Crystal Lake, Illinois, February 12, 2018 — 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
