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AptarGroup Management Discusses Q3 2011 Results - Earnings Call Transcript

Looking ahead, while we are pleased with our strong year-to-date performance, we are seeing some caution on the part of certain customers as we look ahead to the fourth quarter, primarily due to global economic uncertainties. We believe this is a temporary situation until there is a more stable economic outlook, particularly in U.S. and Europe. However, we are encouraged as we look ahead for 2012. We have a lot of project activities and our market-focused organization continues to discover many new market applications for our unique delivery solutions. Also with our strong balance sheet and broad geographic presence, we are well-positioned for any temporary slow down in any one particular region. Currently, earnings per share for the fourth quarter are projected to be in the range of $0.57 to $0.62 per share compared to the prior year fourth quarter record of $0.59 per share.

Turning now to the Beauty & Home segment. Compared to the prior year, reported sales for the third quarter increased 12%. Changes in exchange rates positively affected sales by 6% and tooling sales contributed another 2%. Excluding changes in exchange rates, sales in the personal care market increased 8%, sales to the fragrance/cosmetic market increased 5%, and sales to the household markets increased 15%. Overall, segment income declined approximately 7% due to product mix, certain underutilized capacity, primarily towards the end of the quarter, and higher professional proceeds.

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