AptarGroup, Inc. (NYSE:ATR) today reported fourth quarter and
annual results for 2017. The Company also announced details of its
business transformation plan and affirmed its long-term financial
targets.
Fourth Quarter Summary
- Reported sales increased 16% driven
by robust core sales growth in each business segment (+ 10%) and
the positive effect of currency rates (+ 6%)
- Core sales increased in each end
market and in each region
- Reported net income (8% of net
sales) was $50 million (equal to the prior year)
- Adjusted EBITDA (19% of net sales)
increased to $118 million (+ 9%)
- Reported earnings per share of $0.77
(equal to the prior year) included negative impacts of recently
enacted tax reform legislation
- Comparable adjusted earnings per
share of $0.81 vs. $0.77 in the prior year (+ 5%)
- Business transformation plan to
drive growth and yield annual recurring incremental EBITDA of
approximately $80 million by the end of 2020 with implementation
costs expected to be approximately $90 million
Annual Summary
- Reported sales increased 6% to $2.5
billion primarily from core sales growth in each business segment
(+ 4%), positive effect of currency rates (+ 1%) and the effects of
an acquisition completed in early 2016 (+ 1%)
- Reported annual net income (9% of
net sales) increased to $220 million (+ 7%)
- Adjusted annual EBITDA (19% of net
sales) of $475 million (slight decrease)
- Reported annual earnings per share
of $3.41 vs. $3.17 in the prior year (+ 8%)
- Comparable adjusted annual earnings
per share of $3.44 vs. $3.26 in the prior year (+ 6%)
- Paid increased annual dividend for
the 24th consecutive year
Fourth Quarter Results
For the quarter ended December 31, 2017, reported sales
increased 16% over the prior year to $626 million. Core sales,
which exclude the positive impact from changes in currency exchange
rates, increased approximately 10%.
Fourth Quarter Segment Sales Analysis
(Change Over Prior Year)
Beauty + Food + Total
Home Pharma Beverage AptarGroup Core
Sales Growth 10% 11% 11% 10% Currency Effects (1) 6% 7%
3% 6% Total Reported Sales Growth 16%
18% 14% 16% (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, “This was a strong quarter with robust and wide-spread demand
for our innovative dispensing and drug delivery systems. Core sales
grew across each business segment, and in each end market and
geographic region. Our Beauty + Home segment built on the momentum
experienced in the third quarter, particularly the recovery in
demand from the beauty market. Our Pharma segment experienced
strong growth in the prescription drug and consumer health care
markets as demand rose for allergy and asthma related devices, as
well as for decongestant nasal sprays and saline systems. Our Food
+ Beverage segment grew sales in each market and continued to
penetrate the vast beverage market with our value-adding dispensing
closures. With the sales growth and our continued drive to capture
value and contain costs, each segment reported adjusted EBITDA
growth over the prior year. Additionally, we recorded several items
during the quarter that are not representative of our ongoing
results — an insurance recovery gain, charges related to our
business transformation plan and certain items impacting our income
tax provision.”
Aptar’s reported earnings per share of $0.77 equaled the prior
year level despite the negative impacts of recently enacted tax
reform legislation. Comparable adjusted earnings per share
increased 5% to $0.81 compared to $0.77 in the prior year.
Annual Results
For the year ended December 31, 2017, reported sales increased
6% to $2.5 billion from $2.3 billion a year ago. Core sales, which
exclude the positive impacts from acquisitions and changes in
currency exchange rates, increased approximately 4%.
Annual Segment Sales Analysis
(Change Over Prior Year)
Beauty + Food + Total
Home Pharma Beverage AptarGroup Core
Sales Growth 2% 8% 6% 4% Acquisitions 1% 0% 0% 1% Currency Effects
(1) 1% 1% 0% 1% Total Reported Sales
Growth 4% 9% 6% 6% (1) -
Currency effects are approximated by translating last year's
amounts at this year's foreign exchange rates.
