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Aptar Reports Second Quarter Results; Announces Binding Offer to Acquire CSP Technologies, a Leader in Active Packaging Technology

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AptarGroup, Inc. (NYSE:ATR) today announced second quarter operating
results along with its binding offer to acquire CSP Technologies Parent
S.A. (CSP Technologies), a leader in active packaging technology based
on proprietary material science expertise.

Second Quarter 2018 Summary

  • Reported sales increased 15%, including the positive effect of
    currency rates (+4%)
  • Core sales, excluding currency and acquisition effects, rose 11%
    driven by growth in each business segment, end market and geographic
    region
  • Reported net income (8% of net sales) decreased 14% to $56 million
    due to restructuring expenses of $18 million and costs related to the
    Reboul and CSP Technologies acquisitions of $3 million
  • Adjusted EBITDA (20% of net sales), which excludes the
    restructuring and acquisition expenses, increased 14% to $141 million
  • Reported earnings per share, including restructuring and
    acquisitions expenses, with an effective tax rate of 26%, were $0.86
    compared to $1.01 reported in the prior year with an effective tax
    rate of 18% (prior year included certain tax settlements and higher
    equity compensation deductions)
  • Adjusted earnings per share, which exclude restructuring and
    acquisition expenses, increased 4% to $1.09, compared to prior year
    currency adjusted earnings per share of $1.05 with an effective tax
    rate of 18%
  • Prior year earnings per share would have been $0.10 lower had our
    current effective tax rate been applied to prior year earnings
  • Binding offer to acquire CSP Technologies, a leader in active
    packaging technology, for an enterprise value of $555 million
  • Business transformation progressing as planned

Second Quarter Results

For the quarter ended June 30, 2018, reported sales increased to $711
million compared to $618 million in the prior year. Core sales, which
exclude the positive impact from changes in currency exchange rates and
acquisition effects, increased approximately 11%.

Second Quarter Segment Sales Analysis

(Change Over Prior Year)

 
  Beauty + Home   Pharma   Food + Beverage   Total AptarGroup
Core Sales Growth 10%   14%   5%   11%
Acquisitions 1% -- -- --
Currency Effects (1) 3%   6%   2%   4%
Total Reported Sales Growth 14%   20%   7%   15%
 
(1) - Currency effects are approximated by translating last year's
amounts at this year's foreign exchange rates.
 

Commenting on the quarter, Stephan Tanda, President and CEO, said, "We
had another strong quarter with core sales growth in each segment,
across each end market and in each geographic region. Our Beauty + Home
segment benefited from healthy demand for our dispensing solutions
across each market, aided in part by robust travel retail sales in the
Beauty market and increased demand and higher custom tooling sales in
the Personal Care market. Our Pharma segment delivered excellent growth
with our industry leading drug delivery systems. The growth in the
Consumer Health Care and Prescription markets was driven by decongestant
and allergy related products. Our Food + Beverage segment also grew
across each market due to increased demand for our innovative dispensing
closures and higher custom tooling sales."

Aptar's reported earnings per share were $0.86 compared to $1.01
reported a year ago. Current year earnings include restructuring and
acquisition expenses and an effective tax rate of 26%. Prior year
earnings included an effective tax rate of 18% that reflected certain
tax settlements and higher equity compensation deductions. Current year
adjusted earnings per share, which exclude restructuring and acquisition
expenses, were $1.09 and up 4% from the prior year adjusted earnings per
share, adjusted for comparable exchange rates, of $1.05 with an
effective tax rate of 18%. Prior year earnings per share would have been
$0.10 lower had our current effective tax rate been applied to prior
year earnings.

Year-to-Date Results

For the six months ended June 30, 2018, reported sales increased 16% to
$1.41 billion from $1.22 billion a year ago. Core sales, which exclude
the positive impact from changes in currency exchange rates and
acquisition effects, increased approximately 9%.

Six Months Year-to-Date Segment Sales Analysis

(Change Over Prior Year)

 
  Beauty + Home   Pharma   Food + Beverage   Total AptarGroup
Core Sales Growth 9%   10%   7%   9%
Acquisitions -- -- -- --
Currency Effects (1) 7%   8%   4%   7%
Total Reported Sales Growth 16%   18%   11%   16%
 
(1) - Currency effects are approximated by translating last year's
amounts at this year's foreign exchange rates.
 

