– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
- Conference Call Scheduled for 9 a.m. EDT Today -
EXTON, Pa., April 28, 2022 /PRNewswire/ -- West Pharmaceutical Services, Inc. (NYSE: WST) today announced its financial results for the first-quarter 2022 and updated full-year 2022 financial guidance.
First-Quarter 2022 Summary (comparisons to prior-year period)
"Adjusted-diluted EPS" and "organic sales growth" are Non-U.S. GAAP measurements. See discussion under the heading "Non-U.S. GAAP Financial Measures" in this release.
"We delivered a solid first-quarter 2022 and remain on track to increase capacity throughout the year to satisfy the growing demand for our high-value products (HVP)," said Eric M. Green, President and Chief Executive Officer. "Our team members across the globe continue to demonstrate their passion to improve patient lives as they remain focused on executing our strategic initiatives despite macroeconomic challenges. Even with these challenges, and headwinds related to changes in foreign currency exchange rates, we remain well positioned for continued net sales growth and margin expansion. We are reaffirming our full-year 2022 net sales guidance, raising our full-year organic sales growth guidance, and raising our full-year 2022 adjusted-diluted EPS guidance."
Proprietary Products SegmentNet sales grew by 10.6% to $601.3 million. Organic sales growth was 14.4% with currency translation negatively impacting sales growth by 380 basis points. High-value products (components and devices) represented more than 70% of segment sales and generated double-digit organic sales growth, led by customer demand for NovaPure® and Westar® components.
The Biologics market unit had double-digit organic sales growth. The Pharma and Generics market units had high-single digit and mid-single digit organic sales growth, respectively.
Contract-Manufactured Products SegmentNet sales declined by 6.6% to $118.7 million. Organic sales decline was 3.8% with currency translation negatively impacting sales growth by 280 basis points. Segment performance was impacted by a decline of sales of components for diagnostic devices.
Financial HighlightsOperating cash flow was $151.2 million, an increase of 70.5%. Capital expenditures in the quarter were $65.8 million. Free cash flow (operating cash flow minus capital expenditures) was $85.4 million, an increase of 151.2%.
During the quarter, the Company repurchased 390,000 shares for $147.1 million at an average share price of $377.23 under its share repurchase program.
Full-Year 2022 Financial Guidance
First-Quarter 2022 Conference Call The Company will host a conference call to discuss the results and business expectations at 9:00 a.m. Eastern Time today. To participate on the call please dial 877-930-8295 (U.S.) or 253-336-8738 (International). The conference ID is 6690124.
A live broadcast of the conference call will be available at the Company's website, www.westpharma.com, in the "Investors" section. Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, select "Presentations" in the "Investors" section of the Company's website.
An online archive of the broadcast will be available at the website three hours after the live call and will be available through Thursday, May 5, 2022, by dialing 855-859-2056 (U.S.) or 404-537-3406 (International) and entering conference ID 6690124.
Forward-Looking StatementsCertain forward-looking statements appear in this release and include such words as "raising," "increase," "growing," "continue," "remain," "reaffirming," "expected," "to be," "includes," "estimated," "assumes," "would provide," and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this release. There is no certainty that actual results will be achieved in-line with current expectations. These forward-looking statements involve a number of risks and uncertainties. The following are some of the factors that could cause our actual results to differ materially from those expressed in or underlying our forward-looking statements: the duration and severity of the global COVID-19 pandemic, including prevailing economic conditions and general uncertainties relating thereto that may be unknown and unforeseeable; customers' changing inventory requirements and manufacturing plans and customer decisions to move forward with our new products and product categories, including any re-prioritization of product needs due to COVID-19; other potential impacts from COVID-19, including interruptions or weaknesses in our supply chain, illness in our workforce and access to transport for our products; average profitability, or mix, of the products we sell; dependence on third-party suppliers and partners; increased raw material costs; fluctuations in currency exchange; and the ability to meet development milestones with key customers. This list of important factors is not all inclusive. For a description of certain additional factors that could cause the Company's future results to differ from those expressed in any such forward-looking statements, see Part I Item 1A , entitled "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
Except as required by law or regulation, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-U.S. GAAP Financial MeasuresFor the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. We may also refer to financial results excluding the effects of unallocated items. The re-measured results excluding effects from currency translation and excluding the effects of unallocated items are not in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and should not be used as a substitute for the comparable U.S. GAAP financial measures. The non-U.S. GAAP financial measures are incorporated into our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users a valuable insight into our overall performance and financial position. A reconciliation of these adjusted non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.
