AptarGroup Reports Strong Third Quarter 2024 Results

AptarGroup, Inc. (NYSE:ATR), a prominent player in drug and consumer product dosing, dispensing, and protection technologies, shared robust third-quarter results marked by solid operational performance and margin enhancements across the company. The company’s growth was primarily fueled by an uptick in proprietary drug delivery systems and increased demand for closure technologies. Aptar’s reported sales and core sales both recorded a 2% uptick, with net income reaching $100 million for the quarter, presenting a 19% surge from the previous year.

Stephan B. Tanda, President and CEO of Aptar, expressed satisfaction with the company’s performance, especially recognizing the Pharma and Closures segments for their increased demand in proprietary drug delivery systems and closure technologies. While the Beauty segment noted growth in personal care and home care sectors, it faced challenging comparisons from the preceding year. Across all segments, operational performance and margin improvements were consistent.

In terms of key financial highlights, the company reported earnings per share of $1.48 for the third quarter, reflecting a 17% increase compared to the same period in the previous year. Adjusted earnings per share for the quarter were $1.49, marking a 6% rise compared to the prior year. Aptar reported a net income of $100 million, a 19% surge from the previous year, with adjusted EBITDA climbing 8% to $208 million, resulting in an adjusted EBITDA margin of 23%, meeting the high end of the long-term target range.

Looking at the outlook, Aptar projects a strong finish for 2024, expecting a revenue growth in the fourth quarter despite some customers indicating seasonal inventory adjustments. The company foresees its Pharma business to meet its full-year target range driven by allergy medication, emergency medicine, and central nervous system therapies. Aptar anticipates a double-digit increase in adjusted EBITDA in 2024, primarily due to higher value product sales and royalties.

Furthermore, Aptar announced the closure of a joint venture transaction in China, augmenting its dispensing technology footprint after obtaining the necessary regulatory approvals.

In terms of financial operations, Aptar reported an increase in net cash provided by operations to $465 million for the first nine months of 2024 compared to $356 million in the prior year period. The company’s free cash flow also surged to $255 million from $124 million in the previous year.

AptarGroup’s Board of Directors authorized a $500 million share repurchase program, replacing all previous authorizations, and approved a quarterly cash dividend of $0.45 per share, payable on November 14, 2024, to stockholders of record as of October 24, 2024.

Investors and stakeholders can tune in to Aptar’s conference call on October 25, 2024, at 8:00 a.m. Central Time to delve deeper into the third-quarter results for 2024.

AptarGroup continues to be a leader in drug and consumer product dosing, dispensing, and protection technologies, serving various end markets such as pharmaceuticals, beauty, food, beverage, personal care, and home care. With over 13,000 employees across 20 countries, Aptar remains committed to innovation and creating significant impacts on millions of patients and consumers globally.

Please note that all financial information has been sourced from the Official SEC Filing of AptarGroup for the period ending September 30, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AptarGroup’s 8K filing here.

AptarGroup Company Profile

AptarGroup, Inc designs and manufactures a range of drug delivery, consumer product dispensing, and active material science solutions and services for the pharmaceutical, beauty, personal care, home care, and food and beverage markets. The company operates through Aptar Pharma, Aptar Beauty, and Aptar Closures segments.