Tanda commented on the year-to-date results, "All segments delivered
excellent growth during the first half of the year. Our customers are
benefiting from Aptar's unique differentiated solutions that help them
grow their brands. Demand has been strong and widespread across the
segments, end markets and geographic regions and that speaks to the
strength of our people, our value creating product offerings and our
diverse business model."

For the six months year-to-date, Aptar's reported earnings per share
were $1.78 compared to $1.81 reported a year ago. Current year earnings
include restructuring and acquisitions expenses of $26.7 million and an
effective tax rate of 26%. Prior year earnings included an effective tax
rate of 22% that reflected certain tax settlements and higher equity
compensation deductions. Current year adjusted earnings per share, which
exclude restructuring and acquisition expenses, were $2.08 and up 6%
from prior year adjusted earnings per share, adjusted for comparable
exchange rates, of $1.96 with an effective tax rate of 22%. Prior year
earnings per share would have been $0.11 lower had our current effective
tax rate been applied to prior year earnings.

Binding Offer to Acquire CSP Technologies

Aptar has made a binding offer to acquire CSP Technologies, a leader in
active packaging technology based on proprietary material science
expertise, for an enterprise value of $555 million, which represents a
multiple of slightly less than 13 times adjusted EBITDA (last twelve
months). Aptar plans to fund the transaction with available cash on
hand. The consultation process with CSP Technologies' works council in
France will begin as soon as possible. Upon completion of the French
works council consultation process, Aptar expects to enter into a
definitive stock purchase agreement with CSP Technologies for the
proposed transaction. The proposed transaction, which has been approved
by Aptar's Board of Directors, will also be subject to customary closing
conditions, including regulatory approvals, and is expected to close in
the fourth quarter of this year.

Founded in 1965, CSP Technologies has over 30 years of experience as a
leader in integrated, active desiccant and product protection
technologies in the Pharma and Food Service markets. CSP Technologies
operates two manufacturing locations in the U.S. and one in France, with
opportunities for growth and expansion across Asia and other high-growth
economies. CSP Technologies is a profitable, well-managed business with
annual revenues of approximately $140 million (unaudited).

Commenting on the transaction, Stephan Tanda said, "We are pleased to
announce that we have submitted a binding offer to acquire CSP
Technologies. This strategic transaction meets our disciplined criteria
for acquiring companies with strong positions in attractive markets,
proprietary technologies, solid margins and robust growth fundamentals.
Similar to Aptar, CSP Technologies has an innovative culture with
intellectual property that drives product development and enables highly
engineered solutions, including their three-phase polymer technology.
They are also experienced in navigating the relevant regulatory
environments and have highly automated visual inspection and quality
control systems, and analytical performance testing of individual
products. We plan to welcome CSP Technologies' experienced team to Aptar
and we look forward to growing the existing business in the Pharma and
Food Safety markets, and leveraging their active packaging and material
science know-how in other end markets. Together we will continue to
develop value-creating, differentiated solutions as a global leader in
packaging solutions."

Wells Fargo Securities acted as the exclusive financial advisor to Aptar
in connection with the transaction and Sidley Austin LLP acted as legal
counsel.

Business Transformation

Aptar remains on track with its business transformation to become a more
agile, competitive and customer-centric business. Tanda commented on the
progress by stating, "Our business transformation is engaging the full
organization and we have a dynamic, agile process in place to ensure we
are meeting our transformation milestones with a common goal of
restoring our entrepreneurial spirit and maintaining profitable growth."

Outlook

Commenting on Aptar's outlook, Tanda said, "Looking ahead to the third
quarter, we expect core sales growth in each segment. Our sales growth
momentum is expected to remain broad-based though at varying degrees
across most of our end markets. We continue to serve attractive markets
as a leading provider of innovative dispensing solutions. We remain
committed to executing our growth strategy in order to create long-term
value for all stakeholders."

