0001157523-20-001387.txt : 20201029 0001157523-20-001387.hdr.sgml : 20201029 20201029171548 ACCESSION NUMBER: 0001157523-20-001387 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20201029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201029 DATE AS OF CHANGE: 20201029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: APTARGROUP INC CENTRAL INDEX KEY: 0000896622 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 363853103 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11846 FILM NUMBER: 201273671 BUSINESS ADDRESS: STREET 1: 475 W TERRA COTTA AVE STREET 2: STE E CITY: CRYSTAL LAKE STATE: IL ZIP: 60014 BUSINESS PHONE: 8154770424 MAIL ADDRESS: STREET 1: 475 W. TERRA COTTA AVE. SUITE E CITY: CRYSTAL LAKE STATE: IL ZIP: 60014 8-K 1 a52317064.htm APTARGROUP INC 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


October 29, 2020
Date of Report (Date of earliest event reported)

AptarGroup, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
001-11846
36-3853103
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
     
265 Exchange Drive, Suite 100, Crystal Lake, Illinois 60014
(Address of principal executive offices)
 
Registrant’s telephone number, including area code: 815-477-0424.
 
N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ 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))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $.01 par value
 
ATR
 
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company    ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ⃞

Item 2.02    Results of Operations and Financial Condition.
 

On October 29, 2020, AptarGroup, Inc. announced certain information related to its results of operations for the quarter and nine months ended September 30, 2020.  The press release regarding this announcement is furnished as Exhibit 99.1 hereto.
 
The information in Item 2.02 of this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01   Financial Statements and Exhibits.
 
(d) Exhibits
 
 
104            Cover Page Interactive Data File (embedded within the Inline XBRL document).
 

 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
   
AptarGroup, Inc.
     
     
Date:  October 29, 2020
By:
_/s/Robert W. Kuhn________________
    Robert W. Kuhn
    Executive Vice President,
   
Chief Financial Officer and Secretary
 

 

 EX-99.1 2 a52317064ex99_1.htm EXHIBIT 99.1
 
 Exhibit 99.1


Aptar Reports Third Quarter 2020 Results

CRYSTAL LAKE, Ill.--(BUSINESS WIRE)--October 29, 2020--AptarGroup, Inc. (NYSE:ATR) today reported third quarter results for 2020 and provided an update related to COVID-19 including the Company’s continued supply of essential products for critical industries.

Third Quarter 2020 Summary

  • Reported sales increased 8%, including positive effects of currency translation rates and recent acquisitions, and core sales increased 2%
  • Strong reported and core growth in our Pharma segment
  • Core sales growth in the food, personal care and home care markets
  • Sales to the beauty and beverage markets continue to be impacted by COVID-19 pandemic
  • Recent acquisitions are performing well
  • Reported earnings per share totaled $0.95 (an increase of 12% compared to the prior year)
  • Adjusted earnings per share totaled $1.00 (an increase of 3% compared to the prior year)
  • Reported net income totaled $64 million (an increase of 12% compared to the prior year)
  • Adjusted EBITDA totaled $157 million (an increase of 7% compared to the prior year)
  • Cash flow from operations was $381 million in the first nine months of 2020 (a slight increase over the prior year)
  • Free cash flow was $208 million in the first nine months of 2020 (an increase of 8% compared to the prior year)
  • Declared quarterly dividend of $0.36 per share

COVID-19 Update

“As we continue to rigorously monitor the ongoing COVID-19 situation across the globe, our priorities remain the health and safety of our employees and continued production for our customers,” said Stephan Tanda, Aptar President and CEO. “Millions of people around the world rely on Aptar solutions to dispense the medicines and products they need and we are delivering on our promises to our customers.” During the pandemic, we have continuously adapted our safety and cleaning procedures and remote working protocols in accordance with the legislation or regulations applicable to each of our facilities.

Third Quarter Results

For the quarter ended September 30, 2020, reported sales increased 8% to $759 million compared to $701 million in the prior year. Core sales, excluding the impacts from changes in currency exchange rates and acquisitions, increased approximately 2%.

