Company Quick10K Filing
AptarGroup
Price118.51 EPS4
Shares67 P/E34
MCap7,905 P/FCF21
Net Debt872 EBIT342
TEV8,777 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-02-20
8-K 2019-10-31
8-K 2019-07-31
8-K 2019-05-01
8-K 2019-04-30
8-K 2019-02-20
8-K 2018-11-01
8-K 2018-07-26
8-K 2018-06-12
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-02-12
8-K 2018-02-08
8-K 2018-01-18

ATR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Summary of Significant Accounting Policies
Note 2 - Revenue
Note 3 - Inventories
Note 4 - Goodwill and Other Intangible Assets
Note 5 - Income Taxes
Note 6 - Debt
Note 7 - Leases
Note 8 - Retirement and Deferred Compensation Plans
Note 9 - Accumulated Other Comprehensive Income
Note 10 - Derivative Instruments and Hedging Activities
Note 11 - Fair Value
Note 12 - Commitments and Contingencies
Note 13 - Stock Repurchase Program
Note 14 - Stock - Based Compensation
Note 15 - Earnings per Share
Note 16 - Segment Information
Note 17 - Acquisitions
Note 18 - Investment in Equity Securities
Note 19 - Restructuring Initiatives
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-3.1 atr-20200630xex3d1.htm
EX-31.1 atr-20200630xex31d1.htm
EX-31.2 atr-20200630xex31d2.htm
EX-32.1 atr-20200630xex32d1.htm
EX-32.2 atr-20200630xex32d2.htm

AptarGroup Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.62.92.21.40.70.02012201420172020
Assets, Equity
0.80.60.50.30.20.02012201420172020
Rev, G Profit, Net Income
0.70.40.2-0.1-0.3-0.62012201420172020
Ops, Inv, Fin

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Table of Contents 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM  TO  

COMMISSION FILE NUMBER 1-11846

Graphic

AptarGroup, Inc.

DELAWARE

36-3853103

(State of Incorporation)

(I.R.S. Employer Identification No.)

265 EXCHANGE DRIVE, SUITE 100, CRYSTAL LAKE, ILLINOIS 60014

815-477-0424

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

ATR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ

The number of shares outstanding of common stock, as of July 24, 2020, was 64,473,805 shares.

Table of Contents 

AptarGroup, Inc.

Form 10-Q

Quarter Ended June 30, 2020

INDEX

Part I.

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Statements of Income – Three and Six Months Ended June 30, 2020 and 2019

1

Condensed Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2020 and 2019

2

Condensed Consolidated Balance Sheets – June 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of Changes in Equity – Three and Six Months Ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2020 and 2019

6

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

43

Item 4.

Controls and Procedures

43

Part II.

OTHER INFORMATION

Item 1A.

Risk Factors

44

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 5.

Other Information

45

Item 6.

Exhibits

45

Signature

46

i

Table of Contents 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

AptarGroup, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

In thousands, except per share amounts

Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Net Sales

    

$

699,305

    

$

742,661

    

$

1,420,858

    

$

1,487,121

 

Operating Expenses:

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

 

441,702

 

469,441

 

892,958

 

938,573

Selling, research & development and administrative

 

123,365

 

113,752

 

249,557

 

234,967

Depreciation and amortization

 

56,429

 

47,867

 

107,235

 

95,356

Restructuring initiatives

7,331

1,737

12,170

11,267

 

628,827

 

632,797

 

1,261,920

 

1,280,163

Operating Income

 

70,478

 

109,864

 

158,938

 

206,958

Other (Expense) Income:

Interest expense

 

(8,734)

 

(8,756)

 

(17,122)

 

(17,970)

Interest income

 

175

 

1,033

 

350

 

2,781

Equity in results of affiliates

 

(328)

 

9

 

(1,127)

 

(86)

Miscellaneous, net

 

(923)

 

(49)

 

(2,335)

 

417

 

(9,810)

 

(7,763)

 

(20,234)

 

(14,858)

Income before Income Taxes

 

60,668

 

102,101

 

138,704

 

192,100

Provision for Income Taxes

 

18,808

 

28,180

 

41,594

 

55,180

Net Income

$

41,860

$

73,921

$

97,110

$

136,920

Net Income Attributable to Noncontrolling Interests

$

(21)

$

(6)

$

(18)

$

(1)

Net Income Attributable to AptarGroup, Inc.

$

41,839

$

73,915

$

97,092

$

136,919

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

Basic

$

0.65

$

1.16

$

1.51

$

2.17

Diluted

$

0.63

$

1.12

$

1.47

$

2.08

Average Number of Shares Outstanding:

Basic

64,262

63,471

64,135

63,219

Diluted

66,384

66,232

66,246

65,842

Dividends per Common Share

$

0.36

$

0.36

$

0.72

$

0.70

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.

