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AptarGroup's Strong Fourth Quarter Caps Record Year

Stocks in this article: ATR

Hagge continued, “The diversity of our business continues to generate overall sales and earnings growth. We were able to reach a record level of fourth quarter earnings excluding charges related to our restructuring plan and the retroactive full-year impact of new French tax regulations that were enacted at the end of December. Our Pharma segment’s strong results were driven by increased sales across each market served by this segment. Also, our Food + Beverage segment reported increased earnings while continued softness in the U.S., currency effects, and Latin American facility start-up costs weighed on the results of our Beauty + Home segment.”

In the quarter, AptarGroup recognized charges related to its European restructuring plan and this had a negative effect on earnings per share of approximately $0.05. AptarGroup also recorded a negative impact of approximately $0.10 per share stemming from French tax regulations that were enacted at the end of the fourth quarter and were retroactive to the beginning of the year. AptarGroup’s previous earnings per share guidance for the fourth quarter did not include any impacts from either the restructuring plan or the new French tax regulations. Fourth quarter earnings per share, excluding these two items, were $0.69. Prior year comparable earnings per share were $0.57 when the negative impact from the European restructuring plan was excluded (approximately $0.05 per share).

ANNUAL RESULTS

For the year ended December 31, 2013, reported sales increased 8% to a record $2.5 billion from $2.3 billion a year ago. Aptar Stelmi contributed approximately $74 million or 3% to the annual sales growth while changes in currency exchange rates added an additional 1%.

Annual Segment Sales Analysis

(Change Over Prior Year)

Beauty +Home

    Pharma    

Food +Beverage

   

TotalAptarGroup

Product Sales (including tooling) 2%     6%     11%     4%
Currency Effects 2% 1% 1%
Acquisitions       12%           3%
Total Reported Growth 2%     20%     12%     8%
 

Hagge commented on AptarGroup’s annual performance, “I am pleased that we were able to achieve record annual sales in 2013. Even though we began the year slowly, we saw improvement in year over year sales growth in the middle part of the year and ended with a strong fourth quarter. From an earnings perspective, when you exclude the charges from our restructuring plan and the retroactive full-year impact from the last minute change in French tax regulations, we posted our strongest ever annual results.”

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