- West Pharmaceutical Services Inc (NYSE: WST) reported first-quarter FY22 sales growth of 7.4% year-on-year to $720 million, missing the consensus of $720.92 million.
- Proprietary products segment revenue grew 10.6% Y/Y to $601.3 million. Contact-manufactured products segment sales declined 6.6% to $118.7 million.
- Gross profit margin fell 100 basis points to 40%, and the gross profit was $284.6 million.
- The operating margin was flat at 26%, and operating income for the quarter was $189.7 million.
- The company held $667.7 million in cash and equivalents as of March 31, 2022.
- Operating cash flow for the quarter rose 70.5% to $151.2 million, and the free cash flow was $85.4 million.
- Adjusted EPS of $2.30 beat the analyst consensus of $2.12.
- Outlook: WST raised FY22 adjusted EPS guidance to $9.30 - $9.45 from $9.20 - $9.35, versus the consensus of $9.28.
- The company has reaffirmed its FY22 revenue of $3.05 billion - $3.075 billion, against the consensus of $3.07 billion.
- Price Action: WST shares are trading lower by 6.09% at $312.11 on the last check Thursday.
Read at Benzinga