StockSelector.com
  Research, Select, & Monitor Tuesday, October 17, 2017 9:51:29 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
AptarGroup Inc.$88.98$.04.04%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 AptarGroup Reports Record Fourth Quarter and Annual Earnings
   Thursday, February 04, 2016 6:20:00 PM ET

AptarGroup, Inc. (ATR ) today reported record fourth quarter and annual net income and earnings per share.

Summary

-- Reported record annual and fourth quarter net income and earnings per share despite foreign currency headwinds.

-- Reported earnings per share rose 8% for the year and fourth quarter over prior year levels.

-- Comparable adjusted earnings per share increased 21% for the year and 18% in the fourth quarter over prior year levels.

-- Improved operating margins across each business segment drove adjusted EBITDA(1) margin to 20% for 2015 compared to 18% in the prior year (19% in the fourth quarter compared to 17% in the prior year fourth quarter).

-- Achieved adjusted ROIC(2) of 14% for 2015 compared to 13% in the prior year.

-- Paid increased annual dividends for the 22nd consecutive year (current annualized dividend is $1.20 per share).

-- Fourth quarter adjusted earnings per share were $0.67 compared to currency-adjusted earnings per share of $0.57 in the prior year (fourth quarter 2015 adjusted earnings per share exclude a positive impact of $0.03 per share ($2.9 million of pre-tax income) related to a gain on an insurance recovery, and a negative impact of $0.02 per share ($1.9 million of pre-tax expense) related to costs associated with the Mega Airless acquisition).

(1) Adjusted EBITDA is earnings excluding unusual items before net
interest, taxes, depreciation and amortization; see "Presentation of
Non-GAAP Information" and accompanying tables for further
information.
(2) ROIC is return on invested capital calculated by taking adjusted
after-tax EBIT (earnings before net interest and taxes) and dividing
it by average net capital; see "Presentation of Non-GAAP
Information" and accompanying tables for further information.

Fourth Quarter Results

For the quarter ended December 31, 2015, reported sales decreased 9% to $547 million from $599 million a year ago. Core sales, which exclude impacts from changes in currency exchange rates, increased by approximately 1%.

                                                                   Fourth Quarter Segment Sales Analysis
                                                                         (Change Over Prior Year)
                                                                                                                                                                            
                                                    Beauty +    Pharma    Food +       Total
                                                                         Home                                                     Beverage                      AptarGroup
                                                                       -------- -------------------- ------- -------------------- -------- -------------------- ----------
Sales Growth Before Currency Effects (Core Sales)                          (1%)        6%       (1%)           1%
Currency Effects (1)                                                      (11%)     (10%)       (6%)        (10%)
                                                                       -------- -------------------- ------- -------------------- -------- -------------------- ----------
Total Reported Sales Growth                                               (12%)      (4%)       (7%)         (9%)
                                                                       ======== ==================== ======= ==================== ======== ==================== ==========
                                                                                                                                                                            
(1) - Currency effects are approximated by translating last year’s
amounts at this year’s foreign exchange rates.

Commenting on the quarter, Stephen Hagge, President and CEO, said, "Despite several challenging conditions, including softness in several markets, we performed very well operationally. We achieved record fourth quarter earnings driven by operating margin improvements across each business segment compared to a year ago. Our Beauty + Home segment continued to see softness in the personal care market although we were encouraged to see year over year quarterly core sales increase in the beauty market for the first time in 2015. Our Pharma segment had another excellent quarter, driven by strong demand for our delivery solutions for the prescription drug and injectables markets that offset weak demand from the consumer healthcare market. Our Food + Beverage segment was negatively impacted by beverage demand seasonality. While we continued to benefit from lower input costs, we also remained focused on containing costs and improving operating efficiencies across each segment. These factors drove adjusted EBITDA margin to 19 percent and resulted in comparable adjusted earnings per share growth of 18 percent."

AptarGroup reported earnings per share of $0.68 compared to $0.63 per share a year ago. Excluding unusual items from the current period and assuming a comparable foreign currency exchange environment, comparable earnings per share would have been $0.67 compared to $0.57 for the prior year. A reconciliation of adjusted earnings per diluted share to the most directly comparable GAAP measure is provided in the tables that accompany this press release.