Tanda commented on the year, “It was both a challenging and
rewarding year. To address changing conditions with certain
customers and markets we needed to adapt and embarked upon a
journey to reignite our entrepreneurial spirit and improve our
performance. Specifically, we developed a strategy to address the
challenges faced by our Beauty + Home segment and began
implementing company-wide operating, commercial and innovation
excellence initiatives. With some of these initiatives taking root,
and with the strong finish to the year, our Beauty + Home segment
achieved core sales growth for 2017. Our Pharma segment delivered
another excellent year with core sales growth in each end market,
and we invested in additional capacity to better serve our
customers in the U.S. injectables market. Our Food + Beverage
segment also grew core sales in each end market, primarily driven
by strong demand for our innovative dispensing closures in the
infant nutrition and bottled water categories. We also broke ground
in the second half of the year on a new facility in southern China
to position us for growth in this critical country and across Asia.
For the year, we are pleased to report annual core sales growth of
four percent with growth in each business segment, each geographic
region and in each end market with the exception of the home care
market.”
For the year 2017, Aptar reported earnings per share of $3.41,
an increase of 8% over $3.17 reported a year ago. Comparable
adjusted earnings per share increased 6% to $3.44 compared to $3.26
a year ago.
Business Transformation Plan
In late 2017, Aptar began a business transformation plan to
become a more agile, competitive and customer-centric business. The
plan includes a wide range of initiatives to drive profitable sales
growth, increase operational excellence, enhance our approach to
innovation and improve organizational health and effectiveness. The
primary focus of the plan will be the Beauty + Home segment and
certain global G&A functions, as we work to improve efficiency
and attain our long-term financial objectives.
- Growth:
Our transformation initiatives are intended to enable leaner,
focused, agile teams that will use unique local market insights to
provide our customers with even greater service and innovative
solutions. The Beauty + Home segment has already seen top line
improvements in the fourth quarter and has achieved core sales
growth of 2% for 2017.
- Incremental
EBITDA: We expect the business transformation to yield
annual recurring incremental EBITDA of approximately $80 million by
the end of 2020, principally within the Beauty + Home segment. The
initial focus is on executing commercial growth initiatives,
procurement savings, improvements in operating efficiencies and
better leveraging our G&A functions.
- Implementation
& Investment Costs: We expect to incur implementation
costs of approximately $90 million over the next three years
(including $2 million recognized in the fourth quarter of 2017)
with the costs being reported in the quarter in which they are
recognized for accounting purposes. We also anticipate making
capital investments related to the business transformation plan of
approximately $45 million, the majority of which will occur in
2018. We expect nearly all the cash needed to fund these capital
expenditures will come from improvements in working capital.
- Organizational
Health & Effectiveness: We are undertaking steps to
improve the safety performance, health and effectiveness of our
organization, including fostering an entrepreneurial spirit with a
culture of accountability, leadership development programs, greater
employee engagement and improved communication at all levels. We
believe our healthy, empowered and committed organization will
generate value for all stakeholders for years to come.
Tanda added, “I feel fortunate to have taken the helm of a
strong organization with a deeply-rooted, entrepreneurial history,
a commitment to innovation and strong core values. This
transformation will reignite the entrepreneurial spirit across our
company, re-energize our customer-centric approach and sharpen our
talent and competitiveness. Through a combination of
value-capturing strategies and efficiency initiatives, we are
positioning Aptar for continued long-term, sustainable profitable
growth.”
Outlook
Commenting on Aptar’s outlook, Tanda stated, “I am excited about
the energy and dedication within our company toward the successful
execution of our growth strategies and I am encouraged by our
near-term outlook. We expect momentum from the fourth quarter to
carry over into the first quarter as we continue to help our
customers grow and win in their markets while we improve
efficiencies and further develop our talented organization. We
currently expect each segment to report increased first quarter
revenues over the prior year. Despite a lot of expectation around
tax rate reductions stemming from the recent U.S. tax reform, we
expect little benefit to our near-term overall effective tax rate
given the nature of our international business and the related tax
consequences of the new legislation.”