Aptar expects earnings per share for the third quarter, excluding any
restructuring expenses and effects associated with the CSP Technologies
acquisition, to be in the range of $0.90 to $0.95 compared to $0.83 per
share reported in the prior year. Our guidance range is based on an
effective tax rate range of 29% to 31%. Prior year adjusted earnings per
share, adjusted for comparable exchange rates, would have been
approximately $0.82. Prior year earnings per share would have been $0.08
lower had our current effective tax rate been applied to prior year
earnings.

Cash Dividend

As previously reported, the Board approved on July 18, 2018 an increase
in the quarterly cash dividend of 6% to $0.34 per share. The current
dividend is payable on August 22, 2018 to stockholders of record as of
August 1, 2018.

Open Conference Call

There will be a conference call on Friday, July 27, 2018 at 8:00 a.m.
Central Time to discuss Aptar's second quarter results for 2018. The
call will last approximately one hour. Interested parties are invited to
listen to a live webcast by visiting the Investor Relations page at www.aptar.com.
Replay of the conference call can also be accessed for a limited time on
the Investor Relations page of the website.

Aptar is a leading global supplier of a broad range of innovative
dispensing and sealing solutions for the beauty, personal care, home
care, prescription drug, consumer health care, injectables, food, and
beverage markets. Aptar is headquartered in Crystal Lake, Illinois, with
manufacturing facilities in North America, Europe, Asia and South
America. For more information, visit www.aptar.com.

Presentation of Non-GAAP Information

This press release refers to certain non-GAAP financial measures,
including current year adjusted earnings per share and adjusted EBITDA,
which exclude the impact of restructuring costs, transaction costs and
purchase accounting adjustments that affected inventory values related
to an acquisition. Core sales and adjusted earnings per share also
neutralize the impact of foreign currency translation effects when
comparing current results to the prior year. Non-GAAP financial measures
may not be comparable to similarly titled non-GAAP financial measures
provided by other companies. Aptar's management believes these non-GAAP
financial measures provide useful information to our investors because
they allow for a better period over period comparison of operating
results by removing the impact of items that, in management's view, do
not reflect Aptar's core operating performance. These non-GAAP financial
measures also provide investors with certain information used by Aptar's
management when making financial and operational decisions. These
non-GAAP financial measures should not be considered in isolation or as
a substitute for GAAP financial results, but should be read in
conjunction with the unaudited condensed consolidated statements of
income and other information presented herein. A reconciliation of
non-GAAP financial measures to the most directly comparable GAAP
measures is included in the accompanying tables. For CSP Technologies,
adjusted EBITDA includes adjustments principally for management fees and
costs related to the transaction.

This press release contains forward-looking statements, including
certain statements set forth under the "Outlook" and "Business
Transformation" sections of this press release. Words such as "expects,"
"anticipates," "believes," "estimates," "future," "potential" and other
similar expressions or future or conditional verbs such as "will,"
"should," "would" and "could" are intended to identify such
forward-looking statements. Forward-looking statements are made pursuant
to the safe harbor provisions of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 and are
based on our beliefs as well as assumptions made by and information
currently available to us. Accordingly, our actual results may differ
materially from those expressed or implied in such forward-looking
statements due to known or unknown risks and uncertainties that exist in
our operations and business environment including, but not limited to,
the completion of the CSP Technologies acquisition; the successful
integration of the CSP Technologies business; the impact of tax reform
legislation; the execution of the business transformation; the impact
and extent of contamination found at the Company's facility in Brazil;
economic conditions worldwide including potential deflationary
conditions in regions we rely on for growth; political conditions
worldwide; significant fluctuations in foreign currency exchange rates
or our effective tax rate; changes in customer and/or consumer spending
levels; financial conditions of customers and suppliers; consolidations
within our customer or supplier bases; fluctuations in the cost of
materials, components and other input costs; the availability of raw
materials and components; our ability to successfully implement facility
expansions and new facility projects; our ability to increase prices,
contain costs and improve productivity; changes in capital availability
or cost, including interest rate fluctuations; volatility of global
credit markets; cybersecurity threats that could impact our networks and
reporting systems; fiscal and monetary policies and other regulations,
including changes in tax rates; direct or indirect consequences of acts
of war or terrorism; work stoppages due to labor disputes; and
competition, including technological advances. For additional
information on these and other risks and uncertainties, please see our
filings with the Securities and Exchange Commission, including the
discussion under "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our Form
10-Ks and Form 10-Qs. We undertake no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.