Third Quarter Segment Sales Analysis
(Change Over Prior Year)

Beauty +
Home		 Pharma Food +
Beverage		 Total
AptarGroup
Core Sales Growth

(5%)

11%

2%

2%

Acquisitions

7%

2%

0%

4%

Currency Effects (1)

1%

4%

0%

2%

Total Reported Sales Growth

3%

17%

2%

8%

(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

Commenting on the quarter, Tanda said, “Overall, we had a very good quarter that speaks to the resilience of our diverse and growing end markets. Our Pharma segment reported impressive growth compared to a strong quarter a year ago. This was in part due to solid underlying demand for existing medicines during the pandemic, such as influenza vaccines, and allergy and asthma treatments, that are administered using our drug delivery devices and components for injection systems. We also performed well in other markets and grew core sales in the food, personal care and home care markets. Collectively this drove top line and earnings per share growth despite the challenges posed by the pandemic.” Aptar’s Pharma segment experienced increased broad-based demand with particularly strong growth in our injectables and active packaging divisions. Sales of consumer health care and prescription drug delivery devices increased over a particularly strong quarter a year ago. Aptar’s Beauty + Home segment benefitted from strong sales to the personal care market related to hand sanitizers and liquid soaps and increased sales to the home care market primarily related to cleaners and disinfectants. Sales to the beauty market continued to be negatively impacted by the effects of COVID-19. Aptar’s Food + Beverage segment reported positive sales growth with strong sales to the food market due to the demand for pantry staples with consumers continuing to cook at home during the pandemic. Sales to the beverage market continued to be impacted by lower demand for on-the-go beverages related to the pandemic. In addition, the effects of passing through lower resin prices to customers also affected the segment’s overall growth.

Aptar reported third quarter earnings per share of $0.95 compared to $0.85 during the same period a year ago, an increase of 12%. Current year adjusted earnings per share, excluding restructuring expenses and acquisition-related costs, were $1.00 and increased 3% from the prior year adjusted earnings per share, including comparable exchange rates, of $0.97.

Year-to-Date Results

For the nine months ended September 30, 2020, reported sales of $2.18 billion were in line with $2.19 billion reported a year ago. The core sales decline of 2% and the negative effects of currency translation rates were offset by the positive contribution from acquisitions.

Nine Months Year-to-Date Segment Sales Analysis
(Change Over Prior Year)

Beauty +
Home		 Pharma Food +
Beverage		 Total
AptarGroup
Core Sales Growth

(9%)

8%

(5%)

(2%)

Acquisitions

4%

3%

0%

3%

Currency Effects (1)

(2%)

0%

(2%)

(1%)

Total Reported Sales Growth

(7%)

11%

(7%)

0%

(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.

Tanda commented on the year-to-date results, “Our Pharma segment continued to perform very well through the first nine months of the year on top of a very strong period a year ago. Our Beauty + Home and Food + Beverage segments experienced a more difficult first nine months due to the impacts of COVID-19. However, we saw progressive signs of improvement for Beauty + Home and positive results for Food + Beverage as we moved further into the year. We are also very pleased with the performance of our recent acquisitions, in particular FusionPKG and Noble.”

For the nine months year-to-date, Aptar’s reported earnings per share were $2.42, and down 17%, compared to $2.93 reported a year ago. Current year adjusted earnings per share, which exclude restructuring costs and acquisition-related expenses, were $2.72 and down 14% from prior year adjusted earnings per share, including comparable exchange rates, of $3.15.

Strong Cash Flow

Cash generated from operations for the nine months year-to-date reached $381 million and was a slight improvement over the prior year primarily due to better working capital management. The company generated $208 million of free cash flow (cash flow from operations less capital expenditures) for the first nine months of 2020, an increase of 8% over $194 million in the prior year. Tanda commented, “We continue to generate free cash flow above the prior year levels which is a testament to our resilient business, especially during difficult economic conditions.”