Annual Results

For the year ended December 31, 2015, reported sales decreased 11% to approximately $2.3 billion from $2.6 billion a year ago. Core sales, which exclude impacts from changes in currency exchange rates, increased by approximately 1%.

                                                                       Annual Segment Sales Analysis
                                                                         (Change Over Prior Year)
                                                                                                                                                                            
                                                    Beauty +    Pharma    Food +       Total
                                                                         Home                                                     Beverage                      AptarGroup
                                                                       -------- -------------------- ------- -------------------- -------- -------------------- ----------
Sales Growth Before Currency Effects (Core Sales)                          (2%)        8%         2%           1%
Currency Effects (1)                                                      (13%)     (13%)       (7%)        (12%)
                                                                       -------- -------------------- ------- -------------------- -------- -------------------- ----------
Total Reported Sales Growth                                               (15%)      (5%)       (5%)        (11%)
                                                                       ======== ==================== ======= ==================== ======== ==================== ==========
                                                                                                                                                                            
(1) - Currency effects are approximated by translating last year’s
amounts at this year’s foreign exchange rates.

Hagge commented on the annual results, "It was a challenging year with sluggish macroeconomic conditions, foreign currency translation headwinds and softness in several key markets. Even though we faced these issues, we grew the top line on a core basis, adapted to the softer market conditions with a company-wide focus on cost containment and benefited from lower input costs. As a result, we achieved an adjusted EBITDA margin of 20 percent, return on invested capital of 14 percent and grew comparable adjusted earnings per share by 21 percent. We also executed our balanced capital allocation strategy and completed our accelerated share repurchase program, increased our dividend and announced a strategic acquisition just after the end of the year."

AptarGroup reported earnings per share of $3.09 compared to $2.85 a year ago. Excluding exceptional items from the current period and assuming a comparable foreign currency exchange environment, comparable earnings per share would have been $3.00 compared to $2.48 for the prior year. A reconciliation of adjusted earnings per diluted share to the most directly comparable GAAP measure is provided in the tables that accompany this press release.

Outlook

Commenting on AptarGroup’s outlook, Hagge said, "We don’t anticipate significant changes in the various macro challenges that we are facing in the coming quarter. The foreign currency exchange environment is expected to have a negative impact on our reported results. We will remain flexible to adapt to changing market conditions with a continued focus on containing costs while we invest in innovation and new solutions that are designed to help our customers grow their businesses. We also look forward to closing the Mega Airless transaction and moving forward with our plans to grow our expanded airless platform globally."

AptarGroup expects earnings per share for the first quarter, excluding any impacts from costs associated with the Mega Airless acquisition, to be in the range of $0.69 to $0.74 per share compared to $0.70 per share reported in the prior year. Assuming a comparable foreign currency exchange rate environment, comparable earnings per share for the prior year would have been approximately $0.68 per share.

Open Conference Call

There will be a conference call on Friday, February 5, 2016 at 8:00 a.m. Central Time to discuss AptarGroup’s fourth quarter and annual results for 2015. 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. A 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.

Presentation of Non-GAAP Information

This press release refers to certain non-GAAP financial measures, including adjusted earnings per share, adjusted EBITDA and adjusted ROIC, which exclude the impact of costs related to an acquisition and a gain from an insurance recovery that were recorded in the fourth quarter of 2015, and income from a change in the method of valuing inventory (from LIFO to FIFO) that was recorded in the second quarter of 2015. Comparable adjusted earnings per share also excludes the impact of foreign currency effects. Non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures provided by other companies. AptarGroup’s management believes it is useful to present these non-GAAP financial measures because they allow for a better period over period comparison of operating results by removing the impact of items that, in management’s view, do not reflect AptarGroup’s core operating performance. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial results, but should be read in conjunction with the unaudited condensed consolidated statements of income and other information presented herein. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure is included in the accompanying tables.

