West Pharma (WST) Tops Q3 EPS by 14c, Beats on Revenues; Boosts FY17 EPS/Revenues Above Consensus

West Pharma (NYSE: WST) reported Q3 EPS of $0.67, $0.14 better than the analyst estimate of $0.53. Revenue for the quarter came in at $398.2 million versus the consensus estimate of $385.9 million.

Third-Quarter 2017 Highlights

• Reported net sales of $398.2 million grew 5.7% over the prior-year quarter. Net sales at constant currency (organic) grew by 3.7%.
• Third-quarter 2017 reported-diluted EPS was $0.67, compared to reported-diluted EPS of $0.50 and adjusted-diluted EPS of $0.53, both in the prior-year quarter. There were no adjustments made in the third-quarter 2017.
• Hurricanes in Puerto Rico had a negative impact on third-quarter 2017 sales of approximately $2 million. At current low levels of operations at both our Puerto Rican contract manufacturing facility and Biologics customers located in the area, we estimate fourth-quarter 2017 sales to be adversely impacted by approximately $5 million.
• Raising full-year 2017 sales and adjusted-diluted EPS guidance. Full-year 2017 sales guidance is expected to be in a range between $1.595 billion and $1.605 billion, compared to the prior guidance range between $1.585 billion and $1.600 billion. This includes hurricane-related impacts in Puerto Rico. Full-year 2017 adjusted-diluted EPS guidance is expected to be in a range between $2.74 and $2.79, compared to the prior guidance range between $2.66 and $2.73. This includes an estimated fourth-quarter 2017 adjusted-diluted EPS negative impact of $0.03 from hurricane-related issues in Puerto Rico. Both current and prior guidance ranges include the favorable impact from tax-related benefits associated with share-based payment transactions that have been recognized during the first nine months of 2017.
• Providing long-term financial objectives consistent with prior plans.

GUIDANCE:

West Pharma sees FY2017 EPS of $2.74-$2.79, versus the consensus of $2.67. West Pharma sees FY2017 revenue of $1.595-1.605 billion, versus the consensus of $1.59 billion.

For earnings history and earnings-related data on West Pharma (WST) click here.

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