       
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(In Thousands, Except Per Share Data)
Consolidated Statements of Income
 
Three Months Ended Six Months Ended
June 30,   June 30,

2018

2017

2018

2017

 
Net Sales $ 710,608 $ 617,746 $ 1,413,958 $ 1,219,062
Cost of Sales (exclusive of depreciation and amortization shown
below) (1)
464,244 399,664 920,066 784,348
Selling, Research & Development and Administrative (2) 107,111 95,456 219,572 196,738
Depreciation and Amortization 40,101 37,242 81,276 74,573
Restructuring Initiatives   18,214     -     24,150     -  
Operating Income 80,938 85,384 168,894 163,403
Other Income/(Expense):
Interest Expense (7,964 ) (7,712 ) (16,019 ) (15,974 )
Interest Income 2,521 643 4,769 973
Equity in Results of Affiliates (20 ) (22 ) (85 ) (70 )
Miscellaneous, net   (577 )   1,275     (1,444 )   716  
Income before Income Taxes 74,898 79,568 156,115 149,048
Provision for Income Taxes   19,117     14,379     41,046     32,054  
Net Income $ 55,781 $ 65,189 $ 115,069 $ 116,994
 
Net Income Attributable to Noncontrolling Interests   (6 )   (15 )   6     -  
Net Income Attributable to AptarGroup, Inc. $ 55,775   $ 65,174   $ 115,075   $ 116,994  
Net Income Attributable to AptarGroup, Inc. per Common Share:
Basic $ 0.89   $ 1.04   $ 1.85   $ 1.87  
Diluted $ 0.86   $ 1.01   $ 1.78   $ 1.81  
 
Average Numbers of Shares Outstanding:
Basic 62,402 62,631 62,266 62,494
Diluted 64,850 64,828 64,640 64,519
 
 
Notes to the Condensed Consolidated Financial Statements:
(1) For the three and six months ended June 30, 2018, Cost of Sales
included the effect of approximately $0.1 million of purchase
accounting adjustments to inventory related to acquisitions.
 
(2) For the three and six months ended June 30, 2018, Selling,
Research & Development and Administrative included approximately
$2.4 million of acquisition costs.

   
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance Sheets
 

June 30, 2018

December 31, 2017

ASSETS
 
Cash and Equivalents $ 718,091 $ 712,640
Receivables, net 583,496 510,426
Inventories 343,170 337,216
Other Current Assets   104,998   109,791
Total Current Assets 1,749,755 1,670,073
Net Property, Plant and Equipment 867,536 867,906
Goodwill 440,227 443,887
Other Assets   164,737   155,957
Total Assets $ 3,222,255 $ 3,137,823
 
LIABILITIES AND EQUITY
 
Short-Term Obligations $ 71,762 $ 66,169
Accounts Payable and Accrued Liabilities   509,118   461,579
Total Current Liabilities 580,880 527,748
Long-Term Obligations 1,182,894 1,191,146
Deferred Liabilities   110,969   106,881
Total Liabilities 1,874,743 1,825,775
 
AptarGroup, Inc. Stockholders' Equity 1,347,213 1,311,738
Noncontrolling Interests in Subsidiaries   299   310
Total Equity   1,347,512   1,312,048
 
Total Liabilities and Equity $ 3,222,255 $ 3,137,823

           
AptarGroup, Inc.
Reconciliation of EBIT, Adjusted EBIT, EBITDA and Adjusted EBITDA
to Net Income (Unaudited)
($ In Thousands)
 
Three Months Ended
June 30, 2018
 
Consolidated   Beauty + Home   Pharma   Food + Beverage   Corporate & Other   Net Interest
Net Sales $ 710,608 368,536 241,209 100,863 - -
 
