LIONVILLE, Pa. (April 29, 2010)—West Pharmaceutical Services Inc. posted net income of $19.8 million on sales of $274.7 million in the first quarter, the medical components manufacturer reported today.
The figures compared favorably with the net earnings of $15.4 million and sales of $242.4 million the Linville-based company reported in the like period of 2009.
The increases were aided by improvements in both of West's business segments, Pharmaceutical Packaging Systems and Pharmaceutical Delivery Systems. Broad-based demand increases experienced in the fourth quarter of 2009 carried over into the first quarter, the company said.
West's backlog strengthened in the quarter despite many customers continuing inventory and working capital containment initiatives, resulting in shorter lead times and smaller individual order quantities, said Chairman and CEO Donald Morel.
Ongoing efficiency projects within West's operations, along with tight management of discretionary spending, also contributed to the improved earnings, he said.
Morel said that, unlike 2009, the firm expects its 2010 results will return to historic seasonality, with the first six months showing stronger sales and earnings versus the second half of the year.