(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
N/A | ||
(Former name or former address, if changed since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
(d) Exhibits | ||||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
AptarGroup, Inc. | |||||||||||
Date: October 27, 2022 | By: | /s/ Robert W. Kuhn | |||||||||
Robert W. Kuhn | |||||||||||
Executive Vice President and | |||||||||||
Chief Financial Officer |
Third Quarter Segment Sales Analysis (Change Over Prior Year) | ||||||||||||||
Pharma | Beauty + Home | Food + Beverage | Total AptarGroup | |||||||||||
Core Sales Growth | 20% | 4% | 0% | 9% | ||||||||||
Acquisitions | 1% | 0% | 0% | 0% | ||||||||||
Currency Effects (1) | (11%) | (8%) | (3%) | (8%) | ||||||||||
Total Reported Sales Growth | 10% | (4%) | (3%) | 1% |
Nine Months Year-To-Date Segment Sales Analysis (Change Over Prior Year) | ||||||||||||||
Pharma | Beauty + Home | Food + Beverage | Total AptarGroup | |||||||||||
Core Sales Growth | 15% | 8% | 8% | 11% | ||||||||||
Acquisitions | 1% | 0% | 0% | 0% | ||||||||||
Currency Effects (1) | (8)% | (6)% | (2)% | (6)% | ||||||||||
Total Reported Sales Growth | 8% | 2% | 6% | 5% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Sales | $ | 836,860 | $ | 825,442 | $ | 2,526,335 | $ | 2,413,228 | |||||||||||||||
Cost of Sales (exclusive of depreciation and amortization shown below) | 546,376 | 537,085 | 1,638,114 | 1,548,840 | |||||||||||||||||||
Selling, Research & Development and Administrative | 135,428 | 135,931 | 416,351 | 411,192 | |||||||||||||||||||
Depreciation and Amortization | 57,601 | 59,280 | 174,818 | 174,508 | |||||||||||||||||||
Restructuring Initiatives | 2,270 | 10,223 | 2,989 | 18,771 | |||||||||||||||||||
Operating Income | 95,185 | 82,923 | 294,063 | 259,917 | |||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Interest Expense | (9,756) | (8,011) | (30,668) | (22,601) | |||||||||||||||||||
Interest Income | 752 | 401 | 2,029 | 1,406 | |||||||||||||||||||
Net Investment Gain (Loss) | 649 | (9,021) | (1,084) | 6,177 | |||||||||||||||||||
Equity in Results of Affiliates | 178 | (71) | (184) | (505) | |||||||||||||||||||
Miscellaneous, net | (2,093) | 13 | (3,144) | (2,978) | |||||||||||||||||||
Income before Income Taxes | 84,915 | 66,234 | 261,012 | 241,416 | |||||||||||||||||||
Provision for Income Taxes | 30,738 | 19,340 | 80,851 | 55,309 | |||||||||||||||||||
Net Income | $ | 54,177 | $ | 46,894 | $ | 180,161 | $ | 186,107 | |||||||||||||||
Net Loss Attributable to Noncontrolling Interests | 67 | 366 | 131 | 381 | |||||||||||||||||||
Net Income Attributable to AptarGroup, Inc. | $ | 54,244 | $ | 47,260 | $ | 180,292 | $ | 186,488 | |||||||||||||||
Net Income Attributable to AptarGroup, Inc. per Common Share: | |||||||||||||||||||||||
Basic | $ | 0.83 | $ | 0.72 | $ | 2.75 | $ | 2.84 | |||||||||||||||
Diluted | $ | 0.81 | $ | 0.70 | $ | 2.70 | $ | 2.75 | |||||||||||||||
Average Numbers of Shares Outstanding: | |||||||||||||||||||||||
Basic | 65,322 | 65,900 | 65,446 | 65,652 | |||||||||||||||||||
Diluted | 66,581 | 67,801 | 66,825 | 67,799 |
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and Equivalents | $ | 124,812 | $ | 122,925 | |||||||
Short-term Investments | — | 740 | |||||||||
Total Cash and Equivalents, and Short-term Investments | 124,812 | 123,665 | |||||||||
Accounts and Notes Receivable, Net | 690,818 | 671,350 | |||||||||