Reported net income $ 55,781
Reported income taxes   19,117                      
Reported income before income taxes 74,898 10,510 73,607 10,329 (14,105 ) (5,443 )
Adjustments:
Restructuring initiatives 18,214 14,631 1,224 1,354 1,005
Transaction costs related to acquisitions 2,444 574 1,870
Purchase accounting adjustments related to acquired companies'
inventory
  119       119                  
Adjusted earnings before income taxes 95,675 25,834 74,831 11,683 (11,230 ) (5,443 )
Interest expense 7,964 7,964
Interest income   (2,521 )                     (2,521 )
Adjusted earnings before net interest and taxes (Adjusted EBIT) 101,118 25,834 74,831 11,683 (11,230 ) -
Depreciation and amortization   40,101       20,012       11,522       6,380       2,187       -  
Adjusted earnings before net interest, taxes, depreciation and
amortization (Adjusted EBITDA)
$ 141,219     $ 45,846     $ 86,353     $ 18,063     $ (9,043 )   $ -  
 
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) 19.9 % 12.4 % 35.8 % 17.9 %
 
Three Months Ended
June 30, 2017
 
Consolidated   Beauty + Home   Pharma   Food + Beverage   Corporate & Other   Net Interest
Net Sales $ 617,746 322,117 201,702 93,927 - -
 
Reported net income $ 65,189
Reported income taxes   14,379                      
Reported income before income taxes 79,568 25,203 59,792 12,577 (10,935 ) (7,069 )
Adjustments:
None                      
Earnings before income taxes 79,568 25,203 59,792 12,577 (10,935 ) (7,069 )
Interest expense 7,712 7,712
Interest income   (643 )                     (643 )
Earnings before net interest and taxes (EBIT) 86,637 25,203 59,792 12,577 (10,935 ) -
Depreciation and amortization   37,242       19,347       9,857       6,117       1,921       -  
Earnings before net interest, taxes, depreciation and amortization
(EBITDA)
$ 123,879     $ 44,550     $ 69,649     $ 18,694     $ (9,014 )   $ -  
 
EBITDA margins (EBITDA / Reported Net Sales) 20.1 % 13.8 % 34.5 % 19.9 %

           
AptarGroup, Inc.
Reconciliation of EBIT, Adjusted EBIT, EBITDA and Adjusted EBITDA
to Net Income (Unaudited)
($ In Thousands)
 
Six Months Ended
June 30, 2018
 
Consolidated   Beauty + Home   Pharma   Food + Beverage   Corporate & Other   Net Interest
Net Sales $ 1,413,958 746,709 471,336 195,913 - -
 
Reported net income $ 115,069
Reported income taxes   41,046                      
Reported income before income taxes 156,115 37,217 141,899 16,255 (28,006 ) (11,250 )
Adjustments:
Restructuring initiatives 24,150 19,647 1,588 1,669 1,246
Transaction costs related to acquisitions 2,444 574 1,870
Purchase accounting adjustments related to acquired companies'
inventory
  119       119                  
Adjusted earnings before income taxes 182,828 57,557 143,487 17,924 (24,890 ) (11,250 )
Interest expense 16,019 16,019
Interest income   (4,769 )                     (4,769 )
Adjusted earnings before net interest and taxes (Adjusted EBIT) 194,078 57,557 143,487 17,924 (24,890 ) -
Depreciation and amortization   81,276       41,424       22,706       12,878       4,268       -  
Adjusted earnings before net interest, taxes, depreciation and
amortization (Adjusted EBITDA)
$ 275,354     $ 98,981     $ 166,193     $ 30,802     $ (20,622 )   $ -  
 
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) 19.5 % 13.3 % 35.3 % 15.7 %
 
Six Months Ended
June 30, 2017
 
Consolidated   Beauty + Home   Pharma   Food + Beverage   Corporate & Other   Net Interest
Net Sales $ 1,219,062 644,565 398,614 175,883 - -
 
Reported net income $ 116,994
Reported income taxes   32,054                      
Reported income before income taxes 149,048 47,411 118,862 19,717 (21,941 ) (15,001 )
Adjustments:
None                      
Earnings before income taxes 149,048 47,411 118,862 19,717 (21,941 ) (15,001 )
Interest expense 15,974 15,974
Interest income   (973 )                     (973 )
Earnings before net interest and taxes (EBIT) 164,049 47,411 118,862 19,717 (21,941 ) -
Depreciation and amortization   74,573       39,227       19,628       11,923       3,795       -  
Earnings before net interest, taxes, depreciation and amortization
(EBITDA)
$ 238,622     $ 86,638     $ 138,490     $ 31,640     $ (18,146 )   $ -  
 
