2Q17 Beats on a Lower Tax Rate; Reducing Estimates
- 2Q17 (June) EPS was $1.01 (vs 91 cents last year), 6 cents above our estimate due entirely to an 18% tax rate – operating income declined 9% year-over year due to continued weakness in Beauty + Home (52% of sales) and higher resin costs;
- Our 2017 EPS estimate is now $3.31 (from $3.37 and a record $3.13 in 2016) on a continued drag from Beauty + Home and higher resin costs;
- Our 2018 EPS estimate is now $3.63 (from $3.70), up 10% from our 2017 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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