This press release contains forward-looking statements. Words such as "expects," "anticipates," "believes," "estimates," "future" and other similar expressions or future or conditional verbs such as "will," "should," "would" and "could" are intended to identify such 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, the ability to complete the Mega Airless acquisition; economic conditions worldwide as well as potential deflationary conditions in regions we rely on for growth; political conditions worldwide; significant fluctuations in foreign currency exchange rates; 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 availability of raw materials and components; our ability to increase prices, contain costs and improve productivity; changes in capital availability or cost, including interest rate fluctuations; volatility of global credit markets; cybersecurity threats that could impact our networks and reporting systems; fiscal and monetary policies and other regulations, including changes in tax rates; direct or indirect consequences of acts of war or terrorism; work stoppages due to labor disputes; and competition, including technological advances. 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-Ks and Form 10-Qs. 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                                                                                                                                                       Year Ended
                                                                                                                                         December 31,                                                                                                                   December 31,
                                                                                   --------------------------------------------------------------------------------------------------------------------------------------------- -------------------- -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                          2015                                                                   2014                                                                                         2015                                                                     2014                         
                                                                                   -----------------------------------------------                        -----------------------------------------------                                             -------------------------------------------------                        -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                    
Net Sales                                                                                             $ 546,773                                                              $ 599,185                                                                                   $ 2,317,149                                                              $ 2,597,809
Cost of Sales (exclusive of depreciation
  shown below) (1)                                                                                      359,969                                                                407,284                                                                                     1,502,650                                                                1,755,266
Selling, Research & Development and
  Administrative (2)                                                                                     84,592                                                                 89,100                                                                                       351,461                                                                  383,909
Depreciation and Amortization                                                         35,229                           38,347                                                 138,893                            152,218  
                                                                                   -------------------- ------- --------------------                      -------------------- ------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Operating Income                                                                                         66,983                                                                 64,454                                                                                       324,145                                                                  306,416
Other Income/(Expense):
  Interest Expense                                                                                       (9,169 )                                                               (5,570 )                                                                                     (34,615 )                                                                (21,029 )
  Interest Income                                                                                           998                                                                  1,348                                                                                         5,596                                                                    4,797
  Equity in results of affiliates                                                                            17                                                                    (49 )                                                                                        (718 )                                                                 (1,917 )
  Miscellaneous, net (3)                                                               2,915                           (1,384 )                                                                      163                             (1,966 )
                                                                                   -------------------- ------- --------------------                      -------------------- ------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Income before Income Taxes                                                                               61,744                                                                 58,799                                                                                       294,571                                                                  286,301
Provision for Income Taxes                                                            18,351                           17,287                                                  95,276                             94,677  
                                                                                   -------------------- ------- --------------------                      -------------------- ------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Net Income                                                                                            $  43,393                                                              $  41,512                                                                                   $   199,295                                                              $   191,624
                                                                                                                                                                                                                                                                                                                                                                                    
Net Loss Attributable to Noncontrolling Interests                                         (2 )                                                86                                                      53                                 34  
                                                                                   -------------------- ------- --------------------                      -------------------- ------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Net Income Attributable to AptarGroup, Inc.                                                           $  43,391                                           $  41,598                                                                $   199,348                                           $   191,658  
                                                                                   ==================== ======= ====================                      ==================== ======= ====================                                           ==================== ========= ====================                      ==================== ========= ====================
Net Income Attributable to AptarGroup, Inc. Per Common Share:
  Basic                                                                                               $    0.69                                           $    0.65                                                                $      3.19                                           $      2.95  
                                                                                   ==================== ======= ====================                      ==================== ======= ====================                                           ==================== ========= ====================                      ==================== ========= ====================
  Diluted                                                                                             $    0.68                                           $    0.63                                                                $      3.09                                           $      2.85  
                                                                                   ==================== ======= ====================                      ==================== ======= ====================                                           ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                    
Average Numbers of Shares Outstanding:
  Basic                                                                                                  62,461                                                                 64,368                                                                                        62,585                                                                   65,009
  Diluted                                                                                                64,266                                                                 66,121                                                                                        64,492                                                                   67,292
Notes to Condensed Consolidated Financial Statements:
(1) Cost of Sales for the year ended December 31, 2015 included
approximately $7.4 million of income related to a change in
inventory valuation methodology recorded in the second quarter of
2015.
(2) Selling, Research & Development and Administrative for the
quarter and year ended December 31, 2015 included approximately $1.9
million of costs related to the Mega Airless acquisition.
(3) Miscellaneous, net for the quarter and year ended December 31,
2015 included approximately $2.9 million of gain on an insurance
recovery.
                                                                         AptarGroup, Inc.
                                                      Condensed Consolidated Financial Statements (Unaudited)
                                                                            (continued)
                                                                          (In Thousands)
                                                                    Consolidated Balance Sheets
                                                                                            