Outlook

“We expect the company to continue to achieve core sales growth in the fourth quarter. Rising demand in many end markets is expected to more than offset COVID-19 related declines in some of our other end markets. We are proud of the way our employees have responded to the difficult year and we are performing well. We expect our Pharma business to continue to do well with existing business and increased opportunities directly and indirectly related to the pandemic,” said Tanda.

Aptar expects earnings per share for the fourth quarter of 2020, excluding any restructuring expenses and acquisition-related costs, to be in the range of $0.84 to $0.92. This guidance is based on an effective tax rate range of 27% to 29%.

Cash Dividend

As previously announced, the Board declared a quarterly cash dividend of $0.36 per share. The payment date is November 18, 2020, to stockholders of record as of October 28, 2020.

Open Conference Call

There will be a conference call on Friday, October 30, 2020 at 8:00 a.m. Central Time to discuss the Company’s third quarter results for 2020. 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.

About Aptar

Aptar is a global leader in the design and manufacturing of a broad range of drug delivery, consumer product dispensing and active packaging solutions. Aptar uses insights, design, engineering and science to create dosing, dispensing and protective technologies for the world’s leading brands, in turn making a meaningful difference in the lives, looks, health and homes of millions of people around the world. Aptar’s innovative solutions and services serve a variety of end markets including pharmaceutical, beauty, personal care, home, food and beverage. Aptar is headquartered in Crystal Lake, Illinois and has 14,000 dedicated employees in 20 countries. For more information, visit www.aptar.com.

Presentation of Non-GAAP Information

This press release refers to certain non-GAAP financial measures, including current year adjusted earnings per share and adjusted EBITDA, which exclude the impact of business transformation charges (restructuring initiatives), acquisition-related expenses and certain purchase accounting adjustments related to acquisitions and investments. Core sales and adjusted earnings per share also neutralize the impact of foreign currency translation effects when comparing current results to the prior year. 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. Free cash flow is calculated as cash provided by operating activities less capital expenditures. We use free cash flow to measure cash flow generated by operations that is available for dividends, share repurchases, acquisitions and debt repayment. We believe that it is meaningful to investors in evaluating our financial performance and measure our ability to generate cash internally to fund our initiatives. 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 outlook is provided on a non-GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates, or reliably predicted because they are not part of the Company's routine activities, such as restructuring and acquisition costs.

This press release contains forward-looking statements, including certain statements set forth under the “Outlook” section of this press release and statements regarding the anticipated impact of the COVID-19 pandemic. 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 or other events 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: outbreaks of pandemics, including the impact of the COVID-19 pandemic on our global supply chain and our global customers and operations; the successful integration of acquisitions and the achievement of the expected benefits of acquisitions and investments; the impact of tax reform legislation including changes in tax rates and other tax-related events or transactions that could impact our effective tax rate; the execution of the business transformation plan; economic conditions worldwide including potential deflationary or inflationary conditions or economic downturn or uncertainty in regions we rely on for growth as a result of the COVID-19 pandemic or otherwise; 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; direct or indirect consequences of acts of war or terrorism; and work stoppages due to labor disputes. 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-K and Form 10-Qs. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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,

2020

 

2019

 

2020

 

2019



 
 
   
Net Sales

$

759,153

 

 

$

701,278

 

 

$

2,180,011

 

 

$

2,188,399

 

Cost of Sales (exclusive of depreciation and amortization shown below)

 

479,672

 

 

 

444,237

 

 

 

1,372,630

 

 

 

1,382,810

 

Selling, Research & Development and Administrative

 

121,850

 

 

 

111,559

 

 

 

371,407

 

 

 

346,526

 

Depreciation and Amortization

 

55,179

 

 

 

49,218

 

 

 

162,414

 

 

 

144,574

 

Restructuring Initiatives

 

3,415

 

 

 

6,019

 

 

 

15,585

 

 

