Why West Pharmaceutical Services Stock Is Heading South Today
Shares of West Pharmaceutical Services (NYSE: WST) were down 11.7% as of 11:14 a.m. ET on Thursday. The decline came after the company announced its third-quarter results and provided its full-year 2022 guidance earlier in the day.
West reported Q3 net sales of $686.9 million, down 2.8% year over year. This result was well below the consensus Wall Street revenue estimate of $730.9 million. The company announced adjusted diluted earnings per share (EPS) of $2.03, a 1.5% decline from the prior-year period. This also came in below the average analyst earnings estimate of $2.12 per share.
In addition, West lowered its full-year guidance for 2022. It now expects net sales will be between $2.83 billion and $2.84 billion compared to the previous forecast of $2.95 billion to $2.975 billion. West projects adjusted diluted EPS of $8.15 to $8.20. The company's prior outlook was for adjusted EPS between $9 and $9.15.
Source Fool.com