Aptar expects earnings per share for the first quarter to be in
the range of $0.90 to $0.95, excluding any costs related to our
business transformation plan, compared to $0.81 per share reported
in the prior year. Our guidance range is based on an effective tax
rate range of 27% to 29%, which includes estimated effects of the
recent tax reform legislation. Adjusting for changes in currency
translation rates, comparable earnings per share for the prior year
were approximately $0.91 which included an effective tax rate of
26%.
Aptar also affirmed its long-term financial targets as
follows:
Core Sales Growth (excluding acquisitions
and changes in currency rates):
Beauty + Home 3-6% Pharma 6-10% Food +
Beverage 6-10% Total Aptar 4-7%
Adjusted EBITDA Margins:
Beauty + Home 15-17% Pharma 32-36% Food
+ Beverage 18-21% Total Aptar 20-22%
Cash Dividend
The year 2017 marked Aptar’s 24th consecutive year of paying an
increased annual dividend. As previously reported on January 18,
2018, the Board declared a quarterly cash dividend of $0.32 per
share, payable February 21, 2018, to stockholders of record as of
January 31, 2018.
Open Conference Call
There will be a conference call on Tuesday, February 13, 2018,
at 8:00 a.m. Central Time to discuss the Company’s fourth quarter
and year-end 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. AptarGroup 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 current and prior year adjusted earnings per
share and adjusted EBITDA, which exclude the impact of a gain from
an insurance recovery, business transformation plan charges, items
impacting the income tax provision including recent tax reforms
recorded in the fourth quarter of 2017, transaction costs and
purchase accounting adjustments related to an acquisition recorded
in the first quarter of 2016 and certain tax settlements recorded
in the fourth quarter of 2016. Adjusted earnings per share also
exclude the impact of currency translation effects, and core sales
excludes both the impact of currency translation effects and
acquisitions. Aptar’s non-GAAP financial measures may not be
comparable to similarly titled financial measures provided by other
companies. Aptar’s management believes these non-GAAP financial
measures are useful 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 our core operating performance. These non-GAAP financial
measures also provide investors with certain information used by
our 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.
Our long-term financial targets are provided on a non-GAAP basis
because certain reconciling items are dependent on future events
that either cannot be controlled, such as the impact of currency
translation effects, or reliably predicted because they are not
part of Aptar’s routine activities, such as acquisitions and
business transformation plan charges.
This press release contains forward-looking statements,
including certain statements set forth under the “Outlook” and
“Business Transformation Plan” sections 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 impact of tax reform legislation; the execution of
the business transformation plan; the impact and extent of
contamination found at the Company’s facility in Brazil; economic
conditions worldwide including potential deflationary conditions in
regions we rely on for growth; political conditions worldwide;
significant fluctuations in foreign currency exchange rates or our
effective tax rate; 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 Year Ended December 31, December 31,
2017
2016
2017
2016
Net Sales $ 625,895 $ 538,868 $ 2,469,283 $ 2,330,934 Cost
of Sales (exclusive of depreciation and amortization shown below)
(1) 411,214 352,963 1,604,181 1,498,070 Selling, Research &
Development and Administrative (2) 95,358 81,721 388,281 367,562
Depreciation and Amortization 38,434 38,858 153,094 154,802
Restructuring Initiatives
2,208
- 2,208
- Operating Income 78,681 65,326 321,519
310,500 Other Income/(Expense): Interest Expense (14,890 ) (8,690 )
(40,597 ) (35,237 ) Interest Income 3,384 884 5,470 2,643 Equity in
Results of Affiliates (87 ) (4 ) (229 ) (191 ) Miscellaneous, net
(3)
9,171 3,777
8,662 2,782
Income before Income Taxes 76,259 61,293 294,825 280,497
Provision for Income Taxes
26,753
11,706 74,796
74,893 Net Income $ 49,506 $ 49,587 $ 220,029 $
205,604 Net Income Attributable to Noncontrolling Interests
7 (6 )
1 (14 )
Net Income Attributable to AptarGroup, Inc.