 

17,286

 

Operating Income

 

99,037

 

 

 

90,245

 

 

 

257,975

 

 

 

297,203

 

Other Income/(Expense):
 
 
 
Interest Expense

 

(8,851

)

 

 

(8,898

)

 

 

(25,973

)

 

 

(26,868

)

Interest Income

 

249

 

 

 

957

 

 

 

599

 

 

 

3,738

 

Equity in Results of Affiliates

 

(256

)

 

 

238

 

 

 

(1,383

)

 

 

152

 

Miscellaneous, net

 

(1,040

)

 

 

(269

)

 

 

(3,375

)

 

 

148

 

Income before Income Taxes

 

89,139

 

 

 

82,273

 

 

 

227,843

 

 

 

274,373

 

Provision for Income Taxes

 

25,404

 

 

 

25,504

 

 

 

66,998

 

 

 

80,684

 

Net Income

$

63,735

 

 

$

56,769

 

 

$

160,845

 

 

$

193,689

 

Net Income Attributable to Noncontrolling Interests

 

(19

)

 

 

(19

)

 

 

(37

)

 

 

(20

)

Net Income Attributable to AptarGroup, Inc.

$

63,716

 

 

$

56,750

 

 

$

160,808

 

 

$

193,669

 

Net Income Attributable to AptarGroup, Inc. per Common Share:
 
 
 
Basic

$

0.99

 

 

$

0.89

 

 

$

2.50

 

 

$

3.05

 

Diluted

$

0.95

 

 

$

0.85

 

 

$

2.42

 

 

$

2.93

 



 
 
   
Average Numbers of Shares Outstanding:
 
 
 
Basic

 

64,562

 

 

 

64,010

 

 

 

64,278

 

 

 

63,485

 

Diluted

 

66,922

 

 

 

66,702

 

 

 

66,483

 

 

 

66,163

 



 
 
   
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance Sheets



 

September 30, 2020
December 31, 2019
ASSETS





 
Cash and Equivalents

$

226,546


$

241,970

Receivables, net

 

593,418


 

558,428

Inventories

 

375,177


 

375,795

Other Current Assets

 

132,055


 

115,048

Total Current Assets

 

1,327,196


 

1,291,241

Net Property, Plant and Equipment

 

1,139,899


 

1,087,678

Goodwill

 

878,015


 

763,461

Other Assets

 

516,639


 

419,739

Total Assets

$

3,861,749


$

3,562,119




 
LIABILITIES AND EQUITY





 
Short-Term Obligations

$

161,256


$

110,247

Accounts Payable, Accrued and Other Liabilities

 

625,865


 

573,028

Total Current Liabilities

 

787,121


 

683,275

Long-Term Obligations

 

1,039,935


 

1,085,453

Deferred Liabilities

 

274,738


 

221,139

Total Liabilities

 

2,101,794


 

1,989,867




 
AptarGroup, Inc. Stockholders' Equity

 

1,759,572


 

1,571,916

Noncontrolling Interests in Subsidiaries

 

383


 

336

Total Equity

 

1,759,955


 

1,572,252




 
Total Liabilities and Equity

$

3,861,749


$

3,562,119




 
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)






 

Three Months Ended

September 30, 2020

 

Consolidated Beauty +
Home		 Pharma Food +
Beverage		 Corporate &
Other		 Net Interest
Net Sales

$

759,153

 

 

337,231

 

 

315,758

 

 

106,164

 

 

-

 

 

-

 







 
Reported net income

$

63,735

 






Reported income taxes

 

25,404

 






Reported income before income taxes

 

89,139

 

 

7,944

 

 

92,202

 

 

10,884

 

 

(13,289

)

 

(8,602

)

Adjustments:





Restructuring initiatives

 

3,415

 

 

3,144

 

 

300

 

 

(31

)

 

2

 


Transaction costs related to acquisitions

 

221

 

 

11

 

 

210

 




Adjusted earnings before income taxes

 

