Aptar Reports Second Quarter 2022 Results

July 29, 2022 Off By BusinessWire

CRYSTAL LAKE, Ill.–(BUSINESS WIRE)–AptarGroup, Inc. (NYSE:ATR), a global leader in drug delivery, consumer product dispensing and active material science solutions and services, today reported net income of $64 million for the quarter ended June 30, 2022, a 15% increase over the prior year. Reported sales grew 4% and core sales increased by 10% over the prior year.


“Aptar delivered a strong quarter, remaining resilient while navigating a very dynamic and uncertain environment. As we look to the year ahead, we will remain focused on pricing initiatives to help offset continued rising input costs, managing our expenses and prudently allocating our capital by investing in services and product lines that drive shareholder return over the long term,” said Stephan B. Tanda, President and CEO, Aptar.

Second Quarter 2022 Summary

  • Reported sales grew 4% and net income increased 15% to $64 million
  • Core sales increased 10% and adjusted EBITDA increased 8% to $160 million
  • Reported earnings per share increased 17% to $0.95 compared to $0.81 in the prior year
  • Adjusted earnings per share increased 13% to $0.96 compared to $0.85 in the prior year (including comparable exchange rates)
  • Each segment achieved sales growth through improved volume as well as increased pricing, with Pharma and Beauty + Home segments reaching double-digit core sales growth

Second Quarter Results

For the quarter ended June 30, 2022, reported sales increased 4% to $845 million compared to $811 million in the prior year. Core sales, excluding the impact from changes in currency exchange rates and acquisitions, increased 10%.

Second Quarter Segment Sales Analysis

(Change Over Prior Year)

 

Pharma

Beauty + Home

Food + Beverage

Total AptarGroup

Core Sales Growth

12%

10%

8%

10%

Acquisitions

1%

0%

0%

0%

Currency Effects (1)

(8%)

(7%)

(2%)

(6%)

Total Reported Sales Growth

5%

3%

6%

4%

(1) – Currency effects are approximated by translating last year’s amounts at this year’s foreign exchange rates.

Aptar’s Pharma segment achieved double-digit core sales growth due to increased volumes across each end market. Demand for nasal devices for allergic rhinitis treatments, emergency medicines and decongestants principally drove the growth in the prescription drug and consumer health care markets. Sales of Aptar’s elastomer components for injected medicines remained strong across multiple uses, including biologics.

Aptar’s Beauty + Home segment grew through pricing initiatives as well as increased volume in the beauty and personal care markets. Several categories previously under pressure due to the pandemic showed recovery during the quarter, including fragrance, facial skincare, haircare and sunscreens.

Growth in Aptar’s Food + Beverage segment was driven primarily by pricing, with volumes in the food market softening, especially in North America, after a period of strong growth. Volumes in the beverage market increased as demand recovered in the quarter.

Aptar reported second quarter earnings per share of $0.95, an increase of 17%, compared to $0.81 during the same period a year ago. Second quarter adjusted earnings per share, excluding restructuring charges, acquisition costs and the unrealized loss on an equity investment, were $0.96, an increase of 13%, compared to $0.85 in the prior year, including comparable exchange rates. The prior year’s adjusted earnings included an effective tax rate of 25% (approximately $0.04 cents per share impact compared to the current period effective tax rate of 29%).

Year-to-Date Results

For the six months ended June 30, 2022, reported sales increased 6% to $1.69 billion compared to $1.59 billion in the prior year. Core sales, excluding the impact from changes in currency exchange rates and acquisitions, increased 11%.

Six Months Year-To-Date Segment Sales Analysis

(Change Over Prior Year)

 

Pharma

Beauty + Home

Food + Beverage

Total AptarGroup

Core Sales Growth

13%

10%

13%

11%

Acquisitions

1%

0%

0%

0%

Currency Effects (1)

(7)%

(5)%

(2)%

(5)%

Total Reported Sales Growth

7%

5%

11%

6%

 

(1) – Currency effects are approximated by translating last year’s amounts at this year’s foreign exchange rates.