$
49,513 $ 49,581
$ 220,030 $
205,590 Net Income Attributable to
AptarGroup, Inc. per Common Share: Basic
$
0.80 $ 0.79
$ 3.52 $
3.27 Diluted
$ 0.77
$ 0.77 $
3.41 $ 3.17
Average Numbers of Shares Outstanding: Basic 61,944 62,586
62,435 62,804 Diluted 64,528 64,220 64,596 64,849 Notes to
the Condensed Consolidated Financial Statements: (1) For the
year ended December 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 year ended December 31, 2016, Selling, Research &
Development and Administrative included approximately $5.6 million
of costs related to the Mega Airless acquisition. (3) For
the quarter and year ended December 31, 2017, Miscellaneous, net
included approximately $10.6 million of gain on an insurance
recovery.
AptarGroup, Inc. Condensed Consolidated
Financial Statements (Unaudited) (continued) (In Thousands)
Consolidated Balance Sheets December 31,
2017 December 31, 2016 ASSETS Cash and
Equivalents $ 714,393 $ 466,287 Receivables, net 510,426 433,127
Inventories 337,216 296,914 Other Current Assets
109,792 73,842 Total Current
Assets 1,671,827 1,270,170 Net Property, Plant and Equipment
867,906 784,321 Goodwill 443,887 407,522 Other Assets
155,957 144,772 Total Assets
$ 3,139,577 $
2,606,785 LIABILITIES AND EQUITY
Short-Term Obligations $ 66,169 $ 173,816 Accounts Payable and
Accrued Liabilities
463,333
369,139 Total Current Liabilities 529,502 542,955
Long-Term Obligations 1,191,146 772,737 Deferred Liabilities
106,881 116,851 Total Liabilities
1,827,529 1,432,543 AptarGroup, Inc. Stockholders' Equity
1,311,738 1,173,950 Noncontrolling Interests in Subsidiaries
310 292 Total Equity
1,312,048 1,174,242 Total
Liabilities and Equity
$ 3,139,577
$ 2,606,785 AptarGroup,
Inc. Reconciliation of EBIT, Adjusted EBIT, EBITDA and
Adjusted EBITDA to Net Income (Unaudited) (In Thousands)
Three Months Ended December 31,
2017 Consolidated Beauty + Home Pharma
Food + Beverage Corporate & Other Net Interest
Net Sales $ 625,895 335,473 207,719 82,703 - -
Reported net income $ 49,506
Reported income taxes 26,753
Reported income before income taxes 76,259
24,028 60,502 5,119 (1,884 )
(11,506 ) Adjustments: Restructuring initiatives
2,208 529 1,679 Gain on insurance recovery (10,648 )
(10,648 )
Adjusted earnings before income taxes 67,819 24,557 60,502
6,798 (12,532 ) (11,506 ) Interest expense 14,890 14,890 Interest
income (3,384 )
(3,384 ) Adjusted earnings before net
interest and taxes (Adjusted EBIT) 79,325 24,557 60,502 6,798
(12,532 ) - Depreciation and amortization 38,434
19,405 10,681
6,349 1,999 -
Adjusted earnings before net interest, taxes, depreciation
and amortization (Adjusted EBITDA) $ 117,759 $ 43,962
$ 71,183 $ 13,147 $
(10,533 ) $ - Segment income margins (Income
before income taxes / Reported Net Sales) 7.2 % 29.1 % 6.2 %
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) 18.8
% 13.1 % 34.3 % 15.9 % Three Months Ended December 31, 2016
Consolidated Beauty + Home Pharma Food
+ Beverage Corporate & Other Net Interest
Net
Sales $ 538,868 290,399 176,110 72,359 - -
Reported net income $ 49,587 Reported
income taxes 11,706
Reported income
before income taxes 61,293 21,114 52,169
4,720 (8,904 ) (7,806 )
Adjustments: None
Earnings before income taxes 61,293
21,114 52,169 4,720 (8,904 ) (7,806 ) Interest expense 8,690 8,690
Interest income (884 )
(884 ) Earnings before net
