West Pharmaceutical beats 4Q profit forecasts
EXTON, Pa. (AP) — West Pharmaceutical Services Inc. (WST) on Thursday reported break-even earnings in its fourth quarter.
The Exton, Pennsylvania-based company said it had profit that was less than 1 cent on a per-share basis. Earnings, adjusted for pretax expenses, were 64 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.
The medical device company posted revenue of $415.6 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $416.2 million.
For the year, the company reported profit of $150.7 million, or $1.99 per share. Revenue was reported as $1.6 billion.
West Pharmaceutical expects adjusted full-year earnings in the range of $2.80 to $2.90 per share. Excluding tax benefits related to stock-based compensation, it forecast 2018 adjusted earnings per share of $2.66 to $2.76.
West Pharmaceutical shares have dropped nearly 4 percent since the beginning of the year. The stock has climbed slightly more than 9 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WST at https://www.zacks.com/ap/WST