WEST PHARMACEUTICAL SERVICES INC
For the period ended Sep 30, 2024. Filed Oct 24, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 24, 2024
WST$399.81+1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-25.
0000105770-24-000066
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-24.
0000105770-24-000081
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 129 previous paragraphs and 132 current paragraphs.
67 unchanged; 54 reworded; 10 added; 7 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
(3)During the three and nine months ended September 30, 2023, the Company recorded a benefit of $3.8 million within other nonoperating expense (income)as a result of a favorable legal settlement related to a matter not included in our normal operations.
Current report
(4)During thethree and nine months ended September 30, 2023, the Company recorded expense of $3.3 million within other expense (income), as a result of an impairment of one of the Company's cost investments.
Current report
Consolidated net sales decreased by $0.5 million, or 0.1%, for the three months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $2.9 million. Excluding foreign currency translation effects, consolidated net sales for the three months ended September 30, 2024 decreased by $3.4 million, or 0.5%, as compared to the same period in 2023.
Current report
Consolidated gross profit decreased by $23.6 million, or 8.2%, for the three months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $1.0 million for the three months ended September 30, 2024, as compared to the same period in 2023. Consolidated gross profit margin decreased by 3.2 margin points for the three months ended September 30, 2024, as compared to the same period in 2023.
Current report
Consolidated gross profit decreased by $126.1 million, or 14.8% for the nine months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $0.1 million for the nine months ended September 30, 2024, as compared to the same period in 2023. Consolidated gross profit margin decreased by 4.6 margin points for the nine months ended September 30, 2024, as compared to the same period in 2023.
Current report
Corporate SG&A costs decreased by$7.8 million, or 11.4%, for the nine months ended September 30, 2024, as compared to the same period in 2023, primarily due to a decrease in expense related to stock-based compensation and lower annual incentive compensation, offset by increased salary and wages.
Current report
Corporate and unallocated items changed by $14.7 million for thenine months ended September 30, 2024, as compared to the same period in 2023, primarily due to the Company recording expense of $11.6 million as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment and the Company recording expense related to impairment of one of the Company's cost investments of $3.3 million in the nine months ended September 30, 2023. Neither of these items occurred in the same period in 2024. Additionally, the Company recorded a benefit of $2.5 million related to revised severance estimates in connection with the Company's 2022 restructuring plan in the nine months ended September 30, 2024, as compared to a benefit of$0.8 million recorded in the same period in 2023.
Current report
Consolidated operating profit decreased by $16.0 million, or 9.0%, for the three months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $0.9 million for the three months ended September 30, 2024, as compared to the same period in 2023.
Current report
Consolidated operating profit decreased by $104.8 million, or 20.3%, for the nine months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $0.3 million for the nine months ended September 30, 2024, as compared to the same period in 2023.
Current report
Equity in net income of affiliated companies increased by $0.2 million for the three months ended September 30, 2024, as compared to the same period in 2023.
Removed paragraphs (7)
Previous report
Consolidated net sales decreased by $51.7 million, or 6.9%, for the three months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $6.1 million. Excluding foreign currency translation effects and removal of the 2023 sales impact related to one of our plants that was disposed of in the second quarter of 2023 of $1.1 million, consolidated net sales for the three months ended June 30, 2024 decreased by $44.5 million, or 5.9%, as compared to the same period in 2023.
Previous report
Consolidated gross profit decreased by $61.4 million, or 21.1%, for the three months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $2.2 million. Consolidated gross profit margin decreased by 5.9 margin points for the three months ended June 30, 2024, as compared to the same period in 2023.
Previous report
Consolidated gross profit decreased by $102.5 million, or 18.2% for the six months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $0.9 million. Consolidated gross profit margin decreased by 5.4 margin points for the six months ended June 30, 2024, as compared to the same period in 2023.
Previous report
Corporate SG&A costs decreased by $6.4 million, or 13.6%, for the six months ended June 30, 2024, as compared to the same period in 2023, primarily due to a decrease in expense related to stock-based compensation, offset by increased compensation costs.
Previous report
Corporate and unallocated items changed by$9.5 million for thesix months ended June 30, 2024, as compared to the same period in 2023, primarily due to the Company recording expense of$11.6 million as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment, offset by the Company recording a benefit of $0.8 million for revised estimates associated with its restructuring plans inthe six months ended June 30, 2023 that did not repeat in 2024.
Previous report
Consolidated operating profit decreased by $56.3 million, or 30.8%, for the three months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $1.9 million for the three months ended June 30, 2024, as compared to the same period in 2023.
Previous report
Consolidated operating profit decreased by $88.8 million, or 26.3%, for the six months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $0.6 million for the six months ended June 30, 2024, as compared to the same period in 2023.