interest and taxes (EBIT) 69,099 21,114 52,169 4,720 (8,904 ) -
Depreciation and amortization 38,858
21,123 9,974 5,931
1,830 - Earnings before
net interest, taxes, depreciation and amortization (EBITDA) $
107,957 $ 42,237 $ 62,143
$ 10,651 $ (7,074 ) $ - Segment
income margins (Income before income taxes / Reported Net Sales)
7.3 % 29.6 % 6.5 % EBITDA margins (EBITDA / Reported Net Sales)
20.0 % 14.5 % 35.3 % 14.7 %
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net
Income (Unaudited) (In Thousands)
Year Ended December 31, 2017 Consolidated
Beauty + Home Pharma Food + Beverage
Corporate & Other Net Interest
Net Sales $
2,469,283 1,313,786 805,880 349,617 - -
Reported
net income $ 220,029 Reported income taxes
74,796
Reported income before income
taxes 294,825 93,276 234,790 36,504
(34,618 ) (35,127 ) Adjustments:
Restructuring initiatives 2,208 529 1,679 Gain on insurance
recovery (10,648 )
(10,648 ) Adjusted earnings before
income taxes 286,385 93,805 234,790 38,183 (45,266 ) (35,127 )
Interest expense 40,597 40,597 Interest income (5,470 )
(5,470 ) Adjusted earnings before net interest and taxes
(Adjusted EBIT) 321,512 93,805 234,790 38,183 (45,266 ) -
Depreciation and amortization 153,094
79,422 41,143 24,720
7,809 - Adjusted
earnings before net interest, taxes, depreciation and amortization
(Adjusted EBITDA) $ 474,606 $ 173,227 $
275,933 $ 62,903 $ (37,457 ) $ -
Segment income margins (Income before income taxes /
Reported Net Sales) 7.1 % 29.1 % 10.4 % Adjusted EBITDA margins
(Adjusted EBITDA / Reported Net Sales) 19.2 % 13.2 % 34.2 % 18.0 %
Year Ended December 31, 2016 Consolidated
Beauty + Home Pharma Food + Beverage Corporate
& Other Net Interest
Net Sales $
2,330,934 1,261,086 741,473 328,375 - -
Reported
net income $ 205,604 Reported income taxes
74,893
Reported income before income
taxes 280,497 100,569 219,039
37,697 (44,214 ) (32,594 )
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 288,714 102,720
219,465 37,697 (38,574 ) (32,594 ) Interest expense 35,237 35,237
Interest income (2,643 )
(2,643 ) Adjusted earnings
before net interest and taxes (Adjusted EBIT) 321,308 102,720
219,465 37,697 (38,574 ) - Depreciation and amortization
154,802 84,273 39,776
23,891 6,862
- Adjusted earnings before net interest,
taxes, depreciation and amortization (Adjusted EBITDA) $ 476,110
$ 186,993 $ 259,241 $
61,588 $ (31,712 ) $ - Segment
income margins (Income before income taxes / Reported Net Sales)
8.0 % 29.5 % 11.5 % Adjusted EBITDA margins (Adjusted EBITDA /
Reported Net Sales) 20.4 % 14.8 % 35.0 % 18.8 %
AptarGroup, Inc. Reconciliation of Adjusted Earnings Per
Diluted Share (Unaudited) ($ in thousands, except per share
information) Three Months Ended Year Ended
December 31, December 31,
2017
2016
2017
2016
Income before Income Taxes $ 76,259
$ 61,293 $ 294,825 $
280,497
Adjustments:
Restructuring initiatives 2,208 2,208 Gain on insurance recovery
(10,648 ) (10,648 ) Transaction costs related to the Mega Airless
acquisition 5,640 Purchase accounting adjustments related to Mega
Airless inventory 2,577 Foreign currency effects (1)
4,093 4,372
Adjusted Income before Income Taxes $ 67,819 $ 65,386
$ 286,385 $ 293,086
Provision for Income Taxes $ 26,753
$ 11,706 $ 74,796 $
74,893
Adjustments:
Net effect of items included in the Provision for Income Taxes (2)