1

Table of Contents 

AptarGroup, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

In thousands

Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

    

2019

 

Net Income

$

41,860

$

73,921

    

$

97,110

$

136,920

Other Comprehensive Income (Loss):

Foreign currency translation adjustments

 

19,096

 

9,414

 

(23,133)

 

(197)

Changes in derivative (losses) gains, net of tax

(733)

(479)

750

(872)

Defined benefit pension plan, net of tax

Amortization of prior service cost included in net income, net of tax

 

72

 

83

 

143

 

167

Amortization of net loss included in net income, net of tax

 

1,368

 

633

 

2,933

 

1,270

Total defined benefit pension plan, net of tax

 

1,440

 

716

 

3,076

 

1,437

Total other comprehensive income (loss)

 

19,803

 

9,651

 

(19,307)

 

368

Comprehensive Income

 

61,663

 

83,572

 

77,803

 

137,288

Comprehensive (Income) Loss Attributable to Noncontrolling Interests

 

(22)

 

2

 

(19)

 

(1)

Comprehensive Income Attributable to AptarGroup, Inc.

$

61,641

$

83,574

$

77,784

$

137,287

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.

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Table of Contents 

AptarGroup, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

In thousands

 

June 30,

December 31,

 

2020

2019

Assets

Current Assets:

Cash and equivalents

$

247,656

$

241,970

Accounts and notes receivable, less current expected credit loss ("CECL") of $6,080 in 2020 and $3,626 in 2019

 

575,655

558,428

Inventories

 

381,939

375,795

Prepaid and other

 

138,321

115,048

 

1,343,571

1,291,241

Property, Plant and Equipment:

Buildings and improvements

 

521,312

504,328

Machinery and equipment

 

2,578,354

2,521,737

 

3,099,666

3,026,065

Less: Accumulated depreciation

 

(2,028,101)

(1,963,520)

 

1,071,565

1,062,545

Land

 

26,355

25,133

 

1,097,920

1,087,678

Other Assets:

Investments in equity securities

 

44,193

8,396

Goodwill

 

861,928

763,461

Intangible assets, net

 

352,740

291,084

Operating lease right-of-use assets

68,665

72,377

Miscellaneous

 

44,999

47,882

 

1,372,525

1,183,200

Total Assets

$

3,814,016

$

3,562,119

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.

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Table of Contents 

AptarGroup, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

In thousands, except share and per share amounts

 

June 30,

December 31,

 

2020

2019

Liabilities and Stockholders’ Equity

Current Liabilities:

Notes payable, revolving credit facility and overdrafts

$

150,831

$

44,259

Current maturities of long-term obligations, net of unamortized debt issuance costs

 

66,248

 

65,988

Accounts payable, accrued and other liabilities

 

612,688

 

573,028

 

829,767

 

683,275

Long-Term Obligations, net of unamortized debt issuance costs

 

1,082,742

 

1,085,453

Deferred Liabilities and Other:

Deferred income taxes

 

39,414

 

41,388

Retirement and deferred compensation plans

 

108,896

 

101,225

Operating lease liabilities

52,036

55,276

Deferred and other non-current liabilities

 

55,175

 

23,250

Commitments and contingencies

 

 

 

255,521

 

221,139

Stockholders’ Equity:

AptarGroup, Inc. stockholders’ equity

Common stock, $.01 par value, 199 million shares authorized, 69.0 and 68.6 million shares issued as of June 30, 2020 and December 31, 2019, respectively

 

690

 

686

Capital in excess of par value

 

803,511

 

770,596

Retained earnings

 

1,573,392

 

1,523,820

Accumulated other comprehensive loss

 

(361,256)

 

(341,948)

Less: Treasury stock at cost, 4.7 and 4.8 million shares as of June 30, 2020 and December 31, 2019, respectively

 

(370,706)

 

(381,238)

Total AptarGroup, Inc. Stockholders’ Equity

 

1,645,631

 

1,571,916

Noncontrolling interests in subsidiaries

 

355

 

336

Total Stockholders’ Equity

 

1,645,986

 

1,572,252

Total Liabilities and Stockholders’ Equity

$

3,814,016

$

3,562,119

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.

4

Table of Contents 

AptarGroup, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

In thousands

Three Months Ended

AptarGroup, Inc. Stockholders’ Equity

June 30, 2020 and 2019

    

    

Accumulated

    

    

    

    

    

Other

Common

Capital in

Non-

Retained

Comprehensive

Stock

Treasury

Excess of

Controlling

Total

Earnings

(Loss) Income

Par Value

Stock

Par Value

Interest

Equity

 

Balance - March 31, 2019

$

1,413,453

$

(319,795)

$

676

$

(327,871)

$

700,933

$

318

$

1,467,714

Net income

 

73,915

6

73,921

Foreign currency translation adjustments

9,422

(8)

9,414

Changes in unrecognized pension gains (losses) and related amortization, net of tax

716

716

Changes in derivative gains (losses), net of tax

(479)

(479)

Stock awards and option exercises

7

14,587

42,399

56,993

Cash dividends declared on common stock

 

(22,761)

(22,761)

Treasury stock purchased

(4,096)

(4,096)

Balance - June 30, 2019

$

1,464,607

$

(310,136)

$

683

$

(317,380)

$

743,332

$

316

$

1,581,422

Balance - March 31, 2020

$

1,554,665

$

(381,058)

$

689

$

(372,573)

$

785,567

$

333

$

1,587,623

Net income

 

41,839

21

41,860

Foreign currency translation adjustments

19,095

1

19,096

Changes in unrecognized pension gains (losses) and related amortization, net of tax

1,440

1,440

Changes in derivative gains (losses), net of tax

(733)

(733)

Stock awards and option exercises

1

1,867

17,944

19,812

Cash dividends declared on common stock

 

(