AptarGroup Q1 2024 Earnings Report
Key Takeaways
AptarGroup reported a strong first quarter with a 6% increase in reported sales and a 5% increase in core sales. Net income increased by 52% to $83 million, with reported earnings per share up 50% to $1.23 and adjusted earnings per share up 31% to $1.26.
Reported sales grew 6% and core sales increased 5%.
Earnings per share increased 50% to $1.23, and adjusted earnings per share increased 31% to $1.26.
Net income increased 52% to $83 million, and adjusted EBITDA increased 16% to $179 million.
Pharma segment delivered reported sales growth of 14% and core sales growth of 13% due to continued demand for proprietary drug delivery systems.
AptarGroup
AptarGroup
AptarGroup Revenue by Segment
Forward Guidance
Aptar expects earnings per share for the second quarter of 2024 to be in the range of $1.30 to $1.38, excluding any restructuring expenses, changes in the fair value of equity investments and acquisition costs. This guidance is based on an effective tax rate range of 22% to 24%.
Positive Outlook
- Anticipate demand for proprietary drug delivery systems and elastomeric components for biologics to continue to grow in the second quarter.
- Expect Pharma’s strong performance to continue throughout the year.
- Expect demand to build for consumer dispensing technologies in the second quarter as destocking abates in North America.
- Beauty will continue to focus on improving operational performance and ongoing cost management, including optimizing our footprint.
- Closures will continue to focus on improving operational performance and ongoing cost management, including optimizing our footprint.
Revenue & Expenses
Visualization of income flow from segment revenue to net income