Posted on Tue, Nov. 3, 2009
West Pharmaceutical Services Inc. said today that it will cut 100 jobs to trim costs. The company also reported a rise in quarterly profit to 50 cents per share, from 40 cents a year ago.
The Lionville, Chester County, company said it will eliminate 65 positions from its Tech Group and 35 positions from its Pharmaceutical systems as it consolidates operations and sets aside plans to expand a U.S. metals facility. West employs about 6,300 in the United States and Europe.
West expects to recognize a charge of $7 million, or 12 cents per share, for "restructuring and other items" in the fourth quarter, the company said.
Excluding onetime items, the company reported earnings of 45 cents per share.
Third-quarter revenue was about flat at $258.9 million, compared with $256.2 million for the same period last year. Net income for the period that ended Sept. 30 was $17.2 million, up from $13.3 million a year earlier.
The company cut its full-year 2009 guidance, saying it expects adjusted earnings of $2.08 to $2.13 per share, down from an earlier expectation of $2.10 to $2.20 a share.
West manufactures components for injectable drug delivery, and other items for the health-care and consumer products markets. - Reid Kanaley
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