Crystal Lake, Illinois, July 25, 2024 — AptarGroup, Inc. (NYSE:ATR), a global leader in drug and consumer product dosing, dispensing and protection technologies, today reported solid second quarter results driven by continued growth of the company’s proprietary drug delivery systems and margin improvement. Reported sales increased by 2% and core sales, excluding currency and acquisition effects, increased by 3%. Aptar reported net income of $90 million for the quarter, a 9% increase from the prior year.
“Strong sales growth in our Pharma business and broad-based margin expansion helped us achieve another quarter of strong earnings per share growth. Our proprietary drug delivery systems continue to see healthy demand, sales for our active material science technologies grew nicely in the quarter and volumes for consumer dispensing solutions continued to progressively improve in North America. For the first six months of the year, we achieved double-digit earnings growth and delivered strong net cash provided by operations,” said Stephan B. Tanda, Aptar President and CEO, commenting on the second quarter results.
Second Quarter 2024 Highlights
- Reported sales increased 2% and core sales increased 3%
- Reported earnings per share increased 8% to $1.34 and adjusted earnings per share increased 12% to $1.37
- Reported net income increased 9% to $90 million and adjusted EBITDA increased 6% from the prior year to $193 million
- Pharma segment delivered reported sales growth of 6% and core sales growth of 7% with continued demand for proprietary drug delivery systems
- Margins continued to improve over the prior year quarter, driven by sales of higher value products, and improved operational performance and cost management efforts
- Increased the quarterly dividend by approximately 10% to $0.45 per share
First Six Months 2024 Highlights
- Double-digit EPS growth over the prior year period
- Net cash provided by operations increased to $236 million compared to $182 million in the prior year period
- Free cash flow increased to $92 million compared to $27 million in the prior year
