AptarGroup, Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance across its segments. For the three months ended September 30, 2024, total net sales reached $909.3 million, a 2% increase from $892.997 million in the same period of 2023. The nine-month figures also showed growth, with net sales of $2.73 billion, up 3% from $2.65 billion in the prior year.
The company's profitability improved, with net income attributable to AptarGroup, Inc. for Q3 2024 at $100.0 million, compared to $84.3 million in Q3 2023. For the nine months ended September 30, 2024, net income was $273.6 million, up from $222.1 million in the same period of 2023. Diluted earnings per share for Q3 2024 were $1.48, an increase from $1.26 in Q3 2023.
Segment performance varied, with Aptar Pharma reporting a significant 8% increase in net sales to $420.6 million for Q3 2024, driven by strong demand in the prescription drug market. Conversely, Aptar Beauty experienced a decline in net sales to $302.9 million, down 7% from $323.9 million in Q3 2023, primarily due to lower tooling and product sales. The Aptar Closures segment saw a modest increase in net sales to $185.8 million, up 3% from the previous year.
The company undertook several strategic initiatives, including acquisitions and restructuring efforts. Notably, Aptar acquired iD SCENT for approximately $9.4 million and 80% of Gulf Closures for $1.5 million in March 2023. Additionally, on October 22, 2024, Aptar announced the acquisition of a 40% equity interest in Goldrain for approximately $99 million, enhancing its dispensing technologies in China.
Restructuring costs decreased significantly, totaling $3.9 million for Q3 2024 compared to $6.6 million in Q3 2023. For the nine months ended September 30, 2024, restructuring costs were $9.7 million, down from $20.1 million in the same period of 2023.
The company’s financial position remained robust, with cash and equivalents increasing to $325.5 million as of September 30, 2024, from $223.6 million at the end of 2023. Total interest-bearing debt decreased from $1.14 billion to $1.08 billion during the same period. The consolidated leverage ratio stood at 1.10 to 1.00, well below the maximum requirement of 3.50 to 1.00.
AptarGroup also declared a quarterly cash dividend of $0.45 per share, payable on November 14, 2024, reflecting its commitment to returning value to shareholders. The company anticipates earnings per share for the fourth quarter of 2024 to be in the range of $1.22 to $1.30, excluding certain expenses.
About APTARGROUP, INC.
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