Inventories | 462,752 | 441,464 | |||||||||
Prepaid and Other Current Assets | 121,352 | 121,729 | |||||||||
Total Current Assets | 1,399,734 | 1,358,208 | |||||||||
Property, Plant and Equipment, Net | 1,225,800 | 1,275,877 | |||||||||
Goodwill | 910,041 | 974,157 | |||||||||
Other Assets | 490,897 | 533,122 | |||||||||
Total Assets | $ | 4,026,472 | $ | 4,141,364 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Short-Term Obligations | $ | 164,243 | $ | 289,627 | |||||||
Accounts Payable, Accrued and Other Liabilities | 732,409 | 692,865 | |||||||||
Total Current Liabilities | 896,652 | 982,492 | |||||||||
Long-Term Obligations | 1,028,048 | 907,024 | |||||||||
Deferred Liabilities and Other | 213,647 | 267,248 | |||||||||
Total Liabilities | 2,138,347 | 2,156,764 | |||||||||
AptarGroup, Inc. Stockholders' Equity | 1,874,682 | 1,969,407 | |||||||||
Noncontrolling Interests in Subsidiaries | 13,443 | 15,193 | |||||||||
Total Equity | 1,888,125 | 1,984,600 | |||||||||
Total Liabilities and Equity | $ | 4,026,472 | $ | 4,141,364 |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Consolidated | Pharma | Beauty + Home | Food + Beverage | Corporate & Other | Net Interest | |||||||||||||||||||||||||||||||||
Net Sales | $ | 836,860 | $ | 343,397 | $ | 359,823 | $ | 133,640 | $ | — | $ | — | ||||||||||||||||||||||||||
Reported net income | $ | 54,177 | ||||||||||||||||||||||||||||||||||||
Reported income taxes | 30,738 | |||||||||||||||||||||||||||||||||||||
Reported income before income taxes | 84,915 | 83,571 | 16,184 | 9,005 | (14,841) | (9,004) | ||||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||
Restructuring initiatives | 2,270 | — | 2,344 | (74) | — | |||||||||||||||||||||||||||||||||
Net unrealized investment gain | (277) | — | — | — | (277) | |||||||||||||||||||||||||||||||||
Transaction costs related to acquisitions | 231 | 231 | — | — | — | |||||||||||||||||||||||||||||||||
Adjusted earnings before income taxes | 87,139 | 83,802 | 18,528 | 8,931 | (15,118) | (9,004) | ||||||||||||||||||||||||||||||||
Interest expense | 9,756 | 9,756 | ||||||||||||||||||||||||||||||||||||
Interest income | (752) | (752) | ||||||||||||||||||||||||||||||||||||
Adjusted earnings before net interest and taxes (Adjusted EBIT) | 96,143 | 83,802 | 18,528 | 8,931 | (15,118) | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 57,601 | 23,433 | 22,702 | 9,885 | 1,581 | |||||||||||||||||||||||||||||||||
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) | $ | 153,744 | $ | 107,235 | $ | 41,230 | $ | 18,816 | $ | (13,537) | $ | — | ||||||||||||||||||||||||||
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) | 18.4 | % | 31.2 | % | 11.5 | % | 14.1 | % |
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Consolidated | Pharma | Beauty + Home | Food + Beverage | Corporate & Other | Net Interest | |||||||||||||||||||||||||||||||||
Net Sales | $ | 825,442 | $ | 313,225 | $ | 374,088 | $ | 138,129 | $ | — | $ | — | ||||||||||||||||||||||||||
Reported net income | $ | 46,894 | ||||||||||||||||||||||||||||||||||||
Reported income taxes | 19,340 | |||||||||||||||||||||||||||||||||||||
Reported income before income taxes | 66,234 | 75,611 | 14,443 | 12,027 | (28,237) | (7,610) | ||||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||
Restructuring initiatives | 10,223 | 13 | 5,442 | 131 | 4,637 | |||||||||||||||||||||||||||||||||
