Q2 2024 Aptargroup Inc Earnings Call Transcript
Key Points
- AptarGroup Inc (ATR) achieved core sales growth of 3% and delivered adjusted EPS of $1.37 per share, a 12% increase over the prior year quarter.
- The company raised its dividend by approximately 10%, following an almost 8% increase last year.
- Strong demand for pharma proprietary drug delivery systems, with 7% core sales growth in the quarter.
- The Beauty segment saw volume increases and improved margins by a full percentage point over the prior year period.
- AptarGroup Inc (ATR) released its 2023 corporate sustainability and ESG report, highlighting significant progress in sustainability, including being named among America's Climate Leaders by USA Today and one of the world's most sustainable companies by Time Magazine.
- Sales in the injectables segment declined compared to the prior year quarter as sales normalized following last year's strong second quarter catch-up.
- The Beauty segment's core sales decreased 1% in the quarter, driven by lower product sales in Europe and lower tooling sales.
- Closure segment's core sales were flat compared to the prior year's quarter, with volumes only slightly increasing and negatively impacted by the pass-through of lower resin costs.
- Higher corporate expenses in the quarter, including more than $3 million in expenses for the review of potential acquisition targets.
- The company anticipates a noisy year for the injectable division, with demand for higher-value products continuing to grow but facing challenges from destocking in some SKUs.
Ladies and gentlemen, thank you for standing by. Welcome to Aptar's 2024 second quarter conference call will begin shortly. (Operator Instructions)
Introducing today's conference call is Ms. Mary Skafidas, Senior Vice President, Investor Relations and Communications. Please go ahead.
Thank you. Hello, everyone, and thanks for being with us today. Joining me on the call are Stephan Tanda, President and CEO; and Bob Kuhn, Executive Vice President and CFO. Our press release and accompanying slide deck have been posted on our website. If you are following along on our website, you can advance the slides by hovering over the presentation screen and clicking on the arrows on the right and left. As always, we will also post a replay of this call on our website.
Today's call includes some forward-looking statements. Please refer to our SEC filings to review factors that could cause actual results to differ materially from what we are discussing today.
I would now like to turn the conference
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