Closure and dispensing solutions provider Aptar has reported a rise in net income by 19% to $99.92m in the third quarter (Q3) of financial year 2024 (FY24), compared to $84.29m in the same quarter of FY23.
The company's earnings per share (EPS) also saw an uptick, growing by 17% to $1.48 from $1.26 a year earlier.
In the period ending 30 September, net sales of Aptar reached $909.29m, a rise of 2% from $892.99m in Q3 FY23.
The company's adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) improved by 8% from the prior year to $208m, resulting in an adjusted EBITDA margin of 23%.
During the quarter, its Pharma segment also reported an 8% increase in sales and a core sales growth of 7%, driven by sustained demand for drug delivery systems, which experienced double-digit growth during the quarter.
The company's Closures segment also had a strong quarter, with sales and margins aligning with its long-term target ranges.
Earlier in the month, Aptar finalised a joint venture transaction in China after receiving regulatory approvals.
For the first nine months of FY24, Aptar reported an EPS of $4.05, marking a 22% increase from $3.32 in the corresponding period last year.
The company's net income for the combined three quarters stood at $273.31m against $221.93m in the prior year period while net sales for the period were $2.73bn compared to $2.64bn previously.
Aptar president and CEO Stephan Tanda said: "Aptar delivered another strong quarter driven by our Pharma and Closures segments. We saw increased demand for our proprietary drug delivery systems, active material science solutions and closure technologies, especially for food applications.
“The Beauty segment saw growth in the personal care and home care markets, but it was not enough to offset tough comparisons from tooling and fragrance dispensing solutions from the prior year period.
“All three segments continued to demonstrate solid operational performance and margin improvement. We are proud of the strong results and progress we have made for the first nine months of the year and are positioned to achieve double-digit adjusted EPS growth for the full year.”