EBITDA margins (EBITDA / Reported Net Sales) 19.6 % 13.4 % 34.7 % 18.0 %

       
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)
 
Three Months Ended Six Months Ended
June 30,   June 30,

2018

2017

2018

2017

 
Income before Income Taxes $ 74,898 $ 79,568 $ 156,115 $ 149,048
 

Adjustments:

Restructuring initiatives 18,214 24,150
Transaction costs related to acquisitions 2,444 2,444
Purchase accounting adjustments related to acquired companies'
inventory
119 119
Foreign currency effects (1)       4,221           12,961
Adjusted Income before Income Taxes $ 95,675     $ 83,789     $ 182,828   $ 162,009
 
 
Provision for Income Taxes $ 19,117 $ 14,379 $ 41,046 $ 32,054
 

Adjustments:

Restructuring initiatives 4,923 6,528
Transaction costs related to acquisitions 628 628
Purchase accounting adjustments related to acquired companies'
inventory
41 41
Foreign currency effects (1)       1,157           3,620
Adjusted Provision for Income Taxes $ 24,709     $ 15,536     $ 48,243   $ 35,674
 
 
Net Income Attributable to Noncontrolling Interests $ (6 ) $ (15 ) $ 6 $ -
 
Net Income Attributable to AptarGroup, Inc. $ 55,775 $ 65,174 $ 115,075 $ 116,994
 

Adjustments:

Restructuring initiatives 13,291 17,622
Transaction costs related to acquisitions 1,816 1,816
Purchase accounting adjustments related to acquired companies'
inventory
78 78
Foreign currency effects (1)       3,064           9,341
Adjusted Net Income Attributable to AptarGroup, Inc. $ 70,960     $ 68,238     $ 134,591   $ 126,335
 
Average Number of Diluted Shares Outstanding 64,850 64,828 64,640 64,519
 
Net Income Attributable to AptarGroup, Inc. Per Diluted Share $ 0.86 $ 1.01 $ 1.78 $ 1.81
 

Adjustments:

Restructuring initiatives 0.20 0.27
Transaction costs related to acquisitions 0.03 0.03
Purchase accounting adjustments related to acquired companies'
inventory
- -
Foreign currency effects (1)       0.04           0.15
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted
Share
$ 1.09     $ 1.05     $ 2.08   $ 1.96
 
(1) Foreign currency effects are approximations of the adjustment
necessary to state the prior year earnings and earnings per share
using current period foreign currency exchange rates.

   
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)
 
Three Months Ended
Sept 30,

Expected 2018

2017

 
Income before Income Taxes $ 69,518
 

Adjustments:

Foreign currency effects (1)   (990 )
Adjusted Income before Income Taxes $ 68,528  
 
 
Provision for Income Taxes $ 15,989
 

Adjustments:

Foreign currency effects (1)   (383 )
Adjusted Provision for Income Taxes $ 15,606  
 
 
Net Income Attributable to Noncontrolling Interests $ (6 )
 
Net Income Attributable to AptarGroup, Inc. $ 53,523
 

Adjustments:

Foreign currency effects (1)   (607 )
Adjusted Net Income Attributable to AptarGroup, Inc. $ 52,916  
 
Average Number of Diluted Shares Outstanding 64,821
 
Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2) $0.90 - $0.95 $ 0.83
 

Adjustments:

Foreign currency effects (1)     (0.01 )
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted
Share (2)
$0.90 - $0.95 $ 0.82  
 
(1) Foreign currency effects are approximations of the adjustment
necessary to state the prior year earnings per share using foreign
currency exchange rates as of June 30, 2018.
 
(2) AptarGroup's expected earnings per share range for the third
quarter of 2018 is based on an effective tax rate range of 29% to
31%, which includes estimated effects of the recent tax reform
legislation. The effective tax rate for the third quarter of 2017
was approximately 23%.

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