4Q17 Beats on 10% Organic Growth; Raising 2018 Estimate
- 4Q17 (Dec) EPS was 81 cents (vs 69 cents last year) up 17% YoY and 10 cents above our estimate due to sales $71 million (or 13%) above our estimate, aided by 10% growth in the Beauty + Home segment and a tax rate of 23% (vs 28% last year and our 28% projection);
- The Company detailed its 2020 transformation targets (see below);
- 2017 EPS was a record adjusted $3.44, up 10% on sales of $2.47 billion;
- Our 2018 EPS estimate is now $3.78 (from $3.63), up 10% from 2017, on improving sales at B+H and anticipated operating efficiencies;
- For 2019, we are introducing our EPS estimate at $4.21, up 11% from our 2018 projection.
AptarGroup is a supplier of a range of dispensing, sealing and active packaging solutions for the beauty, personal care, home care, prescription drug, consumer health care, injectables, food and beverage markets. The company's primary products are dispensing pumps, which dispense a spray or lotion from non-pressurized containers; closures, which are plastic caps that allow a product to be dispensed without removing the cap; aerosol valves, which dispense product from pressurized containers; and elastomeric primary packaging components, which include stoppers for infusion, antibiotic, lyophilization and diagnostic vials, pre-filled syringe components, as well as dropper bulbs and syringe plungers.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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