                                                                                      December 31, 2015                                    December 31, 2014
                                                                               -------------------------------                     --------------------------------
ASSETS
                                                                                                                                    
Cash and Equivalents                                                                              $   489,901                                         $    399,762
Short-term Investments                                                              29,816                                 -
                                                                               -------------------- ---------                      -------------------- ----------
   Total Cash and Equivalents, and Short-term Investments                                             519,717                                              399,762
Receivables, net                                                                                      377,038                                              406,976
Inventories                                                                                           294,912                                              311,072
Other Current Assets                                                                88,795                            96,128
                                                                               -------------------- ---------                      -------------------- ----------
   Total Current Assets                                                                             1,280,462                                            1,213,938
Net Property, Plant and Equipment                                                                     765,383                                              811,655
Goodwill, net                                                                                         310,240                                              329,741
Other Assets                                                                        68,109                            81,856
                                                                               -------------------- ---------                      -------------------- ----------
Total Assets                                                                                      $ 2,424,194                                         $  2,437,190
                                                                               ==================== =========                      ==================== ==========
                                                                                                                                    
LIABILITIES AND EQUITY
                                                                                                                                    
Short-Term Obligations                                                                            $    56,972                                         $    251,976
Accounts Payable and Accrued Liabilities                                           340,396                           352,762
                                                                               -------------------- ---------                      -------------------- ----------
   Total Current Liabilities                                                                          397,368                                              604,738
Long-Term Obligations                                                                                 762,524                                              588,892
Deferred Liabilities                                                               114,596                           139,644
                                                                               -------------------- ---------                      -------------------- ----------
Total Liabilities                                                                                   1,274,488                                            1,333,274
                                                                                                                                    
AptarGroup, Inc. Stockholders’ Equity                                                               1,149,411                                            1,103,407
Noncontrolling Interests in Subsidiaries                                               295                               509
                                                                               -------------------- ---------                      -------------------- ----------
Total Equity                                                                     1,149,706                         1,103,916
                                                                               -------------------- ---------                      -------------------- ----------
                                                                                                                                    
Total Liabilities and Equity                                                                      $ 2,424,194                                         $  2,437,190
                                                                               ==================== =========                      ==================== ==========
                                                                                                                                                                                AptarGroup, Inc.
                                                                                                                                                             Condensed Consolidated Financial Statements (Unaudited)
                                                                                                                                                                                   (continued)
                                                                                                                                                                                 (In Thousands)
                                                                                                                                                                               Segment Information
                                                                                                                                                                                                                                      
