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).
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)
|Product Sales (including tooling)||2%||6%||11%||4%|
|Total Reported Growth||2%||20%||12%||8%|