AptarGroup, Inc. (ATR) reported third-quarter net income attributable to the company of $48.62 million or $0.73 per share, up from $45.26 million or $0.67 per share in the prior-year quarter.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.73 per share for the quarter. Analysts' estimates typically exclude special items.
The company noted that results for the latest quarter include a negative impact of about $0.01 per share primarily related to tax charges stemming from a legal reorganization in Europe that were mostly offset by foreign tax credits.
Sales for the quarter increased 5 percent to $651.94 million from $623.64 million in the same quarter last year, while analysts expected revenues of $652.38 million. Excluding currency effects, core sales increased 6 percent.
Looking ahead to the fourth quarter, the company expects earnings in a range of $0.58 to $0.63 per share. Analysts currently projects earnings of $0.72 per share for the quarter.
AptarGroup also announced that its Board of Directors authorized the repurchase of up to $350 million of the company's common stock. The new authorization replaces all previous authorizations.
The company's board had earlier declared a quarterly cash dividend of $0.28 per share, payable on November 26 to stockholders of record as of November 5, 2014.
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