EmailAptarGroup (ATR $49.82 -1.64) announced that it sees Q2 EPS of $0.60-0.62 versus the $0.74 Capital IQ consensus, reflecting acquisition costs related to the Stelmi acquisition, weaker than anticipated results for the company's European operations and recent changes in FX.
"As anticipated, the closing of the Stelmi Group acquisition went smoothly and we have recorded the majority of the costs associated with this transaction in the second quarter. Our updated guidance includes a negative impact of approximately $0.05 per share related to the acquisition which was not included in our original guidance. In addition, we also experienced weaker sales volumes from our European operations. The U.S. dollar has strengthened considerably compared to the Euro since the end of the first quarter. Our previous guidance was based on foreign currency exchange rates at the end of March and our updated guidance includes a negative impact of approximately $0.02 per share which represents the net impact of changes in foreign currency exchange rates since the end of March."
