West Pharmaceutical (WST)

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West Announces First Quarter 2011 Results

West Pharma (NYSE:WST)
Intraday Stock Chart
Today : Thursday 28 April 2011
West Pharmaceutical Services, Inc. (NYSE: WST) today announced its financial results for the first quarter of 2011. Summary comparative results were as follows:


($ millions, except per-share data )
Three Months Ended

March 31,

2011
2010


Net Sales
$ 295.4
$ 274.7

Gross Profit
88.0
82.2

Reported Operating Profit
28.8
28.9

Adjusted Operating Profit (1)
30.7
29.5

Reported Diluted EPS
$ 0.56
$ 0.57

Adjusted Diluted EPS(1)
$ 0.60
$ 0.58



(1) See "Restructuring and Other Items" section of the release and "Supplemental Information and Notes to Non-GAAP Financial Measures" in the tables following the text of this release.

First-quarter 2011 sales grew 7.5% from the same period last year, or 7.3% excluding the effects of foreign currency translation. Sales increased 8.5% in Pharmaceutical Packaging Systems and 4.7% in Pharmaceutical Delivery Systems. The overall sales mix improved as a result of growing sales of high-value pharmaceutical packaging components and proprietary devices. Contract manufacturing revenues were flat due to scheduled price reductions that offset other gains, and sales of disposable medical device components declined. The Company's order backlog at the end of the quarter was over 11% higher than the comparable amounts at December 31 and March 31, 2010.