|
Net Income Attributable to AptarGroup, Inc.
|
|
$
|
51,820
|
|
$
|
43,863
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Transaction costs related to the Mega Airless acquisition
|
|
|
|
|
4,157
|
|
|
Purchase accounting adjustments related to Mega Airless inventory
|
|
|
|
|
1,718
|
|
|
Foreign currency effects (1)
|
|
|
|
|
(1,209
|
)
|
|
Adjusted Net Income Attributable to AptarGroup, Inc.
|
|
$
|
51,820
|
|
$
|
48,529
|
|
|
|
|
|
|
|
|
Average Number of Diluted Shares Outstanding
|
|
|
64,234
|
|
|
65,063
|
|
|
|
|
|
|
|
|
Net Income Attributable to AptarGroup, Inc. Per Diluted Share
|
|
$
|
0.81
|
|
$
|
0.67
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Transaction costs related to the Mega Airless acquisition
|
|
|
|
|
0.06
|
|
|
Purchase accounting adjustments related to Mega Airless inventory
|
|
|
|
|
0.03
|
|
|
Foreign currency effects (1)
|
|
|
|
|
(0.02
|
)
|
|
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted
Share
|
|
$
|
0.81
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
(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 information)
|
|
|
|
Three Months Ended
|
|
|
|
June 30,
|
|
|
|
Expected 2017
|
|
2016
|
|
|
|
|
|
|
|
Income before Income Taxes
|
|
|
|
$
|
84,358
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Foreign currency effects (1)
|
|
|
|
|
(3,156
|
)
|
|
Adjusted Income before Income Taxes
|
|
|
|
$
|
81,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income Taxes
|
|
|
|
$
|
25,307
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Foreign currency effects (1)
|
|
|
|
|
(791
|
)
|
|
Adjusted Provision for Income Taxes
|
|
|
|
$
|
24,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Income)/Loss Attributable to Noncontrolling Interests
|
|
|
|
$
|
(3
|
)
|
|
|
|
|
|
|
|
Net Income Attributable to AptarGroup, Inc.
|
|
|
|
$
|
59,048
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Foreign currency effects (1)
|
|
|
|
|
(2,365
|
)
|
|
Adjusted Net Income Attributable to AptarGroup, Inc.
|
|
|
|
$
|
56,683
|
|
|
|
|
|
|
|
|
Average Number of Diluted Shares Outstanding
|
|
|
|
|
64,785
|
|
|
|
|
|
|
|
|
Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2)
|
|
$0.92 - $0.97
|
|
$
|
0.91
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Foreign currency effects (1)
|
|
|
|
|
(0.04
|
)
|
|
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted
Share (2)
|
|
$0.92 - $0.97
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
|
|
(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 March 31, 2017.
|
|
|
|
(2) AptarGroup’s expected earnings per share range for the
second quarter of 2017 is based on an effective tax rate range
of 26.5% to 27.5% which includes an estimate of a potential impact
from our adoption of the new accounting standard for share-based
compensation.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170427006400/en/
Source: AptarGroup, Inc.
AptarGroup, Inc.
Investor Relations Contact:
Matthew
DellaMaria
matt.dellamaria@aptar.com
815-477-0424
or
Media
Contact:
Katie Reardon
katie.reardon@aptar.com
815-477-0424