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AptarGroup, Inc. (ATR - Snapshot Report) reported second-quarter 2012 adjusted earnings of 66 cents per share compared with 74 cents in the year-ago quarter. Earnings were ahead of the Zacks Consensus Estimate of 62 cents.
Adjusted earnings in the reported quarter excluded expenses of 5 cents pertaining to the Stelmi acquisition. Including acquisition related expenses, earnings were 61 cents per share versus 74 cents in the year-ago quarter.
Operational Update
Total revenues decreased 6.1% year over year to $578 million, missing the Zacks Consensus Estimate of $597 million. Revenues declined due to the negative impact of foreign currency translation.
Cost of sales decreased 4.7% to $390.2 million in the quarter. Selling, Research & Development and Administrative expenses also declined 3% to $87.6 million.
Segment Performance
Total revenues in the Beauty + Homes segment declined 8.3% to $369.3 million in the quarter. Operating income fell 15.6% to $33.7 million. Operating margin decreased 80 basis-points (bps) to 9.1%.
Total revenues in the Pharma segment decreased 4.1% to $133 million. Operating income dropped 22.9% to $31.1 million. Consequently, operating margin contracted 570 bps to 23.4%.
Total revenues in the Food + Beverage segment increased 2.4% to $75.2 million. Operating income decreased 8.8% to $7.9 million. Operating income also fell 130 bps to 10.4% in the quarter.
Financial Performance
Cash and cash equivalents were $300.9 million as of June 30, 2012, compared with $377.6 million as of December 31, 2011. Total debt amounted to $384.2 million as of June 30, 2012, versus $438.6 million as of December 31, 2011.
Outlook
The company expects earnings to remain in the range of 61 cents to 66 cents per share in the third quarter. The Zacks Consensus Estimate is pegged at 65 cents per share for the third quarter.
Our View
AptarGroup has recently completed the acquisition of Stelmi Group, the manufacturer of elastomer primary packaging components for injectable drug delivery. With this purchase, AptarGroup enters the new arena of primary packaging components used in the injectable drug delivery. This acquisition endows AptarGroup with the opportunity to expand its product portfolio of pharmaceutical solutions in the Pharma segment.
However, the ongoing weak economic conditions prevailing in Europe and foreign currency translation may affect margins in the next quarters. AptarGroup also faces competition from companies like Amcor Ltd. (AMCRY) and Rexam plc (REXMY).
AptarGroup retains a short-term Zacks #4 Rank (Sell). We have a long-term Underperform recommendation on the stock.
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