West Pharmaceutical gains on annual profit forecast raise

West Pharmaceutical Services

24/10/2024 16:56

(Updates)
    ** Shares of medical equipment maker West Pharmaceutical
Services  WST.N  rise 17.12% to $335.47
    ** Company raises annual adj. profit forecast to be between
$6.55 and $6.75 per share vs prior estimated range of $6.35 to
$6.65 per share
    ** Expects full-year revenue forecast to be between $2.88
bln and $2.91 bln, up from the prior expected range of $2.87 bln
to $2.90 bln
    ** Analysts, on average, were expecting annual profit of
$6.51 per share and total revenue of $2.87 bln, according to
data compiled by LSEG
    ** Company says it is getting closer to a "turning point in
destocking trend" and customers are showing interest in
increasing their near-term order levels
    ** Posts Q3 adj. profit of $1.85/shr vs analysts' ests. of
$1.50/shr
    ** As of last close, stock down ~5% YTD

 (Reporting by Sruthi Narasimha Chari and Sriparna Roy in
Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))