92,775

 

 

11,099

 

 

92,712

 

 

10,853

 

 

(13,287

)

 

(8,602

)

Interest expense

 

8,851

 





 

8,851

 

Interest income

 

(249

)





 

(249

)

Adjusted earnings before net interest and taxes (Adjusted EBIT)

 

101,377

 

 

11,099

 

 

92,712

 

 

10,853

 

 

(13,287

)

 

-

 

Depreciation and amortization

 

55,179

 

 

23,634

 

 

19,724

 

 

9,498

 

 

2,323

 

 

-

 

Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

$

156,556

 

$

34,733

 

$

112,436

 

$

20,351

 

$

(10,964

)

$

-

 







 
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

 

20.6

%

 

10.3

%

 

35.6

%

 

19.2

%









 

Three Months Ended

September 30, 2019

 

Consolidated Beauty +
Home		 Pharma Food +
Beverage		 Corporate &
Other		 Net Interest
Net Sales

$

701,278

 

 

328,182

 

 

269,251

 

 

103,845

 

 

-

 

 

-

 







 
Reported net income

$

56,769

 






Reported income taxes

 

25,504

 






Reported income before income taxes

 

82,273

 

 

15,413

 

 

78,418

 

 

9,323

 

 

(12,940

)

 

(7,941

)

Adjustments:





Restructuring initiatives

 

6,019

 

 

5,341

 

 

168

 

 

204

 

 

306

 


Transaction costs related to acquisitions

 

708

 

 

34

 

 

520

 

 

154

 



Purchase accounting adjustments related to acquisitions and investments

 

647

 


 

647

 




Adjusted earnings before income taxes

 

89,647

 

 

20,788

 

 

79,753

 

 

9,681

 

 

(12,634

)

 

(7,941

)

Interest expense

 

8,898

 





 

8,898

 

Interest income

 

(957

)





 

(957

)

Adjusted earnings before net interest and taxes (Adjusted EBIT)

 

97,588

 

 

20,788

 

 

79,753

 

 

9,681

 

 

(12,634

)

 

-

 

Depreciation and amortization

 

49,218

 

 

20,687

 

 

16,793

 

 

9,047

 

 

2,691

 

 

-

 

Purchase accounting adjustments included in Depreciation and amortization above

 

(647

)


 

(647

)




Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

$

146,159

 

$

41,475

 

$

95,899

 

$

18,728

 

$

(9,943

)

$

-

 







 
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

 

20.8

%

 

12.6

%

 

35.6

%

 

18.0

%



AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)






 

Nine Months Ended

September 30, 2020

 

Consolidated Beauty +
Home		 Pharma Food +
Beverage		 Corporate &
Other		 Net Interest
Net Sales

$

2,180,011

 

 

961,577

 

 

914,213

 

 

304,221

 

 

-

 

 

-

 







 
Reported net income

$

160,845

 






Reported income taxes

 

66,998

 






Reported income before income taxes

 

227,843

 

 

2,297

 

 

267,523

 

 

25,365

 

 

(41,968

)

 

(25,374

)

Adjustments:





Restructuring initiatives

 

15,585

 

 

15,375

 

 

158

 

 

147

 

 

(95

)


Transaction costs related to acquisitions

 

4,812

 

 

4,602

 

 

210

 




Purchase accounting adjustments related to acquisitions and investments

 

4,642

 

 

3,221

 

 

1,421

 




Adjusted earnings before income taxes

 

252,882

 

 

25,495

 

 

269,312

 

 

25,512

 

 

(42,063

)

 

(25,374

)

Interest expense

 

25,973

 





 

25,973

 

Interest income

 

(599

)





 

(599

)

Adjusted earnings before net interest and taxes (Adjusted EBIT)

 

278,256

 

 

25,495

 

 

269,312

 

 

25,512

 

 

(42,063

)

 

-

 

Depreciation and amortization

 

162,414

 

 

70,159

 

 

56,232

 

 

28,031

 

