- AptarGroup Inc ATR reported second-quarter FY21 sales growth of 15.9% year-on-year, to $811.03 million, beating the analyst consensus of $774.81 million.
- The Core sales, excluding currency effects, increased 10% on double-digit core growth in Beauty + Home and Food + Beverage, driven by increased demand for dispensing solutions and price adjustments.
- Selling, research & development, and administrative expenses rose 14% Y/Y to $140.9 million.
- The operating margin was 10.4%, and operating income for the quarter rose 19.8% Y/Y to $84.4 million.
- Adjusted EBITDA totaled $148 million, an 8% Y/Y increase.
- Cash flow from operations declined 23% to $176 million in H1. The company held $291.5 million in cash and equivalents as of June 30, 2021.
- Adjusted EPS of $0.91 missed the analyst consensus of $0.96.
- "We will continue to take action to mitigate the effects of a rising input cost environment, which compressed our margins during the quarter, particularly in Beauty + Home and Food + Beverage. Despite the issues we faced in the quarter, we expect a recovery in the second half, especially as we get toward the end of the year," said CEO Stephan B. Tanda.
- AptarGroup recently declared a quarterly cash dividend of $0.38 per share, payable on August 25, 2021, to stockholders of record as of August 4, 2021.
- Outlook: AptarGroup expects broader macro factors that impacted its Q2 business not to change dramatically in Q3.
- It expects Q3 EPS excluding items of $0.90- $0.98, versus the consensus of $1.10.
- Price action: ATR shares closed higher by 1.02% at $139.05 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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