WEST PHARMACEUTICAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in millions, except per share data) |
||||
Three Months Ended March 31, |
||||
2022 |
2021 |
|||
Net sales |
$720.0 |
100% |
670.7 |
100% |
Cost of goods and services sold |
435.4 |
60 |
398.8 |
59 |
Gross profit |
284.6 |
40 |
271.9 |
41 |
Research and development |
14.6 |
2 |
12.2 |
2 |
Selling, general and administrative expenses |
83.4 |
12 |
80.2 |
12 |
Other (income) expense |
(3.1) |
- |
3.9 |
1 |
Operating profit |
189.7 |
26 |
175.6 |
26 |
Interest expense, net |
1.9 |
- |
1.8 |
- |
Other nonoperating (income) expense |
- |
- |
(1.1) |
- |
Income before income taxes |
187.8 |
26 |
174.9 |
26 |
Income tax expense |
21.2 |
3 |
28.7 |
4 |
Equity in net income of affiliated companies |
(7.2) |
(1) |
(5.0) |
(1) |
Net income |
$173.8 |
24% |
$151.2 |
23% |
Net income per share: |
||||
Basic |
$2.34 |
$2.04 |
||
Diluted |
$2.29 |
$1.99 |
||
Average common shares outstanding |
74.4 |
73.9 |
||
Average shares assuming dilution |
76.0 |
75.8 |
||
WEST PHARMACEUTICAL SERVICES REPORTING SEGMENT INFORMATION (UNAUDITED) (in millions) |
||
Three Months Ended |
||
March 31, |
||
Net Sales: |
2022 |
2021 |
Proprietary Products |
$601.3 |
$543.7 |
Contract-Manufactured Products |
118.7 |
127.1 |
Eliminations |
- |
(0.1) |
Consolidated Total |
$720.0 |
$670.7 |
Gross Profit: |
||
Proprietary Products |
$260.7 |
$251.9 |
Contract-Manufactured Products |
23.9 |
20.0 |
Gross Profit |
$284.6 |
$271.9 |
Gross Profit Margin |
39.5% |
40.5% |
Operating Profit (Loss): |
||
Proprietary Products |
$193.4 |
$182.6 |
Contract-Manufactured Products |
19.1 |
16.4 |
Stock-based compensation expense |
(5.5) |
(5.9) |
General corporate costs |
(17.1) |
(13.9) |
Adjusted Operating Profit |
$189.9 |
$179.2 |
Adjusted Operating Profit Margin |
26.4% |
26.7% |
Other unallocated items |
(0.2) |
(3.6) |
Reported Operating Profit |
$189.7 |
$175.6 |
Reported Operating Profit Margin |
26.3% |
26.2% |
WEST PHARMACEUTICAL SERVICES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) Please refer to "Non-U.S. GAAP Financial Measures" for more information (in millions, except per share data) |
||||
Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS |
||||
Three months ended March 31, 2022 |
Operating |
Income |
Net |
Diluted |
Reported (U.S. GAAP) |
$189.7 |
$21.2 |
$173.8 |
$2.29 |
Unallocated items: |
||||
Pension settlement (1) |
- |
0.1 |
0.5 |
- |
Amortization of acquisition-related intangible assets (2) |
0.2 |
- |
0.7 |
0.01 |
Adjusted (Non-U.S. GAAP) |
$189.9 |
$21.3 |
$175.0 |
$2.30 |
Three months ended March 31, 2021 |
Operating |
Income |
Net |
Diluted |
Reported (U.S. GAAP) |
$175.6 |
$28.7 |
$151.2 |
$1.99 |
Unallocated items: |
||||
Restructuring and related charges |
1.2 |
0.2 |
1.0 |
0.01 |
Pension settlement (1) |
- |
0.2 |
0.5 |
0.01 |
Amortization of acquisition-related intangible assets (2) |
0.2 |
- |
0.7 |
0.01 |
Cost investment impairment |
2.2 |
- |
2.2 |
0.03 |
Adjusted (Non-U.S. GAAP) |
$179.2 |
$29.1 |
$155.6 |
$2.05 |
(1) |
The Company recorded a pension settlement charge within other nonoperating (income) expense, as it determined that normal-course lump-sum payments for our U.S. qualified defined benefit pension plan exceeded the threshold for settlement accounting. |
