AptarGroup Q2 2023 Earnings Report
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
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