(7,900 ) 3,295 (7,900 ) 3,295 Restructuring initiatives 642 642
Gain on insurance recovery (3,666 ) (3,666 ) Transaction costs
related to the Mega Airless acquisition 1,483 Purchase accounting
adjustments related to Mega Airless inventory 859 Foreign currency
effects (1) 851
974 Adjusted Provision for Income Taxes $ 15,829
$ 15,852 $ 63,872 $
81,504
Net Income Attributable to
Noncontrolling Interests $ 7 $ (6
) $ 1 $ (14 )
Net Income Attributable to AptarGroup, Inc. $
49,513 $ 49,581 $ 220,030
$ 205,590
Adjustments:
Net effect of items included in the Provision for Income Taxes (2)
7,900 (3,295 ) 7,900 (3,295 ) Restructuring initiatives 1,566 1,566
Gain on insurance recovery (6,982 ) (6,982 ) Transaction costs
related to the Mega Airless acquisition 4,157 Purchase accounting
adjustments related to Mega Airless inventory 1,718 Foreign
currency effects (1) 3,242
3,398 Adjusted Net Income Attributable
to AptarGroup, Inc. $ 51,997 $ 49,528 $
222,514 $ 211,568
Average Number of
Diluted Shares Outstanding 64,528 64,220
64,596 64,849 Net Income Attributable to
AptarGroup, Inc. Per Diluted Share $ 0.77
$ 0.77 $ 3.41 $ 3.17
Adjustments:
Net effect of items included in the Provision for Income Taxes (2)
0.12 (0.05 ) 0.12 (0.05 ) Restructuring initiatives 0.03 0.02 Gain
on insurance recovery (0.11 ) (0.11 ) Transaction costs related to
the Mega Airless acquisition 0.06 Purchase accounting adjustments
related to Mega Airless inventory 0.03 Foreign currency effects (1)
0.05 0.05
Adjusted Net Income Attributable to AptarGroup, Inc. Per
Diluted Share $ 0.81 $ 0.77 $ 3.44
$ 3.26 (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. (2) Items included in the Provision
for Income Taxes primarily reflect the impact of recent tax reform
legislation enacted in the fourth quarter of 2017 and certain
settlements for 2016.
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share
(Unaudited) ($ in thousands, except per share
information) Three Months Ended March 31,
Expected
2018
2017
Income before Income Taxes $ 69,480
Adjustments:
Foreign currency effects (1) 9,106 Adjusted Income before
Income Taxes $ 78,586
Provision for Income
Taxes $ 17,675
Adjustments:
Foreign currency effects (1) 2,566 Adjusted Provision for
Income Taxes $ 20,241
Net Loss Attributable to
Noncontrolling Interests $ 15 Net
Income Attributable to AptarGroup, Inc. $ 51,820
Adjustments:
Foreign currency effects (1) 6,540 Adjusted Net Income
Attributable to AptarGroup, Inc. $ 58,360
Average Number
of Diluted Shares Outstanding 64,234 Net
Income Attributable to AptarGroup, Inc. Per Diluted Share (2) $
0.90 - $0.95
$ 0.81
Adjustments:
Foreign currency effects (1) 0.10 Adjusted Net Income
Attributable to AptarGroup, Inc. Per Diluted Share (2) $ 0.90 -
$0.95 $ 0.91 (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 January 31, 2018.
(2) AptarGroup’s expected earnings per share range for the
first quarter of 2018 is based on an effective tax rate range of
27% to 29%, which includes estimated effects of the recent tax
reform legislation.
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version on businesswire.com: http://www.businesswire.com/news/home/20180212006376/en/
Investor Relations & Media
Contact:AptarGroup, Inc.Matthew
DellaMaria815-477-0424matt.dellamaria@aptar.com
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