 

7,992

 

 

-

 

Purchase accounting adjustments included in Depreciation and amortization above

 

(3,367

)

 

(2,700

)

 

(667

)




Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

$

437,303

 

$

92,954

 

$

324,877

 

$

53,543

 

$

(34,071

)

$

-

 







 
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

 

20.1

%

 

9.7

%

 

35.5

%

 

17.6

%









 

Nine Months Ended

September 30, 2019

 

Consolidated Beauty +
Home		 Pharma Food +
Beverage		 Corporate &
Other		 Net Interest
Net Sales

$

2,188,399

 

 

1,037,921

 

 

823,891

 

 

326,587

 

 

-

 

 

-

 







 
Reported net income

$

193,689

 






Reported income taxes

 

80,684

 






Reported income before income taxes

 

274,373

 

 

66,407

 

 

244,101

 

 

29,234

 

 

(42,239

)

 

(23,130

)

Adjustments:





Restructuring initiatives

 

17,286

 

 

14,869

 

 

381

 

 

826

 

 

1,210

 


Transaction costs related to acquisitions

 

1,767

 

 

34

 

 

1,579

 

 

154

 



Purchase accounting adjustments related to acquisitions and investments

 

869

 


 

869

 




Adjusted earnings before income taxes

 

294,295

 

 

81,310

 

 

246,930

 

 

30,214

 

 

(41,029

)

 

(23,130

)

Interest expense

 

26,868

 





 

26,868

 

Interest income

 

(3,738

)





 

(3,738

)

Adjusted earnings before net interest and taxes (Adjusted EBIT)

 

317,425

 

 

81,310

 

 

246,930

 

 

30,214

 

 

(41,029

)

 

-

 

Depreciation and amortization

 

144,574

 

 

62,101

 

 

48,623

 

 

26,149

 

 

7,701

 

 

-

 

Purchase accounting adjustments included in Depreciation and amortization above

 

(869

)


 

(869

)




Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

$

461,130

 

$

143,411

 

$

294,684

 

$

56,363

 

$

(33,328

)

$

-

 







 
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

 

21.1

%

 

13.8

%

 

35.8

%

 

17.3

%









 
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)




 

Three Months Ended Nine Months Ended

September 30, September 30,

2020

2019

2020

2019





 
Income before Income Taxes

$

89,139

 

$

82,273

 

$

227,843

 

$

274,373

 





 
Adjustments:



Restructuring initiatives

 

3,415

 

 

6,019

 

 

15,585

 

 

17,286

 

Transaction costs related to acquisitions

 

221

 

 

708

 

 

4,812

 

 

1,767

 

Purchase accounting adjustments related to acquisitions and investments

 

-

 

 

647

 

 

4,642

 

 

869

 

Foreign currency effects (1)

 

3,650

 


 

302

 

Adjusted Earnings before Income Taxes

$

92,775

 

$

93,297

 

$

252,882

 

$

294,597

 





 




 
Provision for Income Taxes

$

25,404

 

$

25,504

 

$

66,998

 

$

80,684

 





 
Adjustments:



Restructuring initiatives

 

598

 

 

1,691

 

 

3,304

 

 

4,857

 

Transaction costs related to acquisitions

 

25

 

 

101

 

 

713

 

 

154

 

Purchase accounting adjustments related to acquisitions and investments

 

-

 

 

123

 

 

1,026

 

 

165

 

Foreign currency effects (1)

 

1,132

 


 

89

 

Adjusted Provision for Income Taxes

$

26,027

 

$

28,551

 

$

72,041

 

$

85,949

 





 




 
Net Income Attributable to Noncontrolling Interests

$

(19

)

$

(19

)

$

(37

)

$

(20

)





 
Net Income Attributable to AptarGroup, Inc.