For the six months ended June 30, 2022, Aptar’s reported earnings per share were $1.88, a decrease of 8%, compared to $2.05 reported a year ago. Current year adjusted earnings per share, excluding restructuring charges, acquisition costs and the unrealized gains or losses on an equity investment, were $1.92 and increased 2% from prior year adjusted earnings per share of $1.89, including comparable exchange rates. The prior year’s adjusted earnings included an effective tax rate of 20% (approximately $0.19 cents per share impact compared to current period effective tax rate of 28%).

Outlook

Regarding Aptar’s third quarter outlook, Tanda stated, “We are recovering nicely in the critical markets that had previously been impacted by the pandemic, including our Pharma segment’s prescription drug and consumer health care markets which are expected to continue strong momentum in the coming quarter. At the same time, we are operating in an uncertain environment, which continues to be affected by rising inflation, the ongoing war in Ukraine, supply chain disruptions, and a very tight U.S. labor market. In addition, the stronger dollar is expected to continue to have an impact on our results. We believe we are well positioned to navigate a potential economic downturn due to the strength of our balance sheet, our disciplined approach to capital management and our broad portfolio of innovative solutions that serve multiple essential markets.”

Aptar expects earnings per share for the third quarter of 2022, excluding any restructuring expenses, changes in the fair value of equity investments and acquisition costs, to be in the range of $0.90 to $1.00. This guidance is based on an effective tax rate range of 28% to 30% which compares to an effective tax rate of 28% on prior year adjusted earnings. The midpoint of this guidance range represents a 10% increase over the prior year third quarter adjusted earnings per share when currency translation effects are equalized. The earnings per share guidance range was based on a Euro/US$ exchange rate of 1.02 and the spot rates at the end of June for all other currencies. Our currency exchange rate assumptions equate to an approximately $0.08 per share headwind when compared to the prior year third quarter earnings.

Cash Dividends and Share Repurchases

As previously announced, Aptar’s Board of Directors declared a quarterly cash dividend of $0.38 per share. The payment date is August 17, 2022, to stockholders of record as of July 27, 2022. During the second quarter, Aptar repurchased 348 thousand shares for approximately $37 million, leaving $147 million authorized for common stock repurchases at the end of the second quarter. Aptar may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions.

Open Conference Call

There will be a conference call held on Friday, July 29, 2022 at 8:00 a.m. Central Time to discuss the Company’s second quarter results for 2022. 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. Replay of the conference call can also be accessed for a limited time on the Investor Relations page of the website.

About Aptar

Aptar is a global leader in the design and manufacturing of a broad range of drug delivery, consumer product dispensing and active material science solutions and services. Aptar’s innovative solutions and services serve a variety of end markets including pharmaceutical, beauty, personal care, home care, food and beverage. Using insights, proprietary design, engineering and science to create dispensing, dosing and protective technologies for many of the world’s leading brands, Aptar in turn makes a meaningful difference in the lives, looks, health and homes of millions of patients and consumers around the world. Aptar is headquartered in Crystal Lake, Illinois and has 13,000 dedicated employees in 20 countries. For more information, visit www.aptar.com.

Presentation of Non-GAAP Information

This press release refers to certain non-GAAP financial measures, including current year adjusted earnings per share and adjusted EBITDA, which exclude the impact of business transformation charges (restructuring initiatives), acquisition-related costs, certain purchase accounting adjustments related to acquisitions and investments and net unrealized investment gains and losses related to observable market price changes on equity securities. Core sales and adjusted earnings per share also neutralize the impact of foreign currency translation effects when comparing current results to the prior year. Non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures provided by other companies. Aptar’s management believes these non-GAAP financial measures provide useful information to our investors 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 Aptar’s core operating performance. These non-GAAP financial measures also provide investors with certain information used by Aptar’s management when making financial and operational decisions. Free cash flow is calculated as cash provided by operating activities less capital expenditures plus proceeds from government grants related to capital expenditures. We use free cash flow to measure cash flow generated by operations that is available for dividends, share repurchases, acquisitions and debt repayment. We believe that it is meaningful to investors in evaluating our financial performance and measuring our ability to generate cash internally to fund our initiatives. 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 non-GAAP financial measures to the most directly comparable GAAP measures is included in the accompanying tables. Our outlook is provided on a non-GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates and changes in the fair value of equity investments, or reliably predicted because they are not part of the Company’s routine activities, such as restructuring and acquisition costs.

