LIONVILLE, Pa. (July 20)—Medical components manufacturer West Pharmaceutical Services Inc. reported net earnings of $7.7 million on sales of $138.1 million in the second quarter, up from the $6.9 million on $126.4 million posted in the like period of 2003.
The company's results reflect the continued performance of its core Pharmaceutical Systems Division, said Donald E. Morel Jr., West president and CEO. The unit made up 98.6 percent of the firm's second-quarter sales.
In June, West announced it would seek strategic alternatives, including possible divestiture, for its Drug Delivery Division. It plans to complete the process by year's end.
Through six months, West's net sales increased 11 percent to $271.7 million. Earnings jumped 37.4 percent to $14.7 million.
The company expects year-over-year revenue growth of 5-7 percent, excluding currency effects, and pro forma diluted earnings per share in the $2.00-2.10 range.