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West Pharmaceutical Q3 profit climbs 3.3% YOY; full-year outlook raised

West Pharmaceutical Services Inc. said its third-quarter earnings rose 3.3% year over year and raised its outlook for 2019.

The Exton, Pa.-based company reported adjusted net income of $59.5 million, or 79 cents per share, a gain from $57.6 million, or 76 cents per share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 71 cents.

Net sales rose 5.7% year over year to $456.1 million from $431.7 million. Meanwhile, research and development expenses fell 7.9% from the prior-year period to $9.3 million from $10.1 million.

On a GAAP basis, net income grew from the prior-year period to $56.3 million, or 75 cents per share, from $55.2 million, or 73 cents per share.

For the first nine months of 2019, the company's adjusted net income totaled $182.5 million, or $2.42 per share, a 16.2% yearly increase from $157.1 million, or $2.08 per share, in the year-ago period.

Net sales for the nine months ended Sept. 30 increased 5.7% year over year to $1.37 billion from $1.29 billion.

GAAP net income for the same period grew 14.8% year over year to $177.8 million, or $2.36 per share, from $154.9 million, or $2.05 per share.

The company raised its full-year outlook, and now expects adjusted EPS in the range of $3.10 to $3.15 for the full year, from its previous guidance in the range of $3.00 to $3.10.

West Pharmaceutical also expects net sales at between $1.82 billion to $1.83 billion for the full year. The company previously estimated net sales to reach the range of $1.81 billion to $1.83 billion.

The S&P Global Market Intelligence consensus normalized EPS estimate for the full year is $3.06.