(2) |
During the three months ended March 31, 2022 and 2021, the Company recorded $0.2 million of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three months ended March 31, 2022 and 2021, the Company recorded $0.5 million of amortization expense in association with an acquisition of increased ownership interest in Daikyo. |
WEST PHARMACEUTICAL SERVICES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) Please refer to "Non-U.S. GAAP Financial Measures" for more information (in millions, except per share data) |
||||
Reconciliation of Net Sales to Organic Net Sales (3) |
||||
Three months ended March 31, 2022 |
Proprietary |
CM |
Eliminations |
Total |
Reported net sales (U.S. GAAP) |
$601.3 |
$118.7 |
$ - |
$720.0 |
Effect of changes in currency translation rates |
20.6 |
3.6 |
- |
24.2 |
Organic net sales (Non-U.S. GAAP) (3) |
$621.9 |
$122.3 |
$ - |
$744.2 |
(3) |
Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. |
WEST PHARMACEUTICAL SERVICES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) Please refer to "Non-U.S. GAAP Financial Measures" for more information (in millions, except per share data) |
|||
Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance |
|||
2021 Actual |
2022 Guidance |
% Change |
|
Reported-diluted EPS (U.S. GAAP) |
$8.67 |
$9.26 to $9.41 |
6.8% to 8.5% |
Pension settlement |
0.02 |
||
Cost investment activity |
0.06 |
||
Restructuring and related charges |
0.02 |
||
Amortization of acquisition-related |
0.04 |
0.04 |
|
Asset impairment |
0.04 |
||
Royalty acceleration |
(0.25) |
||
Tax law changes |
(0.02) |
||
Adjusted-diluted EPS (Non-U.S. GAAP) (4) |
$8.58 |
$9.30 to $9.45 |
8.4% to 10.1% |
Notes: |
|
See "Full-year 2022 Financial Guidance" and "Non-U.S. GAAP Financial Measures" in today's press release for additional information regarding adjusted-diluted EPS. |
|
(4) |
We have opted not to forecast 2022 tax benefits from stock-based compensation in upcoming quarters, as they are out of the Company's control. Instead, we recognize the benefits as they occur. In the first-quarter 2022, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.12. Any future tax benefits associated with stock-based compensation that we receive in 2022 would provide a positive adjustment to our full-year EPS guidance. In 2021, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.41. |
WEST PHARMACEUTICAL SERVICES CASH FLOW ITEMS (UNAUDITED) (in millions) |
||
Three Months Ended March 31, |
||
2022 |
2021 |
|
Depreciation and amortization |
$29.6 |
$29.1 |
Operating cash flow |
$151.2 |
$88.7 |
Capital expenditures |
$65.8 |
$54.7 |
WEST PHARMACEUTICAL SERVICES FINANCIAL CONDITION (UNAUDITED) (in millions) |
||
As of March 31, 2022 |
As of December 31, 2021 |
|
Cash and cash equivalents |
$667.7 |
$762.6 |
Accounts receivable, net |
$498.7 |
$489.0 |
Inventories |
$416.5 |
$378.4 |
Accounts payable |
$248.2 |
$232.2 |
Debt |
$252.5 |
$253.0 |
Equity |
$2,326.2 |
$2,335.4 |
Working capital |
$1,105.7 |
$1,147.9 |
Trademark Notices
Trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc., in the United States and other jurisdictions, unless noted otherwise.
Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.
SOURCE West Pharmaceutical Services, Inc.
- Конференц-связь запланирована на 9 утра по восточному времени сегодня -
ЭКСТОН, Пенсильвания, 28 апреля 2022 г. /PRNewswire/ -- West Pharmaceutical Services, Inc. (NYSE: WST) сегодня объявила о своих финансовых результатах за первый квартал 2022 года и обновила финансовые прогнозы на весь 2022 год.
Сводка за первый квартал 2022 года (сравнение с периодом предыдущего года)
"Скорректированная разводненная прибыль на акцию" и "органический рост продаж" не являются показателями по ОПБУ США. См. Обсуждение в разделе "Финансовые показатели, не относящиеся к ОПБУ США" в этом выпуске.
"Мы добились хороших результатов в первом квартале 2022 года и продолжаем наращивать производственные мощности в течение года, чтобы удовлетворить растущий спрос на нашу продукцию с высокой добавленной стоимостью (HVP)", - сказал Эрик М. Грин, президент и главный исполнительный директор. "Члены нашей команды по всему миру продолжают демонстрировать свою страсть к улучшению жизни пациентов, поскольку они по-прежнему сосредоточены на реализации наших стратегических инициатив, несмотря на макроэкономические проблемы. Даже с учетом этих проблем и встречных ветров, связанных с изменением курсов иностранных валют, мы сохраняем хорошие позиции для дальнейшего роста чистых продаж и увеличения маржи. Мы подтверждаем наш прогноз по чистым продажам на весь 2022 год, повышаем наш прогноз по органическому росту продаж на весь год и повышаем наш прогноз по скорректированной разводненной прибыли на акцию на весь 2022 год".
Продажи в сегменте фирменных продуктов в сети выросли на 10,6% и составили $601,3 млн. Органический рост продаж составил 14,4%, при этом пересчет валюты негативно повлиял на рост продаж на 380 базисных пунктов. Продукты с высокой добавленной стоимостью (компоненты и устройства) составили более 70% продаж сегмента и обеспечили двузначный органический рост продаж, чему способствовал потребительский спрос на компоненты NovaPure® и Westar®.
Подразделение рынка биологических препаратов продемонстрировало двузначный органический рост продаж. В подразделениях фармацевтического рынка и рынка дженериков наблюдался высокий однозначный и средний однозначный рост органических продаж соответственно.
Продажи в сегменте контрактной продукции в сети снизились на 6,6% до 118,7 млн долларов. Органическое снижение продаж составило 3,8%, а пересчет валюты негативно повлиял на рост продаж на 280 базисных пунктов. На показатели сегмента повлияло снижение продаж компонентов для диагностических устройств.
Финансовые показатели Операционный денежный поток составил 151,2 миллиона долларов, увеличившись на 70,5%. Капитальные затраты за квартал составили 65,8 миллиона долларов. Свободный денежный поток (операционный денежный поток минус капитальные затраты) составил 85,4 млн долларов, увеличившись на 151,2%.
В течение квартала Компания выкупила 390 000 акций за 147,1 миллиона долларов при средней цене акций в 377,23 доллара в рамках своей программы обратного выкупа акций.
Финансовые рекомендации на весь 2022 год
Селекторное совещание за первый квартал 2022 года Компания проведет селекторное совещание для обсуждения результатов и бизнес-ожиданий сегодня в 9:00 утра по восточному времени. Чтобы принять участие в звонке, пожалуйста, наберите 877-930-8295 (США) или 253-336-8738 (международный). Идентификатор конференции - 6690124.
Прямая трансляция телефонной конференции будет доступна на веб-сайте Компании, www.westpharma.com , в разделе "Инвесторы". Руководство будет ссылаться на слайд-презентацию во время звонка, которая будет доступна в день звонка. Чтобы просмотреть презентацию, выберите "Презентации" в разделе "Инвесторы" на веб-сайте Компании.
