WST » Topics » WEST PHARMACEUTICAL SERVICES, INC. SECOND QUARTER 2006 RESULTS

This excerpt taken from the WST 8-K filed Aug 3, 2006.

WEST PHARMACEUTICAL SERVICES, INC. SECOND QUARTER 2006 RESULTS

- Provides details on record quarterly results -

- Updates capital spending plans to meet growing demand -

- Company to host conference call at 9:00 a.m. ET -

 

Lionville, PA, August 3, 2006 – West Pharmaceutical Services, Inc. (NYSE: WST), the global market leader in closure systems and syringe components for use with injectable drugs, today announced financial results for the three and six month periods ended June 30, 2006, which included record quarterly sales and earnings per share. Consolidated sales of $240.2 million were 39% higher than in the second quarter of 2005, which resulted in earnings per diluted share from continuing operations of $0.62 in the current quarter, compared to $0.38 in the second quarter of 2005. Approximately 16 percentage points of the sales growth were attributed to pre-existing operations and 23 percentage points were attributed to businesses acquired since the beginning of the 2005 quarter.

 

As previously announced, the Company raised its sales and earnings guidance, indicating that it now expects diluted earnings per share from continuing operations to be between $1.82 and $1.88 for the year, excluding the $0.12 per diluted share after-tax charge for early extinguishment of debt and a $0.13 per diluted share tax benefit that related primarily to discontinued operations, both of which were reported in the first quarter of 2006.

 

Commenting on the results, Donald E. Morel, Jr., PhD, the Company’s Chairman and Chief Executive Officer said, “The second quarter performance reflects the strength of the underlying markets for our injection-related products. That is driven primarily by increasing demand for injectable therapeutics and growing patient populations within key therapeutic product categories, for which our coated and Westar®-treated products are setting the standard. We are moving forward with plans to make significant investments over the next three years in our global manufacturing infrastructure in order to continue to participate in and build on that growth.”

 

This excerpt taken from the WST 8-K filed Apr 27, 2006.

WEST PHARMACEUTICAL SERVICES, INC. FIRST QUARTER 2006 RESULTS

- Earns $0.54 per diluted share from continuing operations, excluding charge -

- Sales growth of 49% includes 35% from acquired businesses -

-Raises earnings outlook for 2006 following a strong quarter

 

Lionville, PA, April 27, 2006 – West Pharmaceutical Services, Inc. (NYSE: WST), the global market leader in closure systems and syringe components for use with injectable drugs, today announced its results for the three months ended March 31, 2006. Reported sales grew by 49.1% compared to the first quarter of 2005, to $222.8 million, despite the negative effects of foreign currency translation, which reduced sales by 2.8%. Acquired businesses accounted for 35 percentage points of the sales increase.

 

The Company reported income from continuing operations of $0.43 per diluted share in the quarter. Reported results included a debt extinguishment loss of $0.12 per diluted share after tax and a tax benefit of $0.01 per diluted share as a result of the favorable resolution of a claim reserve established in an earlier period. In order to aid in the comparison of period results, the accompanying tables include a reconciliation of GAAP results and non-GAAP results, which exclude these items. On that basis, earnings per diluted share from continuing operations would have been $0.54 in the current quarter, compared to $0.41 in the first quarter of 2005, a 31.7% increase.

 

Donald E. Morel, Ph.D., West’s Chairman and Chief Executive Officer said, “Our strong first quarter, from both a sales and operations perspective, has the year off to a very good start. Stronger than anticipated sales, especially in Europe, coupled with the improving product mix and production efficiencies, resulted in significantly better financial performance. In our pharmaceutical packaging operations, growth continues to be focused in high-value products and prefilled syringe components. The businesses we acquired last year are operating in line with our expectations and have contributed to our earnings per share improvement this quarter.”

 

EXCERPTS ON THIS PAGE:

8-K
Aug 3, 2006
8-K
Apr 27, 2006
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