Net unrealized investment loss | 9,021 | — | — | — | 9,021 | |||||||||||||||||||||||||||||||||
Transaction costs related to acquisitions | 1,793 | 1,793 | — | — | — | |||||||||||||||||||||||||||||||||
Adjusted earnings before income taxes | 87,271 | 77,417 | 19,885 | 12,158 | (14,579) | (7,610) | ||||||||||||||||||||||||||||||||
Interest expense | 8,011 | 8,011 | ||||||||||||||||||||||||||||||||||||
Interest income | (401) | (401) | ||||||||||||||||||||||||||||||||||||
Adjusted earnings before net interest and taxes (Adjusted EBIT) | 94,881 | 77,417 | 19,885 | 12,158 | (14,579) | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 59,280 | 23,321 | 23,904 | 10,221 | 1,834 | |||||||||||||||||||||||||||||||||
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) | $ | 154,161 | $ | 100,738 | $ | 43,789 | $ | 22,379 | $ | (12,745) | $ | — | ||||||||||||||||||||||||||
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) | 18.7 | % | 32.2 | % | 11.7 | % | 16.2 | % |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Consolidated | Pharma | Beauty + Home | Food + Beverage | Corporate & Other | Net Interest | |||||||||||||||||||||||||||||||||
Net Sales | $ | 2,526,335 | $ | 1,026,090 | $ | 1,099,368 | $ | 400,877 | $ | — | $ | — | ||||||||||||||||||||||||||
Reported net income | $ | 180,161 | ||||||||||||||||||||||||||||||||||||
Reported income taxes | 80,851 | |||||||||||||||||||||||||||||||||||||
Reported income before income taxes | 261,012 | 263,222 | 52,918 | 25,572 | (52,061) | (28,639) | ||||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||
Restructuring initiatives | 2,989 | — | 3,022 | (33) | — | |||||||||||||||||||||||||||||||||
Net unrealized investment loss | 2,297 | — | — | — | 2,297 | |||||||||||||||||||||||||||||||||
Transaction costs related to acquisitions | 231 | 231 | — | — | — | |||||||||||||||||||||||||||||||||
Adjusted earnings before income taxes | 266,529 | 263,453 | 55,940 | 25,539 | (49,764) | (28,639) | ||||||||||||||||||||||||||||||||
Interest expense | 30,668 | 30,668 | ||||||||||||||||||||||||||||||||||||
Interest income | (2,029) | (2,029) | ||||||||||||||||||||||||||||||||||||
Adjusted earnings before net interest and taxes (Adjusted EBIT) | 295,168 | 263,453 | 55,940 | 25,539 | (49,764) | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 174,818 | 70,340 | 69,667 | 30,217 | 4,594 | |||||||||||||||||||||||||||||||||
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) | $ | 469,986 | $ | 333,793 | $ | 125,607 | $ | 55,756 | $ | (45,170) | $ | — | ||||||||||||||||||||||||||
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) | 18.6 | % | 32.5 | % | 11.4 | % | 13.9 | % |
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Consolidated | Pharma | Beauty + Home | Food + Beverage | Corporate & Other | Net Interest | |||||||||||||||||||||||||||||||||
Net Sales | $ | 2,413,228 | $ | 952,400 | $ | 1,081,280 | $ | 379,548 | $ | — | $ | — | ||||||||||||||||||||||||||
Reported net income | $ | 186,107 | ||||||||||||||||||||||||||||||||||||
Reported income taxes | 55,309 | |||||||||||||||||||||||||||||||||||||
Reported income before income taxes | 241,416 | 245,087 | 36,253 | 31,728 | (50,457) | (21,195) | ||||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||
Restructuring initiatives | 18,771 | 86 | 7,995 | 169 | 10,521 | |||||||||||||||||||||||||||||||||