Онлайн-архив трансляции будет доступен на веб-сайте через три часа после прямой трансляции и будет доступен до четверга, 5 мая 2022 года, набрав 855-859-2056 (США) или 404-537-3406 (международный) и введя идентификатор конференции 6690124.
Заявления прогнозного характера Определенные заявления прогнозного характера появляются в этом выпуске и включают такие слова, как "повышение", "увеличение", "рост", "продолжение", "остается", "подтверждение", "ожидается", "будет", "включает", "оценивается", "предполагает,", "обеспечил бы" и другую подобную терминологию. Эти заявления отражают текущие ожидания руководства в отношении будущих событий и операционных показателей и относятся только к дате настоящего выпуска. Нет никакой уверенности в том, что фактические результаты будут достигнуты в соответствии с текущими ожиданиями. Эти прогнозные заявления сопряжены с рядом рисков и неопределенностей. Ниже приведены некоторые из факторов, которые могут привести к тому, что наши фактические результаты будут существенно отличаться от тех, которые указаны в наших прогнозных заявлениях или лежат в их основе: продолжительность и серьезность глобальной пандемии COVID-19, включая преобладающие экономические условия и связанные с ними общие неопределенности, которые могут быть неизвестными и непредсказуемыми; меняющиеся запасы клиентов требования и производственные планы, а также решения клиентов по продвижению наших новых продуктов и категорий продуктов, включая любую переориентацию потребностей в продуктах из-за COVID-19; другие потенциальные последствия COVID-19, включая перебои или недостатки в нашей цепочке поставок, болезни наших сотрудников и доступ к транспорту для нашей продукции; средняя рентабельность или ассортимент продуктов, которые мы продаем; зависимость от сторонних поставщиков и партнеров; увеличение затрат на сырье; колебания обменного курса валюты; и способность соответствовать этапам развития с ключевыми клиентами. Этот список важных факторов не является исчерпывающим. Описание некоторых дополнительных факторов, которые могут привести к тому, что будущие результаты Компании будут отличаться от тех, которые указаны в любых таких прогнозных заявлениях, см. в Части I, пункт 1А, озаглавленный "Факторы риска", в Годовом отчете Компании по форме 10-K за год, закончившийся 31 декабря 2021 года.
За исключением случаев, предусмотренных законом или нормативными актами, мы не берем на себя никаких обязательств по публичному обновлению каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом.
Финансовые показатели, не относящиеся к ОПБУ США, с целью облегчения сравнения наших результатов за год мы можем ссылаться на чистые продажи и другие финансовые результаты, исключая влияние изменений обменных курсов иностранных валют. Чистые органические продажи исключают влияние приобретений и/или отчуждений и пересчитывают отчетные продажи дочерних компаний, функциональной валютой которых является не доллар США, за текущий период по применимым обменным курсам, действовавшим в течение сопоставимого периода предыдущего года. Мы также можем ссылаться на финансовые результаты, исключая влияние нераспределенных статей. Результаты переоценки без учета влияния пересчета валют и без учета влияния нераспределенных статей не соответствуют общепринятым принципам бухгалтерского учета США ("ОПБУ США") и не должны использоваться в качестве замены сопоставимых финансовых показателей по ОПБУ США. Финансовые показатели, не относящиеся к ОПБУ США, включены в наше обсуждение и анализ, поскольку руководство использует их при оценке результатов нашей деятельности и считает, что эта информация дает пользователям ценное представление о нашей общей деятельности и финансовом положении. Сверка этих скорректированных показателей, не относящихся к ОПБУ США, с сопоставимыми финансовыми показателями по ОПБУ США включена в прилагаемые таблицы.
