West Pharma (WST) Misses Q1 EPS by 2c, Beats on Revenues; Offers FY18 EPS/Revenue Mid-Point Outlooks Above Consenus

West Pharma (NYSE: WST) reported Q1 EPS of $0.62, $0.02 worse than the analyst estimate of $0.64. Revenue for the quarter came in at $415.7 million versus the consensus estimate of $404.64 million.

Executive Summary

• First-quarter 2018 reported net sales of $415.7 million grew 7.2% over the prior-year quarter. At constant currency, organic sales growth was 0.2%.
• First-quarter 2018 reported-diluted EPS was $0.58. Excluding restructuring and other costs, first-quarter 2018 adjusted-diluted EPS was $0.62, as compared to $0.81 in the prior-year quarter. Tax benefits associated with share-based payment transactions were $0.03 in the first-quarter 2018, below our expectations of approximately $0.05 and below the $0.21 impact in the same quarter last year.
• The Company is reaffirming full-year 2018 net sales guidance range of $1.720 billion to $1.730 billion. This assumes a translation exchange rate of $1.20 per Euro, unchanged from prior guidance. This represents a conservative assumption given current spot rates.
• The Company continues to expect 2018 organic sales growth to be within a range of 6% to 8%.
• The Company is reaffirming full-year 2018 adjusted-diluted EPS range of $2.80 to $2.90.

GUIDANCE:

West Pharma sees FY2018 EPS of $2.80-$2.90, versus the consensus of $2.83. West Pharma sees FY2018 revenue of $1.72-1.73 million, versus the consensus of $1.72 million.

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

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