AptarGroup, Inc. (ATR) Misses Q2 EPS by 3c, Updates Guidance
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AptarGroup, Inc. (NYSE: ATR) reported Q2 EPS of $0.79, $0.03 worse than the analyst estimate of $0.82. Revenue for the quarter came in at $670.6 million versus the consensus estimate of $683.94 million.
AptarGroup, Inc. sees Q3 2014 EPS of $0.72-$0.77, versus the consensus of $0.77.
OUTLOOK
Commenting on AptarGroup’s outlook, Hagge said, “I am encouraged by the level of new product introductions by our customers and the new technologies and application fields we are exploring. Looking to the third quarter, we anticipate that each of our business segments will grow over the prior year. With a focus on operational efficiencies, cost containment and price adjustments where possible, we expect our Beauty + Home segment’s profitability to gradually improve during the second half of the year, however, conditions in Latin America are expected to remain challenging for this segment. Our Pharma and Food + Beverage segments are expected to continue to do well and the diversification of our business and flow of new product introductions will continue to support our long-term growth.”
AptarGroup expects earnings per share using a 35% effective tax rate to be in the range of $0.72 to $0.77 per share compared to $0.67 per share reported in the prior year, or $0.70 per share after excluding the negative impact of $0.03 per share from the European restructuring plan. AptarGroup is in the process of implementing a legal entity reorganization for our non-U.S. subsidiaries that will allow greater financial flexibility in the future. As a result of this legal entity reorganization, the Company expects to record a one-time tax expense in the third quarter of approximately $3 million or $0.04 per share, which is not included in the guidance range given. The impact of this one-time tax expense is expected to increase the effective tax rate in the third quarter to 39%. AptarGroup anticipates the full year effective tax rate including the one-time expense mentioned above to be approximately 35%.
For earnings history and earnings-related data on AptarGroup, Inc. (ATR) click here.
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