This press release contains forward-looking statements, including certain statements set forth under the “Outlook” section of this press release. Words such as “expects,” “anticipates,” “believes,” “estimates,” “future,” “potential,” “continues” 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 our beliefs as well as assumptions made by and information currently available to us. Accordingly, our actual results or other events may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in our operations and business environment including, but not limited to: geopolitical conflicts worldwide including the invasion of Ukraine by the Russian military and the resulting indirect impact on demand from our customers selling their products into these countries, as well as rising energy costs and certain supply chain disruptions; the impact of COVID-19 and its variants on our global supply chain and our global customers, employees and operations, which has elevated and will continue to elevate many of the risks and uncertainties discussed below; economic conditions worldwide, including inflationary conditions in the U.S. and potential deflationary or inflationary conditions in other regions we rely on for growth; the availability of direct labor workers and the increase in direct labor costs, especially in North America; our ability to preserve organizational culture and maintain employee productivity in the work-from-home environment caused by the current pandemic; the availability of raw materials and components (particularly from sole sourced suppliers) as well as the financial viability of these suppliers; fluctuations in the cost of materials, components, transportation cost as a result of supply chain disruptions and labor shortages, and other input costs (particularly resin, metal, anodization costs and energy costs); significant fluctuations in foreign currency exchange rates or our effective tax rate; the impact of tax reform legislation, changes in tax rates and other tax-related events or transactions that could impact our effective tax rate; financial conditions of customers and suppliers; consolidations within our customer or supplier bases; changes in customer and/or consumer spending levels; loss of one or more key accounts; our ability to successfully implement facility expansions and new facility projects; our ability to offset inflationary impacts with cost containment, productivity initiatives or price increases; changes in capital availability or cost, including interest rate fluctuations; volatility of global credit markets; our ability to identify potential new acquisitions and to successfully acquire and integrate such operations, including the successful integration of the businesses we have acquired, including contingent consideration valuation; our ability to build out acquired businesses and integrate the product/service offerings of the acquired entities into our existing product/service portfolio; direct or indirect consequences of acts of war, terrorism or social unrest; cybersecurity threats that could impact our networks and reporting systems; the impact of natural disasters and other weather-related occurrences; fiscal and monetary policies and other regulations; changes or difficulties in complying with government regulation; changing regulations or market conditions regarding environmental sustainability; work stoppages due to labor disputes; competition, including technological advances; our ability to protect and defend our intellectual property rights, as well as litigation involving intellectual property rights; the outcome of any legal proceeding that has been or may be instituted against us and others; our ability to meet future cash flow estimates to support our goodwill impairment testing; the demand for existing and new products; the success of our customers’ products, particularly in the pharmaceutical industry; our ability to manage worldwide customer launches of complex technical products, particularly in developing markets; difficulties in product development and uncertainties related to the timing or outcome of product development; significant product liability claims; and other risks associated with our operations.. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K and Form 10-Qs. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

AptarGroup, Inc.

Condensed Consolidated Financial Statements (Unaudited)

(In Thousands, Except Per Share Data)

Consolidated Statements of Income

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Net Sales

$

844,543

 

 

$

811,032

 

 

$

1,689,475

 

 

$

1,587,786

 

Cost of Sales (exclusive of depreciation and amortization shown below)

 

549,010

 

 

 

523,050

 

 

 

1,091,738

 

 

 

1,011,755

 

Selling, Research & Development and Administrative

 

135,382

 

 

 

140,913

 

 

 

280,923

 

 

 

275,261

 

Depreciation and Amortization

 

58,552

 

 

 

57,790

 

 

 

117,217

 

 

 

115,228

 

Restructuring Initiatives

 

428

 

 

 

4,876

 

 

 

719

 

 