West Pharmaceutical Services, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in millions, except per share data) |
||||
Three Months Ended March 31, |
||||
2022 |
2021 |
|||
Net sales |
$720.0 |
100% |
670.7 |
100% |
Cost of goods and services sold |
435.4 |
60 |
398.8 |
59 |
Gross profit |
284.6 |
40 |
271.9 |
41 |
Research and development |
14.6 |
2 |
12.2 |
2 |
Selling, general and administrative expenses |
83.4 |
12 |
80.2 |
12 |
Other (income) expense |
(3.1) |
- |
3.9 |
1 |
Operating profit |
189.7 |
26 |
175.6 |
26 |
Interest expense, net |
1.9 |
- |
1.8 |
- |
Other nonoperating (income) expense |
- |
- |
(1.1) |
- |
Income before income taxes |
187.8 |
26 |
174.9 |
26 |
Income tax expense |
21.2 |
3 |
28.7 |
4 |
Equity in net income of affiliated companies |
(7.2) |
(1) |
(5.0) |
(1) |
Net income |
$173.8 |
24% |
$151.2 |
23% |
Net income per share: |
||||
Basic |
$2.34 |
$2.04 |
||
Diluted |
$2.29 |
$1.99 |
||
Average common shares outstanding |
74.4 |
73.9 |
||
Average shares assuming dilution |
76.0 |
75.8 |
||
West Pharmaceutical Services REPORTING SEGMENT INFORMATION (UNAUDITED) (in millions) |
||
Three Months Ended |
||
March 31, |
||
Net Sales: |
2022 |
2021 |
Proprietary Products |
$601.3 |
$543.7 |
Contract-Manufactured Products |
118.7 |
127.1 |
Eliminations |
- |
(0.1) |
Consolidated Total |
$720.0 |
$670.7 |
Gross Profit: |
||
Proprietary Products |
$260.7 |
$251.9 |
Contract-Manufactured Products |
23.9 |
20.0 |
Gross Profit |
$284.6 |
$271.9 |
Gross Profit Margin |
39.5% |
40.5% |
Operating Profit (Loss): |
||
Proprietary Products |
$193.4 |
$182.6 |
Contract-Manufactured Products |
19.1 |
16.4 |
Stock-based compensation expense |
(5.5) |
(5.9) |
General corporate costs |
(17.1) |
(13.9) |
Adjusted Operating Profit |
$189.9 |
$179.2 |
Adjusted Operating Profit Margin |
26.4% |
26.7% |
Other unallocated items |
(0.2) |
(3.6) |
Reported Operating Profit |
$189.7 |
$175.6 |
Reported Operating Profit Margin |
26.3% |
26.2% |
West Pharmaceutical Services RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) Please refer to "Non-U.S. GAAP Financial Measures" for more information (in millions, except per share data) |
||||
Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS |
||||
Three months ended March 31, 2022 |
Operating |
Income |
Net |
Diluted |
Reported (U.S. GAAP) |
$189.7 |
$21.2 |
$173.8 |
$2.29 |
Unallocated items: |
||||
Pension settlement (1) |
- |
0.1 |
0.5 |
- |
Amortization of acquisition-related intangible assets (2) |
0.2 |
- |
0.7 |
0.01 |
Adjusted (Non-U.S. GAAP) |
$189.9 |
$21.3 |
$175.0 |
$2.30 |
Three months ended March 31, 2021 |
Operating |
Income |
Net |
Diluted |
Reported (U.S. GAAP) |
$175.6 |
$28.7 |
$151.2 |
$1.99 |
Unallocated items: |
||||
Restructuring and related charges |
1.2 |
0.2 |
1.0 |
0.01 |
Pension settlement (1) |
- |
0.2 |
0.5 |
0.01 |
Amortization of acquisition-related intangible assets (2) |
0.2 |
- |
0.7 |
0.01 |
Cost investment impairment |
2.2 |
- |
2.2 |
0.03 |
Adjusted (Non-U.S. GAAP) |
$179.2 |
$29.1 |
$155.6 |
$2.05 |
(1) |
The Company recorded a pension settlement charge within other nonoperating (income) expense, as it determined that normal-course lump-sum payments for our U.S. qualified defined benefit pension plan exceeded the threshold for settlement accounting. |
(2) |