Reworded paragraphs (54)
Previous wording
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and six months ended June 30, 2024:
Current wording
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and nine months ended September 30, 2024:
Previous wording
During thethree and six months ended June 30, 2023, we recorded a tax benefit of $7.7 million and $19.3 million, respectively, associated with stock-based compensation.
Current wording
During thethree and nine months ended September 30, 2024, we recorded a tax benefit of $2.7 million and $19.3 million, respectively, associated with stock-based compensation.
Previous wording
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and six months ended June 30, 2023:
Current wording
The following tables present a reconciliation from U.S. GAAP to non-U.S. GAAP financial measures for the three and nine months ended September 30, 2023:
Previous wording
During thethree and six months ended June 30, 2024, we recorded a tax benefit of $5.7 million and $16.6 million, respectively, associated with stock-based compensation.
Current wording
During thethree and nine months ended September 30, 2023, we recorded a tax benefit of $12.0 million and $31.3 million, respectively, associated with stock-based compensation.
Previous wording
(3)Restructuring and other charges of$0.1 millionfor both thethree and six months ended June 30, 2023 represents the net impact of an inventory write down of$0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income)for revised severance estimates in connection with its 2022 restructuring plan.
Current wording
(1)Restructuring and other charges were a benefit of $0.9 million in thethree and nine months ended September 30, 2024. The net benefit represents the impact of two items, the first of which is a $2.5 million benefit recorded within other expense (income) related to revised severance estimates in connection with the Company's 2022 restructuring plan. This benefit was partially offset by $1.6 million of expense recorded within selling, general and administrative expenses in connection with a plan to optimize the legal structure of the Company and its subsidiaries. The expense consists primarily of consulting fees, legal expenses, and other one-time costs directly attributable to this plan. Restructuring and other charges of $0.1 million for the nine months ended September 30, 2023 represent the net impact of an inventory write down of $0.9 million within cost of goods and services sold and a $0.8 million benefit within other expense (income) for revised severance estimates in connection with its 2022 restructuring plan.
Previous wording
(1)During the three and six months ended June 30, 2024 and 2023, the Company recorded$0.2 million and$0.4 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired during thesecond quarter of 2020. During the three and six months ended June 30, 2024 and 2023, the Company recorded $0.5 million and $1.0 million, respectively, of amortization expensein association with an acquisition of increased ownership interest in Daikyo.
Current wording
(2)During the three and nine months ended September 30, 2024 and 2023, the Company recorded$0.2 million and$0.6 million, respectively, of amortization expense within operating profit associated with an intangible asset acquired duringthe second quarter of 2020. During thethree and nine months ended September 30, 2024 and 2023, the Company recorded $0.6 million and $1.6 million, respectively, of amortization expensein association with an acquisition of increased ownership interest in Daikyo.
Previous wording
(2)During the three and six months ended June 30, 2023, the Company recorded expense of $2.2 million and $11.6 million, respectively, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023.
Current wording
(5)During thenine months ended September 30, 2023, the Company recorded expense of $11.6 million within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023.
Previous wording
Proprietary Products – Proprietary Products net sales decreased by $58.3 million, or 9.4%, for the three months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $5.4 million. Excluding foreign currency translation effects and removal of the 2023 sales impact related to one of our plants that was disposed of in the second quarter of 2023 of $1.1 million, net sales for the three months ended June 30, 2024 decreased by $51.8 million, or 8.4%, as compared to the same period in 2023, due to a decline in sales of certain high-value product offerings due to customer inventory management, primarily Westar® components, Daikyo Crystal Zenith® and FluroTec® products. These reductions were partially offset by an increase in sales of self-injection device platforms and Envision® products, as well as increased sales prices.
Current wording
Proprietary Products – Proprietary Products net sales decreased by $1.1 million, or 0.2%, for the three months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $2.2 million. Excluding foreign currency translation effects, net sales for the three months ended September 30, 2024 decreased by $3.3 million, or 0.5%, as compared to the same period in 2023, due to a decline in sales of certain high-value product offerings due to customer inventory management, primarily FluroTec® products, NovaBrand products, Westar® components and Daikyo® components. These reductions were partially offset by an increase in sales of self-injection device platforms, approximately $19 million in customer incentives in connection with volumes achieved during the three months ended September 30, 2024, as compared to the same period in 2023, and increased sales prices.
Previous wording
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $6.6 million, or 4.9%, for the three months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $0.7 million. Excluding foreign currency translation effects, net sales for the three months ended June 30, 2024 increased by $7.3 million, or 5.4%, as compared to the same period in 2023, primarily due to an increase in sales of components associated with injection-related devices and sales price increases.