 

8,548

 

Operating Income

 

101,171

 

 

 

84,403

 

 

 

198,878

 

 

 

176,994

 

Other Income (Expense):

 

 

 

 

 

 

 

Interest Expense

 

(11,982

)

 

 

(7,175

)

 

 

(20,912

)

 

 

(14,590

)

Interest Income

 

989

 

 

 

624

 

 

 

1,277

 

 

 

1,005

 

Net Investment (Loss) Gain

 

(483

)

 

 

(1,611

)

 

 

(1,733

)

 

 

15,198

 

Equity in Results of Affiliates

 

(276

)

 

 

81

 

 

 

(362

)

 

 

(434

)

Miscellaneous, net

 

52

 

 

 

(2,028

)

 

 

(1,051

)

 

 

(2,991

)

Income before Income Taxes

 

89,471

 

 

 

74,294

 

 

 

176,097

 

 

 

175,182

 

Provision for Income Taxes

 

25,858

 

 

 

19,020

 

 

 

50,113

 

 

 

35,969

 

Net Income

$

63,613

 

 

$

55,274

 

 

$

125,984

 

 

$

139,213

 

Net Loss Attributable to Noncontrolling Interests

 

12

 

 

 

2

 

 

 

64

 

 

 

15

 

Net Income Attributable to AptarGroup, Inc.

$

63,625

 

 

$

55,276

 

 

$

126,048

 

 

$

139,228

 

Net Income Attributable to AptarGroup, Inc. per Common Share:

 

 

 

 

 

 

 

Basic

$

0.97

 

 

$

0.84

 

 

$

1.92

 

 

$

2.12

 

Diluted

$

0.95

 

 

$

0.81

 

 

$

1.88

 

 

$

2.05

 

 

 

 

 

 

 

 

 

Average Numbers of Shares Outstanding:

 

 

 

 

 

 

 

Basic

 

65,475

 

 

 

65,818

 

 

 

65,509

 

 

 

65,525

 

Diluted

 

66,900

 

 

 

68,086

 

 

 

66,969

 

 

 

67,869

 

AptarGroup, Inc.

Condensed Consolidated Financial Statements (Unaudited)

(continued)

($ In Thousands)

Consolidated Balance Sheets

 

 

June 30, 2022

 

December 31, 2021

ASSETS

 

 

 

 

 

 

 

Cash and Equivalents

$

240,474

 

$

122,925

Short-term Investments

 

 

 

740

Total Cash and Equivalents, and Short-term Investments

 

240,474

 

 

123,665

Accounts and Notes Receivable, Net

 

703,000

 

 

671,350

Inventories

 

470,600

 

 

441,464

Prepaid and Other Current Assets

 

144,567

 

 

121,729

Total Current Assets

 

1,558,641

 

 

1,358,208

Property, Plant and Equipment, Net

 

1,256,992

 

 

1,275,877

Goodwill

 

936,107

 

 

974,157

Other Assets

 

506,370

 

 

533,122

Total Assets

$

4,258,110

 

$

4,141,364

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Short-Term Obligations

$

70,286

 

$

289,627

Accounts Payable, Accrued and Other Liabilities

 

751,746

 

 

692,865

Total Current Liabilities

 

822,032

 

 

982,492

Long-Term Obligations

 

1,271,752

 

 

907,024

Deferred Liabilities and Other

 

215,862

 

 

267,248

Total Liabilities

 

2,309,646

 

 

2,156,764

 

 

 

 

AptarGroup, Inc. Stockholders’ Equity

 

1,934,111

 

 

1,969,407

Noncontrolling Interests in Subsidiaries

 

14,353

 

 

15,193

Total Equity

 

1,948,464

 

 

1,984,600

 

 

 

 

Total Liabilities and Equity

$

4,258,110

 

$

4,141,364

AptarGroup, Inc.

