Crystal Lake, Illinois, April 25, 2024 — AptarGroup, Inc. (NYSE:ATR), a global leader in drug and consumer product dosing, dispensing and protection technologies, today reported strong first quarter results driven by continued growth of the company’s proprietary drug delivery systems, increased injectables sales and an improving picture for consumer dispensing technologies in North America. Reported sales increased by 6% and core sales, excluding currency and acquisition effects, increased by 5%. Aptar reported net income of $83 million for the quarter, a 52% increase over the prior year. Reported earnings per share increased 50% to $1.23 and adjusted earnings per share increased 31% to $1.26.
“We are off to a great start for the year. Strong sales growth in our Pharma business and continued margin expansion in our Beauty and Closures businesses helped us achieve double-digit earnings per share growth over the prior year quarter. Our Pharma segment continued to see healthy market demand and our proprietary drug delivery systems continued to show robust growth after growing more than 30% in the prior year quarter. Additionally, North America showed positive momentum across all three segments. Our teams remain focused on cost management and improved operational leverage, and were able to decrease selling, general and administrative (SG&A) expenses as a percentage of sales over the prior year quarter,” said Stephan B. Tanda, Aptar President and CEO, commenting on the first quarter results.
First Quarter 2024 Highlights
- Reported sales grew 6% and core sales increased 5%
- Double-digit increases in earnings per share, net income and adjusted EBITDA
- Reported earnings per share increased 50% to $1.23 and adjusted earnings per share increased 31% to $1.26
- Reported net income increased 52% to $83 million and adjusted EBITDA increased 16% to $179 million
- Lower tax rate due to favorable mix of earnings and benefits from share-based compensation
- Pharma segment delivered reported sales growth of 14% and core sales growth of 13% with continued demand for proprietary drug delivery systems
- Margins for Beauty and Closures segments continued to improve over prior year quarter, driven by improved operational performance and cost management efforts
