Commenting on the quarter, Stephen Hagge, President and CEO, said, “We are pleased to report record third quarter sales in spite of some challenges in the markets we are serving. Our Pharma segment had a good quarter driven primarily by increased demand from the consumer health care and injection markets. Our Beauty + Home segment’s sales also grew, even with decreased demand in the U.S. Weaker volumes in the beverage market and a decrease in custom tooling sales were offset by increased demand from the food market in our Food + Beverage segment.”
Hagge continued, “We were able to generate healthy earnings, even though we faced challenges including the ongoing weak volumes in the U.S., increases in the cost of plastic resin, and negative Latin American currency transaction effects.”
In the quarter, AptarGroup recognized charges related to its European restructuring plan and this had a negative effect on earnings per share of approximately $0.03. AptarGroup’s previous earnings per share guidance for the third quarter did not include any impact from this plan. Third quarter earnings per share, excluding the charges related to this plan, were $0.70. Prior year comparable earnings per share were $0.66 when the negative impact from non-recurring purchase accounting effects relating to the Stelmi acquisition were excluded (approximately $0.04 per share).
YEAR-TO-DATE RESULTSFor the nine months ended September 30, 2013, reported sales increased 7% to $1.88 billion from $1.76 billion a year ago. Aptar Stelmi contributed approximately $74 million or 4% to the year-to-date sales growth while changes in currency exchange rates added an additional 1%.
| Nine Months Year-to-Date Segment Sales Analysis
(Change Over Prior Year)
|Product Sales (including tooling)||1%||3%||7%||2%|
|Total Reported Growth||1%||22%||8%||7%|