$

63,716

 

$

56,750

 

$

160,808

 

$

193,669

 





 
Adjustments:



Restructuring initiatives

 

2,817

 

 

4,328

 

 

12,281

 

 

12,429

 

Transaction costs related to acquisitions

 

196

 

 

607

 

 

4,099

 

 

1,613

 

Purchase accounting adjustments related to acquisitions and investments

 

-

 

 

524

 

 

3,616

 

 

704

 

Foreign currency effects (1)

 

2,518

 


 

213

 

Adjusted Net Income Attributable to AptarGroup, Inc.

$

66,729

 

$

64,727

 

$

180,804

 

$

208,628

 





 
Average Number of Diluted Shares Outstanding

 

66,922

 

 

66,702

 

 

66,483

 

 

66,163

 





 
Net Income Attributable to AptarGroup, Inc. Per Diluted Share

$

0.95

 

$

0.85

 

$

2.42

 

$

2.93

 





 
Adjustments:



Restructuring initiatives

 

0.05

 

 

0.06

 

 

0.19

 

 

0.19

 

Transaction costs related to acquisitions

 

-

 

 

0.01

 

 

0.06

 

 

0.02

 

Purchase accounting adjustments related to acquisitions and investments

 

-

 

 

0.01

 

 

0.05

 

 

0.01

 

Foreign currency effects (1)

 

0.04

 


 

-

 

Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share

$

1.00

 

$

0.97

 

$

2.72

 

$

3.15

 





 
(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 Free Cash Flow to Net Cash Provided by Operations (Unaudited)
(In Thousands)




 

Three Months Ended Nine Months Ended

September 30, September 30,

2020

2019

2020

2019





 
Net Cash Provided by Operations

$

153,741

$

159,241

$

381,427

$

380,381





 
Less:



Capital Expenditures

$

50,379

$

62,067

$

173,365

$

186,841

Free Cash Flow

$

103,362

$

97,174

$

208,062

$

193,540





 
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)


 

Three Months Ending

December 31,

Expected 2020

2019



 
Income before Income Taxes

$

67,696

 



 
Adjustments:

Restructuring initiatives

 

3,186

 

Transaction costs related to acquisitions

 

2,160

 

Purchase accounting adjustments related to acquisitions and investments

 

333

 

Foreign currency effects (1)

 

4,236

 

Adjusted Earnings before Income Taxes

$

77,611

 



 


 
Provision for Income Taxes

$

19,158

 



 
Adjustments:

Restructuring initiatives

 

895

 

Transaction costs related to acquisitions

 

379

 

Purchase accounting adjustments related to acquisitions and investments

 

53

 

Foreign currency effects (1)

 

1,199

 

Adjusted Provision for Income Taxes

$

21,684

 



 


 
Net Income Attributable to Noncontrolling Interests

$

(5

)



 
Net Income Attributable to AptarGroup, Inc.

$

48,533

 



 
Adjustments:

Restructuring initiatives

 

2,291

 

Transaction costs related to acquisitions

 

1,781

 

Purchase accounting adjustments related to acquisitions and investments

 

280

 

Foreign currency effects (1)

 

3,037

 

Adjusted Net Income Attributable to AptarGroup, Inc.

$

55,922

 



 
Average Number of Diluted Shares Outstanding

 

66,192

 



 
Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2)

$

0.73

 



 
Adjustments:

Restructuring initiatives

 

0.03

 

Transaction costs related to acquisitions

 

0.03

 

Purchase accounting adjustments related to acquisitions and investments

 

0.01

 

Foreign currency effects (1)

 

0.04

 

Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2) $0.84 - $0.92

$

0.84

 



 
(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 September 30, 2020.
(2) AptarGroup’s expected earnings per share range for the fourth quarter of 2020 is based on an effective tax rate range of 27% to 29%. This tax rate range compares to our fourth quarter of 2019 effective tax rate of 28% on reported and adjusted earnings per share.

 

Contacts

Investor Relations Contact:
Matt DellaMaria
matt.dellamaria@aptar.com
815-479-5530

Media Contact:
Katie Reardon
katie.reardon@aptar.com
815-479-5671

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