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

($ In Thousands)

 

 

Three Months Ended

June 30, 2022

 

 

 

Consolidated

 

 

Pharma

 

Beauty +

Home

 

Food +

Beverage

 

Corporate

& Other

 

Net Interest

Net Sales

$

844,543

 

 

 

$

340,231

 

 

$

371,346

 

 

$

132,966

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported net income

$

63,613

 

 

 

 

 

 

 

 

 

 

 

 

Reported income taxes

 

25,858

 

 

 

 

 

 

 

 

 

 

 

 

Reported income before income taxes

 

89,471

 

 

 

 

87,445

 

 

 

21,053

 

 

 

7,594

 

 

 

(15,628

)

 

 

(10,993

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring initiatives

 

428

 

 

 

 

 

 

 

420

 

 

 

8

 

 

 

 

 

 

Net unrealized investment loss

 

483

 

 

 

 

 

 

 

 

 

 

 

 

 

483

 

 

 

Adjusted earnings before income taxes

 

90,382

 

 

 

 

87,445

 

 

 

21,473

 

 

 

7,602

 

 

 

(15,145

)

 

 

(10,993

)

Interest expense

 

11,982

 

 

 

 

 

 

 

 

 

 

 

 

11,982

 

Interest income

 

(989

)

 

 

 

 

 

 

 

 

 

 

 

(989

)

Adjusted earnings before net interest and taxes (Adjusted EBIT)

 

101,375

 

 

 

 

87,445

 

 

 

21,473

 

 

 

7,602

 

 

 

(15,145

)

 

 

 

Depreciation and amortization

 

58,552

 

 

 

 

23,561

 

 

 

23,406

 

 

 

10,103

 

 

 

1,482

 

 

 

Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

$

159,927

 

 

 

$

111,006

 

 

$

44,879

 

 

$

17,705

 

 

$

(13,663

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

 

18.9

%

 

 

 

32.6

%

 

 

12.1

%

 

 

13.3

%

 

 

 

 

 

Three Months Ended

June 30, 2021

 

 

 

Consolidated

 

 

Pharma

 

Beauty +

Home

 

Food +

Beverage

 

Corporate

& Other

 

Net Interest

Net Sales

$

811,032

 

 

 

$

325,343

 

 

$

360,246

 

 

$

125,443

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported net income

$

55,274

 

 

 

 

 

 

 

 

 

 

 

 

Reported income taxes

 

19,020

 

 

 

 

 

 

 

 

 

 

 

 

Reported income before income taxes

 

74,294

 

 

 

 

81,806

 

 

 

12,122

 

 

 

9,691

 

 

 

(22,774

)

 

 

(6,551

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring initiatives

 

4,876

 

 

 

 

38

 

 

 

1,457

 

 

 

117

 

 

 

3,264

 

 

 

Net unrealized investment loss

 

1,611

 

 

 

 

 

 

 

 

 

 

 

 

 

1,611

 

 

 

Transaction costs related to acquisitions

 

2,434

 

 

 

 

2,434

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings before income taxes

 

83,215

 

 

 

 

84,278

 

 

 

13,579

 

 

 

9,808

 

 

 

(17,899

)

 

 

(6,551

)

Interest expense

 

7,175

 

 

 

 

 

 

 

 

 

 

 

 

7,175

 

Interest income

 

(624

)

 

 

 

 

 

 

 

 

 

 

 

(624

)

Adjusted earnings before net interest and taxes (Adjusted EBIT)

 

89,766

 

 

 

 

84,278

 

 

 

13,579

 

 

 

9,808

 

 

 

(17,899

)

 

 

 

Depreciation and amortization

 

57,790

 

 

 

 

21,701

 

 

 

24,331

 

 

 

9,818

 

 

 

1,940

 

 

 

Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

$

147,556

 

 

 

$

105,979

 

 

$

37,910

 

 

$

19,626

 

 

$

(15,959

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

 

18.2

%

 

 

 

32.6

%

 

 

10.5

%

 

 

15.6

%

 

 

 

 

AptarGroup, Inc.

Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)

($ In Thousands)

 

 

Six Months Ended

June 30, 2022

 

 

 

Consolidated

 

 

Pharma

 

Beauty +

Home

 

Food +

Beverage

 

Corporate

& Other

 

Net Interest

Net Sales

$

1,689,475

 

 

 

$

682,693

 

 

$

739,545

 

 

$

267,237

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported net income

$

125,984

 

 

 

 

 

 

 

 

 

 

 

 

Reported income taxes

 

50,113

 

 

 

 

 

 

 

 

 

 

 

 

Reported income before income taxes

 

176,097

 

 

 

 

179,651

 

 

 

36,734

 

 

 

16,567

 

 

 

(37,220

)

 

 

(19,635

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring initiatives

 

719

 

 

 

 

 

 

 

678

 

 

 

41

 

 

 

 

 

 

Net unrealized investment loss

 

2,574

 

 

 

 

 

 

 

 

 

 

 

 

 

2,574

 

 

 

Adjusted earnings before income taxes

 

179,390

 

 

 

 

179,651

 

 

 

37,412

 

 

 

16,608

 

 

 

(34,646

)

 

 

(19,635

)

Interest expense

 

20,912

 

 

 

 

 

 

 

 

 

 

 

 

20,912

 

Interest income

 

(1,277

)

 

 

 

 

 

 

 

 

 

 

 

(1,277

)

Adjusted earnings before net interest and taxes (Adjusted EBIT)

 

199,025

 

 

 

 

179,651

 

 

 

37,412

 

 

 

16,608

 

 

 

(34,646

)

 

 

 

Depreciation and amortization

 

117,217

 

 

 

 

46,907

 

 

 

46,965

 

 

 

20,332

 

 

 

3,013

 

 

 

Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

$

316,242

 

 

 

$

226,558

 

 

$

84,377

 

 

$

36,940

 

 

$

(31,633

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

 

18.7

%

 

 

 

33.2

%

 

 

11.4

%

 

 

13.8

%

 

 

 

 

 

Six Months Ended

June 30, 2021

 

 

 

Consolidated

 

 

Pharma

 

Beauty +

Home

 

Food +

Beverage

 

Corporate

& Other

 

Net Interest

Net Sales

$

1,587,786

 

 

 

$

639,175

 

 

$

707,192

 

 

$

241,419

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported net income

$

139,213

 

 

 

 

 

 

 

 

 

 

 

 

Reported income taxes

 

35,969

 

 

 

 

 

 

 

 

 

 

 

 

Reported income before income taxes

 

175,182

 

 

 

 

169,476

 

 

 

21,810

 

 

 

19,701

 

 

 

(22,220

)

 

 

(13,585

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring initiatives

 

8,548

 

 

 

 

73

 

 

 

2,553

 

 

 

38

 

 

 

5,884

 

 

 

Net unrealized investment gain

 

(15,198

)

 

 

 

 

 

 

 

 

 

 

 

 

(15,198

)

 

 

Transaction costs related to acquisitions

 

2,434

 

 

 

 

2,434

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings before income taxes

 

170,966

 

 

 

 

171,983

 

 

 

24,363

 

 

 

19,739

 

 

 

(31,534

)

 

 

(13,585

)

Interest expense

 

14,590

 

 

 

 

 

 

 

 

 

 

 

 

14,590

 

Interest income

 

(1,005

)

 

 

 

 

 

 

 

 

 

 

 

(1,005

)

Adjusted earnings before net interest and taxes (Adjusted EBIT)

 

184,551

 

 

 

 

171,983

 

 

 

24,363

 

 

 

19,739

 

 

 

(31,534

)

 

 

 

Depreciation and amortization

 

115,228

 

 

 

 

42,480

 

 

 

48,903

 

 

 

19,877

 

 

 

3,968

 

 

 

 

Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)

$

299,779

 

 

 

$

214,463

 

 

$

73,266

 

 

$

39,616

 

 

$

(27,566

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)

 

18.9

%

 

 

 

33.6

%

 

 

10.4

%

 

 

16.4

%

 

 

 

 

Contacts

Investor Relations Contacts:
Matt DellaMaria

[email protected]
815-479-5530

Mary Skafidas

[email protected]

Media Contact:
Katie Reardon

[email protected]
815-479-5671

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