Aptargroup (ATR) Q4 FY2023 earnings: revenue $838 million, up 5.3% on the year

Aptargroup, Inc. (ATR) reported revenue of $838 million for Q4 FY2023, the quarter ended 31 December 2023, up 5.3% on the same quarter a year earlier. Net income was $62 million, up 5.7% on the year, and diluted earnings per share $0.93. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue$838 millionup 5.3%

Net income$62 millionup 5.7%

Diluted EPS$0.93

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	838	893	n/a	n/a
Operating income	84.2	119	n/a	n/a
Operating margin	10.0%	13.4%	n/a
Interest expense	10.5	10.0	n/a	n/a
Pre-tax income	80.6	110	n/a	n/a
Income tax	18.4	25.8	n/a	n/a
Effective tax rate	22.8%	23.4%	n/a
Net income	62.4	84.3	n/a	n/a
Net margin	7.4%	9.4%	n/a
Diluted EPS	$0.93	$1.26	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	220	173	n/a	n/a
Capital expenditure	81.1	76.2	n/a	n/a
Free cash flow	138	97.2	n/a	n/a
Free cash flow margin	16.5%	10.9%	n/a
Cash from investing	-85.1	-75.7	n/a	n/a
Cash from financing	-77.5	-58.2	n/a	n/a
Depreciation and amortisation	64.4	62.7	n/a	n/a
Share-based compensation	5.2	10.7	n/a	n/a
Buybacks	10.2	8.3	n/a	n/a
Dividends paid	27.0	26.9	n/a	n/a
Dividend per share	n/a	$0.41	n/a	n/a
Diluted shares, weighted	67m	67m	n/a	n/a
Shares outstanding at period end	66m	66m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,307	2,200	n/a	n/a
Non-controlling interest	14.5	13.9	n/a	n/a
Short-term borrowings	81.8	125	n/a	n/a
Debt	681	680	n/a	n/a
Operating lease liabilities	45.3	39.7	n/a	n/a
Finance lease liabilities	22.9	n/a	n/a	n/a
Other liabilities	1,299	1,240	n/a	n/a
Total liabilities and equity	4,452	4,298	n/a	n/a
Fixed assets	1,478	n/a	n/a	n/a
Goodwill	963	943	n/a	n/a
Intangible assets	283	287	n/a	n/a
Investments	49.2	48.0	n/a	n/a
Cash and equivalents	224	152	n/a	n/a
Receivables	678	n/a	n/a	n/a
Inventory	513	491	n/a	n/a
Other assets	263	2,377	n/a	n/a
Total assets	4,452	4,298	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	893	838	915	910	909	848	887	966	961	963	983	1,027
Cost of revenue	n/a	n/a	n/a	567	559	n/a	551	599	598	625	631	661
Gross profit	n/a	n/a	n/a	343	351	n/a	336	367	363	338	352	366
Gross margin	n/a	n/a	n/a	38%	39%	n/a	38%	38%	38%	35%	36%	36%
Operating income	119	84.2	112	126	138	120	113	144	137	106	107	127
Operating margin	13%	10%	12%	14%	15%	14%	13%	15%	14%	11%	11%	12%
Interest expense	10.0	10.5	10.2	10.1	12.3	11.4	11.4	10.8	13.5	17.0	16.9	16.0
Pre-tax income	110	80.6	104	118	131	116	106	140	154	91.5	93.8	115
Tax rate	23%	23%	20%	24%	24%	13%	26%	20%	17%	19%	22%	24%
Net income	84.3	62.4	83.1	90.5	100	101	78.8	112	128	74.3	72.7	87.6
Net margin	9%	7%	9%	10%	11%	12%	9%	12%	13%	8%	7%	9%
Diluted EPS	$1.26	$0.93	$1.23	$1.34	$1.48	$1.49	$1.17	$1.67	$1.92	$1.13	$1.12	$1.36
Operating cash flow	173	220	92.3	144	229	178	82.7	126	178	184	119	103
Capital expenditure	76.2	81.1	75.7	68.2	66.5	66.1	56.9	63.4	63.3	86.8	65.4	57.6
Free cash flow	97.2	138	16.7	75.4	163	112	25.9	62.5	114	96.9	53.3	45.9
Buybacks	8.3	10.2	12.1	5.1	14.2	37.3	80.0	70.0	40.0	175	100.0	50.0
Dividends paid	26.9	27.0	27.1	27.2	29.9	29.9	29.9	29.7	29.6	31.5	30.9	30.6
Shares outstanding	66m	66m	66m	66m	67m	66m	66m	66m	66m	64m	64m	64m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 9 February 2024, accession 0000896622-24-000010: the filing on EDGAR. All of Aptargroup, Inc.'s filings: EDGAR company page.

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