By RTT News,
July 31, 2014, 08:50:00 AM EDT
(RTTNews.com) - West Pharmaceutical Services, Inc. ( WST ) reported that its second-quarter net income increased to $37.6 million from $30.2 million in the year ago quarter. As a result of the improved operating results and despite the higher tax rate, earnings per share grew by 20.9% to $0.52 in the current quarter, compared to $0.43 in the 2013 period.
Net sales for the quarter grew to $368.9 million from $344.5 million last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share and revenues of $368.59 million for the quarter. Analysts' estimates typically exclude special items.
Second quarter 2014 consolidated net sales grew by 7.1% (5.3% excluding currency effects) compared to the second quarter of 2013. Pharmaceutical Delivery Systems (PDS) sales grew 7.2% and Pharmaceutical Packaging Systems or PPS sales grew 4.5% compared to the second quarter of 2013 excluding currency effects.
The company confirmed its prior earnings-per-share guidance for 2014 earnings per share in the range of $1.77 to $1.89 on forecasted consolidated sales growth of 4% to 6% over last year, excluding currency effects.
The company cut its fiscal 2014 net sales outlook to a range of $1.430 billion - $1.460 billion from the prior estimate of $1.450 billion - $1.480 billion.
Wall Street currently is looking for fiscal year 2014 earnings of $1.83 per share on annual revenues of $1.47 billion.
The company stated that a more profitable sales mix coupled with disciplined program spending will be keys to delivering those results. It believes that its long-term growth drivers remain intact, especially the strong growth in biologics for treating cancer, auto-immune disease, and diabetes.
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