Fri, Jul 26, 1:57 PM (43 days ago)
AptarGroup, Inc. reported a 2% increase in net sales for Q2 2024, reaching $910.1 million, driven by a 7% core sales increase in its Pharma segment, despite a 1% negative currency impact. Pharma segment sales rose to $414.5 million with significant growth in prescription drug and consumer healthcare products. Beauty segment sales decreased by 2% to $321.5 million due to lower tooling and prestige fragrance sales. Closures segment sales were stable at $174.0 million, with beverage market growth offset by lower food market sales. Operating income improved to $126.0 million, reflecting better operational performance and cost management. Adjusted EBITDA margin increased to 21.2%. The effective tax rate dropped to 23.5%, and net income rose to $90.5 million. The company anticipates continued growth in Q3 2024, projecting EPS of $1.38 to $1.46.