Net unrealized investment gain | (6,177) | — | — | — | (6,177) | |||||||||||||||||||||||||||||||||
Transaction costs related to acquisitions | 4,227 | 4,227 | — | — | — | |||||||||||||||||||||||||||||||||
Adjusted earnings before income taxes | 258,237 | 249,400 | 44,248 | 31,897 | (46,113) | (21,195) | ||||||||||||||||||||||||||||||||
Interest expense | 22,601 | 22,601 | ||||||||||||||||||||||||||||||||||||
Interest income | (1,406) | (1,406) | ||||||||||||||||||||||||||||||||||||
Adjusted earnings before net interest and taxes (Adjusted EBIT) | 279,432 | 249,400 | 44,248 | 31,897 | (46,113) | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 174,508 | 65,801 | 72,807 | 30,098 | 5,802 | — | ||||||||||||||||||||||||||||||||
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) | $ | 453,940 | $ | 315,201 | $ | 117,055 | $ | 61,995 | $ | (40,311) | $ | — | ||||||||||||||||||||||||||
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) | 18.8 | % | 33.1 | % | 10.8 | % | 16.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Income before Income Taxes | $ | 84,915 | $ | 66,234 | $ | 261,012 | $ | 241,416 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Restructuring initiatives | 2,270 | 10,223 | 2,989 | 18,771 | |||||||||||||||||||
Net unrealized investment (gain) loss | (277) | 9,021 | 2,297 | (6,177) | |||||||||||||||||||
Transaction costs related to acquisitions | 231 | 1,793 | 231 | 4,227 | |||||||||||||||||||
Foreign currency effects (1) | (8,403) | (18,060) | |||||||||||||||||||||
Adjusted Earnings before Income Taxes | $ | 87,139 | $ | 78,868 | $ | 266,529 | $ | 240,177 | |||||||||||||||
Provision for Income Taxes | $ | 30,738 | $ | 19,340 | $ | 80,851 | $ | 55,309 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Net effect of items included in the Provision for Income Taxes (2) | (7,200) | — | (7,200) | — | |||||||||||||||||||
Restructuring initiatives | 607 | 2,351 | 795 | 4,336 | |||||||||||||||||||
Net unrealized investment (gain) loss | (68) | 2,075 | 563 | (1,421) | |||||||||||||||||||
Transaction costs related to acquisitions | 57 | 447 | 57 | 889 | |||||||||||||||||||
Foreign currency effects (1) | (2,454) | (4,138) | |||||||||||||||||||||
Adjusted Provision for Income Taxes | $ | 24,134 | $ | 21,759 | $ | 75,066 | $ | 54,975 | |||||||||||||||
Net Income Attributable to Noncontrolling Interests | $ | 67 | $ | 366 | $ | 131 | $ | 381 | |||||||||||||||
Net Income Attributable to AptarGroup, Inc. | $ | 54,244 | $ | 47,260 | $ | 180,292 | $ | 186,488 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Net effect of items included in the Provision for Income Taxes (2) | 7,200 | — | 7,200 | — | |||||||||||||||||||
Restructuring initiatives | 1,663 | 7,872 | 2,194 | 14,435 | |||||||||||||||||||
Net unrealized investment (gain) loss | (209) | 6,946 | 1,734 | (4,756) | |||||||||||||||||||
Transaction costs related to acquisitions | 174 | 1,346 | 174 | 3,338 | |||||||||||||||||||
Foreign currency effects (1) | (5,949) | (13,922) | |||||||||||||||||||||
Adjusted Net Income Attributable to AptarGroup, Inc. | $ | 63,072 | $ | 57,475 | $ | 191,594 | $ | 185,583 | |||||||||||||||
Average Number of Diluted Shares Outstanding | 66,581 | 67,801 | 66,825 | 67,799 | |||||||||||||||||||
Net Income Attributable to AptarGroup, Inc. Per Diluted Share | $ | 0.81 | $ | 0.70 | $ | 2.70 | $ | 2.75 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Net effect of items included in the Provision for Income Taxes (2) | 0.11 | — | 0.11 | — | |||||||||||||||||||
