Apr 16, 2009
AptarGroup Q1 profit falls, sees lower Q2 EPS
Apr 16, 2009
April 15 (Reuters) - Cosmetic and perfume-dispenser maker AptarGroup Inc (ATR.N) posted a nearly 28 percent decline in its first-quarter profit, hurt by a drop in demand from the fragrance/cosmetic market and changes in exchange rates, and forecast lower earnings for the second quarter.
The company also said it plans to consolidate two French dispensing closure manufacturing facilities and several sales offices in North America and Europe to cut costs. It expects to incur related charges of about $6 million, mostly in 2009.
Annual savings are estimated to be about $3 million primarily beginning in 2010, it added.
For the first quarter, net income fell to $26.7 million, or 38 cents a share, from $36.9 million, or 52 cents a share, a year ago.
Sales fell 19 percent to $431.8 million. Changes in exchange rates accounted for a 10 percent decline in sales.
Analysts on average expected revenue of $477.0 million, according to Reuters Estimates.
The company, which maintained its quarterly dividend at 15 cents a share, forecast second-quarter earnings of 37 cents to 42 cents a share, before items.
Shares of the Crystal Lake, Illinois-based company were down almost 6 percent to $30.50 after the bell. They closed at $32.36 Wednesday on the New York Stock Exchange.
For related alerts, please double click (Reporting by A.Ananthalakshmi in Bangalore; Editing by Himani Sarkar)
© Thomson Reuters 2021 All rights reserved.