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Sep 30, 2022
AptarGroup Q3 2022 Earnings Report
AptarGroup reported solid Q3 2022 results, with net income increasing by 15% and core sales growing by 9% despite a challenging economic backdrop.
Key Takeaways
AptarGroup's Q3 2022 results showed a 15% increase in net income to $54 million, with core sales up 9%. The Pharma segment drove growth with double-digit core sales increases, while Beauty + Home faced supply chain issues in North America. The company expects continued growth in Pharma but anticipates softening demand in personal care, food, and beverage markets.
Reported sales grew 1% and net income increased 15% to $54 million.
Core sales increased 9% and adjusted EBITDA was even with the prior year level of $154 million.
Reported earnings per share increased 16% to $0.81 compared to $0.70 in the prior year.
Adjusted earnings per share increased 12% to $0.95 compared to $0.85 in the prior year.
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 Q4 2022 earnings per share to be in the range of $0.73 to $0.83, excluding restructuring expenses, changes in the fair value of equity investments and acquisition costs. This guidance is based on an effective tax rate range of 28% to 30% and a Euro/US$ exchange rate of 0.98.
Challenges Ahead
- Pharma segment is expected to grow at more normalized levels.
- Do not expect to repeat last year’s strong sales of active material solutions for at-home COVID-19 test kits.
- Anticipate the softening in demand in markets such as personal care, food and beverage to continue.
- Managing the inflationary environment through price initiatives and energy surcharges, as well as controlling expenses.
- Continue to allocate capital selectively while maintaining our strong balance sheet.
Revenue & Expenses
Visualization of income flow from segment revenue to net income