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Jun 30, 2023
AptarGroup Q2 2023 Earnings Report
AptarGroup reported strong operational performance driven by growth in drug delivery systems and improvement in injectables sales, with reported sales increasing by 6% and core sales increasing by 4%.
Key Takeaways
AptarGroup's Q2 2023 results showed strong operational performance, driven by proprietary drug delivery systems and fragrance dispensing solutions. Reported sales increased by 6%, core sales increased by 4%, and net income increased by 31% to $83 million.
Reported sales increased 6% and net income increased 31% to $83 million.
Core sales increased 4% and adjusted EBITDA of $181 million increased 13% from the prior year.
Pharma proprietary drug delivery systems grew across the majority of end-use categories.
Beauty’s fragrance dispensing technologies had double-digit growth in the quarter.
AptarGroup
AptarGroup
AptarGroup Revenue by Segment
Revenue by Segment
Aptar Pharma Revenue
CapyFin.comAptar Beauty Revenue
CapyFin.comAptar Closures Revenue
CapyFin.com Forward Guidance
Aptar expects earnings per share for Q3 2023 to be in the range of $1.23 to $1.31, excluding restructuring expenses, changes in the fair value of equity investments and acquisition costs.
Positive Outlook
- Aptar had an exceptionally strong first half of the year due to the tremendous growth of our pharma proprietary drug delivery systems and our fragrance dispensing technologies.
- The strengths of these core markets are expected to continue into the third quarter.
- The team has done an excellent job focusing on reducing costs while growing the top line— an effort that is continuing.
- Our consistent track record of returning value to shareholders is underscored by our recently announced dividend increase of almost 8% and ongoing share repurchases.
- Guidance is based on an effective tax rate range of 25% to 27% which compares to an effective tax rate of 28% on prior year adjusted earnings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income