Restructuring initiatives | 0.03 | 0.12 | 0.03 | 0.21 | |||||||||||||||||||
Net unrealized investment (gain) loss | — | 0.10 | 0.03 | (0.07) | |||||||||||||||||||
Transaction costs related to acquisitions | — | 0.02 | — | 0.05 | |||||||||||||||||||
Foreign currency effects (1) | (0.09) | (0.20) | |||||||||||||||||||||
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share | $ | 0.95 | $ | 0.85 | $ | 2.87 | $ | 2.74 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Cash Provided by Operations | $ | 129,695 | $ | 83,792 | $ | 306,349 | $ | 259,373 | |||||||||||||||
Capital Expenditures | (78,869) | (79,650) | (226,131) | (216,689) | |||||||||||||||||||
Proceeds from Government Grants | 4,264 | — | 17,058 | — | |||||||||||||||||||
Free Cash Flow | $ | 55,090 | $ | 4,142 | $ | 97,276 | $ | 42,684 |
Three Months Ending December 31, | |||||||||||
Expected 2022 | 2021 | ||||||||||
Income before Income Taxes | $ | 80,239 | |||||||||
Adjustments: | |||||||||||
Restructuring initiatives | 4,469 | ||||||||||
Net unrealized investment loss | 3,468 | ||||||||||
Transaction costs related to acquisitions | (416) | ||||||||||
Foreign currency effects (1) | (7,655) | ||||||||||
Adjusted Earnings before Income Taxes | $ | 80,105 | |||||||||
Provision for Income Taxes | $ | 22,708 | |||||||||
Adjustments: | |||||||||||
Restructuring initiatives | 1,399 | ||||||||||
Net unrealized investment loss | 798 | ||||||||||
Transaction costs related to acquisitions | (104) | ||||||||||
Foreign currency effects (1) | (2,166) | ||||||||||
Adjusted Provision for Income Taxes | $ | 22,635 | |||||||||
Net Income Attributable to Noncontrolling Interests | $ | 78 | |||||||||
Net Income Attributable to AptarGroup, Inc. | $ | 57,609 | |||||||||
Adjustments: | |||||||||||
Restructuring initiatives | 3,070 | ||||||||||
Net unrealized investment loss | 2,670 | ||||||||||
Transaction costs related to acquisitions | (312) | ||||||||||
Foreign currency effects (1) | (5,489) | ||||||||||
Adjusted Net Income Attributable to AptarGroup, Inc. | $ | 57,548 | |||||||||
Average Number of Diluted Shares Outstanding | 67,431 | ||||||||||
Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2) | $ | 0.85 | |||||||||
Adjustments: | |||||||||||
Restructuring initiatives | 0.05 | ||||||||||
Net unrealized investment loss | 0.04 | ||||||||||
Transaction costs related to acquisitions | (0.01) | ||||||||||
Foreign currency effects (1) | (0.08) | ||||||||||
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2) | $0.73 - $0.83 | $ | 0.85 |
Cover |
Oct. 27, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 27, 2022 |
Entity Registrant Name | AptarGroup, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-11846 |
Entity Tax Identification Number | 36-3853103 |
Entity Address, Address Line One | 265 Exchange Drive |
Entity Address, Address Line Two | Suite 301 |
Entity Address, City or Town | Crystal Lake |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60014 |
City Area Code | 815 |
Local Phone Number | 477-0424 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $.01 par value |
Trading Symbol | ATR |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000896622 |
Amendment Flag | false |
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