ERJ staff report (R&PN)
Lionville, Pennsylvania -- Medical components manufacturer West Pharmaceutical Services Inc. posted net income of $20.3 million on sales of $293.4 million in the fourth quarter of 2009, both increases over the year-earlier period, the company announced Feb. 18.
Sales for the quarter were a jump of 19.8 percent over the like period of 2008, and net profits a 15.3- percent surge.
The fourth quarter marked a strong ending to the year, in which the company reported profits of $72.6 million on revenues of $1.06 billion. Income was down 15.6 percent from 2008, while sales were up slightly.
â€œThe fourth quarter was a terrific finish to a difficult year and is consistent with our view that the worst of the effects of inventory contraction are behind us,â€ said Donald E. Morel Jr., West chairman and CEO.
The company experienced significant growth in higher quality pharmaceutical components, Morel said, helping it to increase both overall revenues and profitability, even without significant contributions from H1N1 vaccines, currency, and acquired business.
Looking ahead, there are tremendous opportunities for West to convert its new technologies and products into incremental sales, he said, in addition to delivering improved operating results from its current product lines.
From Rubber & Plastics News (A Crain publication)