                                                                                            Three Months Ended                                                                                                                   Year Ended
                                                                                                                  December 31,                                                                                                                     December 31,
                                                            --------------------------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                      
                                                                                   2015                                                                   2014                                                                                                              2015                                                                     2014
                                                            -----------------------------------------------                        -----------------------------------------------                                                                  -------------------------------------------------                        -------------------------------------------------
NET SALES
--------------------------------------
Beauty + Home                                                                  $ 302,770                                                              $ 342,930                                                                                                        $ 1,272,946                                                              $ 1,498,297
Pharma                                                                           174,824                                                                181,996                                                                                                            712,220                                                                  751,226
Food + Beverage                                                69,179                           74,259                                                                      331,983                            348,286  
                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                                                                -------------------- --------- --------------------                      -------------------- --------- --------------------
Total Net Sales                                                                $ 546,773                                           $ 599,185                                                                                     $ 2,317,149                                           $ 2,597,809  
                                                            ==================== ======= ====================                      ==================== ======= ====================                                                                ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                  
SEGMENT INCOME (1)
--------------------------------------
Beauty + Home                                                                  $  20,178                                                              $  17,990                                                                                                        $    98,707                                                              $    98,368
Pharma                                                                            50,105                                                                 50,109                                                                                                            210,509                                                                  204,698
Food + Beverage                                                                    5,454                                                                  4,519                                                                                                             42,731                                                                   37,728
Corporate and Other (2)                                        (5,822 )                                            (9,597 )                                                                                       (28,357 )                                             (38,261 )
                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                                                                -------------------- --------- --------------------                      -------------------- --------- --------------------
Total Income Before Interest and Taxes                                         $  69,915                                                              $  63,021                                                                                                        $   323,590                                                              $   302,533
Interest Expense, Net                                          (8,171 )                                            (4,222 )                                                                                       (29,019 )                                             (16,232 )
                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                                                                -------------------- --------- --------------------                      -------------------- --------- --------------------
Income before Income Taxes                                                     $  61,744                                           $  58,799                                                                                     $   294,571                                           $   286,301  
                                                            ==================== ======= ====================                      ==================== ======= ====================                                                                ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                  
SEGMENT INCOME AS % OF NET SALES
--------------------------------------
Beauty + Home                                                                        6.7 %                                                                  5.2 %                                                                                                              7.8 %                                                                    6.6 %
Pharma                                                                              28.7 %                                                                 27.5 %                                                                                                             29.6 %                                                                   27.2 %
Food + Beverage                                                                      7.9 %                                                                  6.1 %                                                                                                             12.9 %                                                                   10.8 %
Notes to Condensed Consolidated Financial Statements:
(1) The Company evaluates performance of its business units and
allocates resources based upon segment income, defined as earnings
before net interest expense, certain corporate expenses and income
taxes.
(2) Corporate and Other for the quarter and year ended December 31,
2015 included approximately $1.9 million of costs related to the
Mega Airless acquisition and approximately $2.9 million of gain on
an insurance recovery, and the year ended December 31, 2015 also
included approximately $7.4 million of income related to a change in
inventory valuation methodology recorded in the second quarter of
2015.
                                                                                                                                                                       AptarGroup, Inc.
                                                                                                                                               Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income
                                                                                                                                                                          (Unaudited)
                                                                                                                                                                        (In Thousands)
                                                                                                                                                                                                                                      
                                                                                                                        Three Months Ended                                                                                                             Year Ended
                                                                                                                                              December 31,                                                                                                                                  December 31,
                                                                                        -------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                      
                                                                                                               2015                                                                   2014                                                                   2015                                                                   2014
                                                                                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
Reported net income                                                                                        $  43,393                                                              $  41,512                                                              $ 199,295                                                              $ 191,624
Reported income taxes                                                                      18,351        17,287        95,276        94,677  
                                                                                        -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Reported income before income taxes                                                                           61,744                                                                 58,799                                                                294,571                                                                286,301
Adjustments:
Change in inventory valuation method (from LIFO to FIFO)                                                                                                                                                                                                    (7,427 )
Costs associated with Mega Airless acquisition                                                                 1,892                                                                                                                                         1,892
Gain on insurance recovery                                                                 (2,900 )                                                          (2,900 )                       
                                                                                        -------------------- ------- -------------------- -------------------- ---------------------------------------------------------------------- -------------------- ------- -------------------- -------------------- --------------------------------------------------
Adjusted earnings before income taxes                                                                         60,736                                                                 58,799                                                                286,136                                                                286,301
Interest expense                                                                                               9,169                                                                  5,570                                                                 34,615                                                                 21,029
Interest income                                                                              (998 )                         (1,348 )                         (5,596 )                         (4,797 )
                                                                                        -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Adjusted earnings before net interest and taxes (Adjusted EBIT)                                               68,907                                                                 63,021                                                                315,155                                                                302,533
Depreciation and amortization                                                              35,229        38,347       138,893       152,218  
                                                                                        -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Adjusted earnings before net interest, taxes, depreciation and                                             $ 104,136                        $ 101,368                        $ 454,048                        $ 454,751  
amortization (Adjusted EBITDA)
                                                                                        ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                
Adjusted EBITDA margin (Adjusted EBITDA / Reported Net Sales)                                                     19 %                                                                   17 %                                                                   20 %                                                                   18 %
                                                                                                                                                                                                                                                                                                                                                                
Adjusted earnings before net interest and taxes (Adjusted EBIT)                                                                                                                                                                                          $ 315,155                                                              $ 302,533
Effective income tax rate (reported income taxes / reported income                                                                                                                                                                         32.3 %                           33.1 %
before income taxes)
                                                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Taxes on Adjusted EBIT                                                                                                                                                                                                                  101,795       100,138  
                                                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Adjusted EBIT After Taxes                                                                                                                                                                                                                                $ 213,360                        $ 202,395  
                                                                                                                                                                                                                                      ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                AptarGroup, Inc.
                                                                          Reconciliation of Capital to Stockholders’ Equity (Unaudited)
                                                                                                 (In Thousands)
                                                                                        2015                                                  2014
                                                                                   -------------------------------------------------                        -------------------------------------------------
                                                                                                                                                                                                                 
