LIONVILLE, Pa. (April 21)—Medical components manufacturer West Pharmaceutical Services Inc. posted net income of $13.3 million on net sales of $149.5 million for the first quarter of 2005, up from net earnings of $7 million on sales of $130.4 million a year ago.
Pharmaceutical packaging components employing the company's advanced coating technologies and Westar-brand processing continued to fuel sales growth in the quarter, West said.
"First-quarter sales were stronger than expected, both in terms of total sales and profitable sales mix," said Donald E. Morel, West chairman and CEO. "The market continues to validate West's renewed emphasis on bringing value-added products and services to our pharmaceutical, biopharmaceutical and medical device customers."
Rising energy and raw material prices will continue to cause some concern, along with the potential negative sales impact of recent customer inventory builds of high value products, Morel added.
West indicated it now expects revenue growth for the year to be between 6 and 8 percent before currency effects, up from its previous revenue growth guidance of between 5 and 7 percent, and that it expects annual earnings per diluted share to be in the upper end of the previously provided $1.37 to $1.47 range.