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AptarGroup Reports Strong First Quarter With Record Revenues And Earnings

Hagge continued, “The broad-based increases in sales drove our earnings to a record first quarter level. This was in spite of certain headwinds that included negative currency effects and facility start-up costs primarily related to our Beauty + Home segment’s Latin American operations, and a higher effective tax rate.”

DIVIDEND

As previously announced, on April 11, 2014, the Board of Directors increased the quarterly cash dividend by 12% to $0.28 per share. The payment date is May 21, 2014, to stockholders of record as of April 30, 2014. Hagge commented on the increase, “This increase is reflective of our strong financial condition and confidence in the future. 2014 will be our twenty first consecutive year of increased dividends. Our balanced capital allocation strategy allows for increased dividends, share repurchases and investments that will contribute to future growth.”

OUTLOOK

Regarding the Company’s outlook, Hagge stated, “I am encouraged by the current level of project discussions with customers who are seeking innovative packaging solutions to help grow their businesses. I am optimistic that we will see some of these new projects coming to market over the next twelve months. Looking to the second quarter, we expect broad-based demand for our innovative dispensing solutions to continue across each of our business segments and drive growth over the prior year. In the near-term, the emerging market currency environments are expected to remain challenging and we don’t anticipate the impact from resin pricing adjustments to be as favorable as it was in the prior year. We expect second quarter earnings per share to be in the range of $0.78 to $0.83 compared to $0.77 per share a year ago excluding the charges related to our European restructuring plan.”

OPEN CONFERENCE CALL

There will be a conference call on Friday, April 25, 2014 at 8:00 a.m. Central Time to discuss AptarGroup’s first quarter results for 2014. The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investor Relations page at www.aptar.com. Replay of the conference call can also be accessed on the Investor Relations page of the website.

AptarGroup, Inc. is a leading global supplier of a broad range of innovative dispensing solutions for the beauty, personal care, home care, prescription drug, consumer health care, injectables, food, and beverage markets. AptarGroup is headquartered in Crystal Lake, Illinois, with manufacturing facilities in North America, Europe, Asia and South America. For more information, visit www.aptar.com.

This press release contains forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management’s beliefs as well as assumptions made by and information currently available to management. Accordingly, AptarGroup’s actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist including, but not limited to, economic, environmental or political conditions in the various markets and countries in which AptarGroup operates, changes in customer and/or consumer spending levels; financial conditions of customers and suppliers; consolidations within our customer or supplier bases; fluctuations in the cost of raw materials, components and other input costs; the Company’s ability to increase prices, contain costs and improve productivity; changes in capital availability or cost, including interest rate fluctuations; the competitive marketplace; fiscal and monetary policies and other regulations; inflationary pressures and changes in foreign currency exchange rates; direct or indirect consequences of acts of war or terrorism; and labor relations. For additional information on these and other risks and uncertainties, please see AptarGroup’s filings with the Securities and Exchange Commission, including its Form 10-K’s and Form 10-Q’s. Readers are cautioned not to place undue reliance on forward-looking statements . AptarGroup undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
   
(In Thousands, Except Per Share Data)
CONSOLIDATED STATEMENTS OF INCOME
 
Three Months Ended
March 31,

2014

2013
 
Net Sales $ 676,051 $ 617,633
Cost of Sales (exclusive of depreciation
shown below) 453,411 418,486
Selling, Research & Development and
Administrative 106,674 94,307
Depreciation and Amortization (1) 37,247 36,171
Restructuring Initiatives   -     4,067  
Operating Income 78,719 64,602
Other Income/(Expense):
Interest Expense (4,881 ) (5,081 )
Interest Income 1,016 849
Equity in income of affiliates (1,546 ) (262 )
Miscellaneous, net   372     (706 )
Income before Income Taxes 73,680 59,402
Provision for Income Taxes   25,272     19,424  
Net Income $ 48,408 $ 39,978
 
Net (Income)/Loss Attributable to Noncontrolling Interests   (19 )   51  
Net Income Attributable to AptarGroup, Inc. $ 48,389   $ 40,029  
Net Income Attributable to AptarGroup, Inc. Per Common Share:
Basic $ 0.74   $ 0.61  
Diluted $ 0.71   $ 0.59  
 
Average Numbers of Shares Outstanding:
Basic 65,468 66,155
Diluted 68,232 68,296

Notes to Condensed Consolidated Financial Statements:

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