Current wording
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $0.6 million, or 0.4%, for the three months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $0.7 million. Excluding foreign currency translation effects, net sales for the three months ended September 30, 2024 decreased by $0.1 million, or 0.1%, as compared to the same period in 2023, due primarily to a decrease in sales of healthcare diagnostic devices, offset by growth in self-injection devices for obesity and diabetes.
Previous wording
The following table presents net sales, consolidated and by reportable segment, for the six months ended June 30, 2024 and 2023:
Current wording
The following table presents net sales, consolidated and by reportable segment, for the nine months ended September 30, 2024 and 2023:
Previous wording
Consolidated net sales decreased by $72.9 million, or 5.0%, for the six months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $2.7 million. Excluding foreign currency translation effects and removal of the 2023 sales impact related to one of our plants that was disposed of in the second quarter of 2023 of $4.3 million, consolidated net sales for the six months ended June 30, 2024 decreased by $65.9 million, or 4.5%, as compared to the same period in 2023.
Current wording
Consolidated net sales decreased by $73.4 million, or 3.3%, for the nine months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $0.2 million. Excluding foreign currency translation effects and removal of the 2023 sales impact related to one of our plants that was disposed of in the second quarter of 2023 of $4.3 million, consolidated net sales for the nine months ended September 30, 2024 decreased by $69.3 million, or 3.1%, as compared to the same period in 2023.
Previous wording
Proprietary Products – Proprietary Products net sales decreased by $81.9 million, or 6.8%, for the six months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $2.6 million. Excluding foreign currency translation effects and removal of the 2023 sales impact related to one of our plants that was disposed of in the second quarter of 2023 of $4.3 million, net sales for the six months ended June 30, 2024 decreased by $75.0 million, or 6.3%, as compared to the same period in 2023, due to a decline in sales of certain high-value product offerings due to customer inventory management, primarily Westar® components, FluroTec® products and Daikyo Crystal Zenith®. These reductions were partially offset by an increase in sales of NovaPure® products and self-injection device platforms, as well as increased sales prices.
Current wording
Proprietary Products – Proprietary Products net sales decreased by $83.0 million, or 4.6%, for the nine months ended September 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $0.4 million. Excluding foreign currency translation effects and removal of the 2023 sales impact related to one of our plants that was disposed of in the second quarter of 2023 of $4.3 million, net sales for the nine months ended September 30, 2024 decreased by $78.3 million, or 4.4%, as compared to the same period in 2023, due to a decline in sales of certain high-value product offerings due to customer inventory management, primarily Westar® components, FluroTec® products and Daikyo® components. These reductions were partially offset by an increase in sales of self-injection device platforms and NovaBrand products, as well as increased sales prices.
Previous wording
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $9.0 million, or 3.3%, for the six months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $0.1 million. Excluding foreign currency translation effects, net sales for the six months ended June 30, 2024 increased by $9.1 million, or 3.4%, as compared to the same period in 2023, primarily due to an increase in sales of components associated with injection-related devices and sales price increases.
Current wording
Contract-Manufactured Products – Contract-Manufactured Products net sales increased by $9.6 million, or 2.3%, for the nine months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $0.6 million. Excluding foreign currency translation effects, net sales for the nine months ended September 30, 2024 increased by $9.0 million, or 2.2%, as compared to the same period in 2023, primarily due to an increase in sales of components associated with injection-related devices and sales price increases.
Previous wording
Proprietary Products -Proprietary Products gross profit decreased by $64.4 million, or 23.7%, for the three months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $2.1 million. Proprietary Products gross profit margin decreased by 6.9 margin points for the three months ended June 30, 2024, as compared to the same period in 2023, primarily due to lower plant absorption from reduced customer demand and an unfavorable mix of products sold. These headwinds were partially offset by increased sales prices.
Current wording
Proprietary Products -Proprietary Products gross profit decreased by $25.7 million, or 9.8%, for the three months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $0.9 million. Proprietary Products gross profit margin decreased by 4.2 margin points for the three months ended September 30, 2024, as compared to the same periods in 2023, primarily due to a shift in sales mix from HVP Components to HVP Delivery Devices, which have lower profitability. Profit was additionally impacted by lower plant absorption at our HVP Component plants from reduced customer demand. These headwinds were partially offset by approximately $19 million in customer incentives in connection with volumes achieved during the three months ended September 30, 2024, as compared to the same period in 2023, and increased sales prices.
Previous wording
Proprietary Products gross profit decreased by $105.1 million, or 20.2%, for the six months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $0.9 million. Proprietary Products gross profit margin decreased by 6.2 margin points for the six months ended June 30, 2024, as compared to the same period in 2023, primarily due to lower plant absorption from reduced customer demand and an unfavorable mix of products sold. These headwinds were partially offset by increased sales prices.