During the three months ended March 31, 2022 and 2021, the Company recorded $0.2 million of amortization expense within operating profit associated with an intangible asset acquired during the second quarter of 2020. During the three months ended March 31, 2022 and 2021, the Company recorded $0.5 million of amortization expense in association with an acquisition of increased ownership interest in Daikyo. |
West Pharmaceutical Services RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) Please refer to "Non-U.S. GAAP Financial Measures" for more information (in millions, except per share data) |
||||
Reconciliation of Net Sales to Organic Net Sales (3) |
||||
Three months ended March 31, 2022 |
Proprietary |
CM |
Eliminations |
Total |
Reported net sales (U.S. GAAP) |
$601.3 |
$118.7 |
$ - |
$720.0 |
Effect of changes in currency translation rates |
20.6 |
3.6 |
- |
24.2 |
Organic net sales (Non-U.S. GAAP) (3) |
$621.9 |
$122.3 |
$ - |
$744.2 |
(3) |
Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. dollar at the applicable foreign exchange rates in effect during the comparable prior-year period. |
West Pharmaceutical Services RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) Please refer to "Non-U.S. GAAP Financial Measures" for more information (in millions, except per share data) |
|||
Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance |
|||
2021 Actual |
2022 Guidance |
% Change |
|
Reported-diluted EPS (U.S. GAAP) |
$8.67 |
$9.26 to $9.41 |
6.8% to 8.5% |
Pension settlement |
0.02 |
||
Cost investment activity |
0.06 |
||
Restructuring and related charges |
0.02 |
||
Amortization of acquisition-related |
0.04 |
0.04 |
|
Asset impairment |
0.04 |
||
Royalty acceleration |
(0.25) |
||
Tax law changes |
(0.02) |
||
Adjusted-diluted EPS (Non-U.S. GAAP) (4) |
$8.58 |
$9.30 to $9.45 |
8.4% to 10.1% |
Notes: |
|
See "Full-year 2022 Financial Guidance" and "Non-U.S. GAAP Financial Measures" in today's press release for additional information regarding adjusted-diluted EPS. |
|
(4) |
We have opted not to forecast 2022 tax benefits from stock-based compensation in upcoming quarters, as they are out of the Company's control. Instead, we recognize the benefits as they occur. In the first-quarter 2022, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.12. Any future tax benefits associated with stock-based compensation that we receive in 2022 would provide a positive adjustment to our full-year EPS guidance. In 2021, tax benefits associated with stock-based compensation increased adjusted-diluted EPS by $0.41. |
West Pharmaceutical Services CASH FLOW ITEMS (UNAUDITED) (in millions) |
||
Three Months Ended March 31, |
||
2022 |
2021 |
|
Depreciation and amortization |
$29.6 |
$29.1 |
Operating cash flow |
$151.2 |
$88.7 |
Capital expenditures |
$65.8 |
$54.7 |
West Pharmaceutical Services FINANCIAL CONDITION (UNAUDITED) (in millions) |
||
As of March 31, 2022 |
As of December 31, 2021 |
|
Cash and cash equivalents |
$667.7 |
$762.6 |
Accounts receivable, net |
$498.7 |
$489.0 |
Inventories |
$416.5 |
$378.4 |
Accounts payable |
$248.2 |
$232.2 |
Debt |
$252.5 |
$253.0 |
Equity |
$2,326.2 |
$2,335.4 |
Working capital |
$1,105.7 |
$1,147.9 |
Уведомления о товарных знаках
Товарные знаки и зарегистрированные товарные знаки являются собственностью West Pharmaceutical Services, Inc. в Соединенных Штатах и других юрисдикциях, если не указано иное.
Daikyo®, Daikyo Crystal Zenith® и Daikyo CZ® являются зарегистрированными торговыми марками Daikyo Seiko, Ltd. Технологии Daikyo Crystal Zenith лицензированы компанией Daikyo Seiko, Ltd.
ИСТОЧНИК West Pharmaceutical Services, Inc.
Показать большеПоказать меньше
