West Pharmaceutical Services, Inc. (WST) Thursday reported higher profit for the first quarter reflecting increased revenue on the back of increased sales of Packaging System's high-value packaging components and Delivery System's proprietary products. Adjusted earnings per share beat the Street estimates by a penny. The company further revised up its full-year earnings guidance.
For the period the firm posted net income of $31.7 million, up from $29.2 million last year. On a per share basis earnings totaled $0.90 versus $0.81 for the year earlier period.
On an adjusted basis the company reported earnings of $0.87 for the quarter. Three analysts on average polled by Thomson Reuters estimated earnings per share of $0.86 for the three months. Analyst estimates typically exclude one-time items.
The company clocked revenue of $339.4 million, up from $316.3 million last year. Analysts were looking for revenue of $344.20 million for the period.
Looking forward, the firm said it now sees full-year earnings per share of $3.08 to $3.23, higher than its prior view of $3.00 to $3.20.
The company further expects adjusted earnings per share of $3.05 to $3.20, up from its previous expectations of 2.97 to $3.17. Currently the Street is looking for earnings per share of $3.13 for the full-year.
The firm further reiterated the consolidated net sales guidance of $1.36 billion to $1.4 billion while analysts are looking for revenue of $1.38 billion for the full-year.
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