Crystal Lake, Illinois, October 24, 2024 — AptarGroup, Inc. (NYSE:ATR), a global leader in drug and consumer product dosing, dispensing and protection technologies, today reported strong third quarter results due to solid operational performance and margin improvement across the company. Results were driven by growth in proprietary drug delivery systems, as well as increased demand for closure technologies. Reported sales and core sales increased by 2%, as currency and acquisition effects did not impact the quarter. Aptar reported net income of $100 million for the quarter, a 19% increase from the prior year.
“Aptar delivered another strong quarter driven by our Pharma and Closures segments. We saw increased demand for our proprietary drug delivery systems, active material science solutions and closure technologies, especially for food applications. The Beauty segment saw growth in the personal care and home care markets, but it was not enough to offset tough comparisons from tooling and fragrance dispensing solutions from the prior year period. All three segments continued to demonstrate solid operational performance and margin improvement. We are proud of the strong results and progress we have made for the first nine months of the year and are positioned to achieve double-digit adjusted EPS growth for the full year,” said Stephan B. Tanda, Aptar President and CEO.
Third Quarter 2024 Highlights
- Reported and core sales increased 2%
- Reported earnings per share increased 17% to $1.48 and adjusted earnings per share increased 6% to $1.49
- Reported net income of $100 million increased 19% and adjusted EBITDA increased 8% from the prior year to $208 million, delivering an adjusted EBITDA margin of 23%, which is at the high end of the long-term target range
- Pharma segment delivered reported sales growth of 8% and core sales growth of 7% with continued demand for proprietary drug delivery systems, which grew double digits in the quarter
- Closures segment achieved a solid quarter, with sales and margins within its long-term target ranges
- Earlier this month, closed the previously announced joint venture transaction in China, following regulatory approvals, strengthening dispensing technology footprint
First Nine Months 2024 Highlights
- Double-digit earnings per share growth over the prior year period
- Net cash provided by operations increased to $465 million compared to $356 million in the prior year period
- Free cash flow increased to $255 million compared to $124 million in the prior year
