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TheStreet Open House

AptarGroup CEO Discusses Q2 2011 Results - Earnings Call Transcript

I'm proud of my contribution to the development of our strong management team and the success of the recent realignment of our segments. I'm confident that AptarGroup will continue on the same successful cause in the future under Steve's leadership.

Now I would like to briefly comment on our overall results and outlook and then discuss our Beauty & Home segment. Steve will follow me with the comments on Pharma and Food and Beverage segment, and then Bob will review our financials.

Focusing on the quarter overall, positive momentum continued into the second quarter. And as result, we achieved all-time record high quarterly sales and earnings per share. Looking forward, we continue to be encouraged by the high level of new product activity across the board, largely due to the success from the recent realignment of our segments. We have had a strong first six-month start to the year, and we expect growth in the second half of this year to return to more normal levels.

Bottomline, earnings per share for the third quarter of this year are projected to be in the range of $0.70 to $0.75 per share compared to a prior all-time quarterly high earnings of $0.68 per share posted in the third quarter of last year.

Turning now to our Beauty & Home segment, compared to the prior year, reported sales of the second quarter increased 17%. Changes in exchange rate positively affected sales by 9%. Excluding currency changes, sales increased 18%. Excluding changes in exchange rates, sales to the personal care market increased 5%, sales to the fragrance/cosmetic market increased 15%, and sales to the household market increased 4%.

Overall segment income in dollars increased as a percent of sales, negatively impacted by higher professional expenses and the delay in the pass-through of higher resin costs on Closures.

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