Total AptarGroup, Inc. Stockholders’ Equity                                                           $ 1,149,411                                                              $ 1,103,407
Long-term obligations                                                                                     762,524                                                                  588,892
Short-term obligations                                                                  56,972                            251,976  
                                                                                   -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                        1,968,907                                                                1,944,275
Less:
Cash and equivalents, and short-term investments                                       519,717                            399,762  
                                                                                   -------------------- --------- --------------------                      -------------------- --------- --------------------
Total Capital                                                                                         $ 1,449,190                                           $ 1,544,513  
                                                                                   ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                 
Average Capital (average of beginning of year and end of year                                         $ 1,496,852                                                              $ 1,604,496
capital)
                                                                                                                                                                                                                 
Adjusted EBIT After Taxes                                                                             $   213,360                                                              $   202,395
ROIC (Adjusted EBIT After Taxes / Average Capital)                                                             14 %                                                                     13 %
                                                                                                                                                               AptarGroup, Inc.
                                                                                                                                       Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
                                                                                                                                                                                                                                      
                                                                                                             Three Months Ended                                                                                              Year Ended
                                                                                                                                   December 31,                                                                                                December 31,
                                                                                     ---------------------------------------------------------------------------------------------------------------------------- -------------------- --------------------------------------------------------------------------------------------------------
                                                                                                    2015                                        2014                                                                               2015                                        2014
                                                                                     --------------------------------                        ---------------------------------------------                                             --------------------------------                        ---------------------------------------------
                                                                                                                                                                                                                                                                                                                                                
Net Income Attributable to AptarGroup, Inc. Per Diluted Share                             $   0.68                                                              $  0.63                                                                     $   3.09                                                              $  2.85
                                                                                                                                                                                                                                                                                                                                                
Adjustments (1):
---------------------------------------------------------------
Cost related to the Mega Airless acquisition                                                  0.02                                                                                                                                              0.02
Gain on an insurance recovery                                                                (0.03 )                                                                                                                                           (0.03 )
Income from change in inventory valuation method                                                                                                                                                                                               (0.08 )
Foreign currency effects (2)                                                                             (0.06 )                                            (0.37 )
                                                                                     ------------------------------------------------------- -------------------- ----- -------------------- -------------------- -------------------- ------------------------------------------------------- -------------------- ----- --------------------
Adjusted Earnings Per Diluted Share                                                       $   0.67                        $  0.57            $   3.00                        $  2.48  
                                                                                     ====== ====== ==================== ==================== ==================== ===== ==================== ==================== ==================== ====== ====== ==================== ==================== ==================== ===== ====================
                                                                                                                                                                                                                                                                                                                                                
(1) Tax effects of the after-tax adjustments noted above are as
follows:
                                                                                                                                Three Months Ended                                                                                                                                    Year Ended
                                                                                                                                   December 31,                                                                                                                                      December 31,
                                                                                     --------------------------------------------------------------------------------------------------------                                          --------------------------------------------------------------------------------------------------------
                                                                                                    2015                                                           2014                                                                               2015                                                           2014
                                                                                     --------------------------------                        ---------------------------------------------                                             --------------------------------                        ---------------------------------------------
                   Cost related to the Mega Airless acquisition                           $   0.01                                                                                                                                          $   0.01
                                  Gain on an insurance recovery                           $  (0.01 )                                                                                                                                        $  (0.01 )
               Income from change in inventory valuation method                                                                                                                                                                             $  (0.03 )
                                       Foreign currency effects                                                                                                 $ (0.02 )                                                                                                                                         $ (0.18 )
                                                                                                                                                                                                                                                                                                                                                
(2) Foreign currency effects are approximations of the adjustment
necessary to state the prior year earnings per share using current
period exchange rates.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160204006667r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160204006667/en/

SOURCE: AptarGroup, Inc.

AptarGroup, Inc. 
Matthew DellaMaria 
815-477-0424


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.