AptarGroup, Inc. (NYSE:ATR) Q3 2022 Earnings Conference Call October 28, 2022 9:00 AM ET

Company Participants

Mary Skafidas - SVP, IR & Communications

Stephan Tanda - President & CEO

Bob Kuhn - EVP & CFO

Conference Call Participants

George Staphos - Bank of America Securities

Kyle White - Deutsche Bank

Adam Josephson - KeyBanc Capital Markets

Ghansham Panjabi - Robert W. Baird

Mark Wilde - BMO Capital Markets

Angel Castillo - Morgan Stanley

Gabrial Hajde - Wells Fargo Securities

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Aptar's 2022 Third Quarter Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Introducing today's conference call is Ms. Mary Skafidas, Senior Vice President of Investor Relations and Communications. Please go ahead.

Mary Skafidas

Thank you. Hello everyone and thanks for being with us today. Joining me on today's call are Stephan Tanda, President and CEO; and Bob Kuhn, Executive Vice President and CFO. Our press release and accompanying slide deck have been posted to our website where we will also post a replay of this call as is our practice. Today's call includes some forward-looking statements. Please refer to our SEC filings to review factors that could cause actual results to differ materially from what we are discussing today. And now I would like to turn the conference call over to Stephan.

Stephan Tanda

Thank you Mary and good morning everyone. We appreciate you joining us on our call today. Beginning on Slide 3 I'm happy to report that amid a seemingly worsening economic backdrop Aptar achieved core sales growth of 9% and delivered adjusted EPS of $0.95 per share which is the midpoint of our previously given guidance range. The majority of the growth in the quarter was driven by our pharma segment. Later on in our call Bob Kuhn as usual will provide additional details on the quarter.

I would like to cover a few key items now. Our adjusted earnings per share includes a previously announced one-time inflation payment made to certain European employees that equates to approximately $0.05 a share. Our industry-leading pharma segment grew across all end markets with prescription, consumer healthcare, and active materials being particularly strong. We were pleased to announce that our investments in digital health are beginning to bear fruit as we recently entered into a contract with a major European pharmaceutical company. This is another validation of our strategy and our capabilities in this exciting field. Beauty and home, achieved strong growth in Europe, especially in prestige fragrance fueled in part by Western travel retail. In addition, pandemic related lockdowns in China affected parts of the business.