West Pharmaceutical Services Raises FY24 Guidance - Update

(RTTNews) - (Adds Outlook)

West Pharmaceutical Services, Inc. (WST) said it now expects full-year 2024 adjusted EPS to be in a range of $6.55 to $6.75, compared to prior guidance range of $6.35 to $6.65. As a result of favorable currency movements, the company increased its full year 2024 net sales guidance range to $2.875 billion to $2.905 billion, compared to a prior range of $2.870 billion to $2.900 billion. The company anticipates a decrease of approximately 1.5% to 2% for organic net sales.

Q3 Results:

Bottom line came in at $136.0 million, or $1.85 per share compared with $161.3 million, or $2.14 per share, in last year's third quarter. Excluding items, West Pharmaceutical Services reported adjusted earnings of $136.1 million or $1.85 per share for the period. Analysts on average had expected the company to earn $1.50 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company's revenue for the quarter fell 0.1% to $746.9 million from $747.4 million last year.

The company also announced that its Board of Directors has approved a fourth-quarter 2024 dividend of $0.21 per share, a 5.0% increase over the $0.20 per share paid in each of the four preceding quarters. The dividend will be paid on November 20, 2024, to shareholders of record as of November 13, 2024.

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