LIONVILLE, Pa. (Feb. 26) — Medical components manufacturer West Pharmaceutical Services Inc. posted net earnings of $67.1 million on net sales of $913.3 million in 2006, the company reported.
The figures are up from earnings of $46.4 million and sales of $699.7 million in 2005.
West's consolidated fourth-quarter sales of $231.9 million were an 18.5-percent improvement from a year-earlier, while the net earnings of $15 million were 20-percent more than the fourth quarter of 2005.
In addition to announcing its results for 2006, the company said it estimated sales of $1 billion for 2007, reflecting revenue growth of about 10 percent, and expected earnings from continuing operations in the range of $2.20 to $2.35 per diluted share.
Donald E. Morel, West chairman and CEO, said the company's improved performance is the direct result of returning its focus to innovative products, processes and services that meet the evolving needs of its key markets. He said the company expanded its product offerings, repositioned its traditional products with added features, quality and service, and targeted important market segments.
Morel said West's challenge in 2007 is to deliver improved performance while executing its planned investments to expand capacity, to bring new and innovative products to market and broaden its geographic presence in order to sustain long-term, profitable growth.