AptarGroup 1Q Profit Falls 28 Percent

CRYSTAL LAKE, Ill. (AP) — AptarGroup Inc., which makes dispensers for beauty products, said Wednesday its first-quarter profit fell 28 percent on a downturn in sales.

The company earned $26.7 million, or 38 cents per share, compared with net income of $36.9 million, or 52 cents per share, during the year-earlier period. Revenue fell 19 percent to $431.8 million from $532.3 million.

Analysts polled by Thomson Reuters expected profit of 38 cents per share on revenue of $477 million.

"The challenging business conditions that we experienced in the fourth quarter of last year continued through the first quarter," said President and Chief Executive Peter Pfeiffer, in a statement.

He said beauty and home segment sales fell because of a drop in demand from the fragrance and cosmetic market.

The company expects a drop in second-quarter profit and said it will consolidate two facilities in France and consolidate sales offices in North America and Europe.

AptarGroup's share price fell $1.86, or 5.8 percent, to $30.50 in after-hours trading after the earnings report was issued. In the regular session the stock gained 36 cents to close at $32.36.