Current wording
Proprietary Products gross profit decreased by $130.8 million, or 16.8%, for the nine months ended September 30, 2024, as compared to the same period in 2023. Proprietary Products gross profit margin decreased by 5.5 margin points for the nine months ended September 30, 2024, as compared to the same period in 2023, primarily due to lower plant absorption from reduced customer demand and an unfavorable shift in mix of products sold from HVP Components to HVP Delivery Devices. These headwinds were partially offset by increased sales prices and approximately $22 million in customer incentives in connection with volumes achieved during the nine months ended September 30, 2024, as compared to the same period in 2023.
Previous wording
Contract-Manufactured Products -Contract-Manufactured Products gross profit increased by $2.1 million, or 10.0%, for the three months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $0.1 million. Contract-Manufactured Products gross profit margin increased by 0.8 margin points for the three months ended June 30, 2024, as compared to the same period in 2023, primarily due to increased sales prices.
Current wording
Contract-Manufactured Products -Contract-Manufactured Products gross profit increased by $2.1 million, or 7.8%, for the three months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of $0.1 million. Contract-Manufactured Products gross profit margin increased by 1.3 margin points for the three months ended September 30, 2024, as compared to the same period in 2023, primarily due toproduction efficiencies.
Previous wording
Contract-Manufactured Products gross profit increased by $1.7 million, or 3.8%, for the six months ended June 30, 2024, as compared to the same period in 2023. Contract-Manufactured Products gross profit margin increased by 0.1 margin points for the six months ended June 30, 2024, as compared to the same period in 2023, primarily due to increased sales prices.
Current wording
Contract-Manufactured Products gross profit increased by$3.8 million, or 5.3%, for the nine months ended September 30, 2024, as compared to the same period in 2023. Contract-Manufactured Products gross profit margin increased by 0.5 margin points for the nine months ended September 30, 2024, as compared to the same period in 2023, primarily due to increased sales prices.
Previous wording
Consolidated R&D costs increased by$1.0 million, or 6.1%, and $1.5 million, or 4.5% for the three and six months ended June 30, 2024, respectively, as compared to the same period in 2023, due to additional research performed to identify new product opportunities. Efforts remain focused on the continued investment in elastomeric packaging components, formulation development, drug containment systems, self-injection systems and drug administration consumables.
Current wording
Consolidated R&D costs decreased by $0.9 million, or 5.5%, for thethree months ended September 30, 2024, as compared to the same period in 2023. Consolidated R&D costs increased $0.6 million, or 1.2%, for the nine months ended September 30, 2024 as compared to the same period of 2023. Efforts remain focused on the continued investment in elastomeric packaging components, formulation development, drug containment systems, self-injection systems and drug administration consumable.
Previous wording
All of the R&D costs incurred thethree and six months ended June 30, 2024 and 2023 related to Proprietary Products.
Current wording
All of the R&D costs incurred in thethree and nine months ended September 30, 2024 and 2023 related to Proprietary Products.
Previous wording
Consolidated SG&A costs decreased by $4.7 million, or 2.7%, for the six months ended June 30, 2024, as compared to the same period in 2023, due primarily to a decrease in expense related to stock-based compensation and a favorable foreign currency translation impact of $0.3 million, offset byincreased compensation costs and increased costs related to professional services.
Current wording
Consolidated SG&A costs decreased by $5.5 million, or 6.2%, for the three months ended September 30, 2024, as compared to the same period in 2023, due primarily to lower annual incentive compensation and decreased costs related to professional services, offset by increased salary and wages.
Previous wording
Consolidated SG&A costs decreased by $5.4 million, or 6.1%, for the three months ended June 30, 2024, as compared to the same period in 2023, due primarily to a decrease in expense related to stock-based compensation, lower annual incentive compensation and a favorable foreign currency translation impact of $0.4 million, offset by increased compensation costs.
Current wording
Consolidated SG&A costs decreased by $10.2 million, or 3.9%, for the nine months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of$0.2 million, due primarily to a decrease in expense related to stock-based compensation and lower annual incentive compensation, offset by increased salary and wages.
Previous wording
Proprietary Products SG&A costs increased by $1.4 million, or 1.2%, for the six months ended June 30, 2024, as compared to the same period in 2023. Proprietary Products SG&A costs increased primarily due to increased compensation costs and an increase in costs related to professional services, offset by a favorable foreign currency translation impact of $0.3 million.
Current wording
Proprietary Products -Proprietary Products SG&A costs decreased by$4.8 million, or 7.8%, for the three months ended September 30, 2024, as compared to the same period in 2023. Proprietary Products SG&A costs decreased primarily dueto lower annual incentive compensation and decreased costs related to professional services.
Previous wording
Proprietary Products -Proprietary Products SG&A costs decreased by $2.8 million, or 4.8%, for the three months ended June 30, 2024, as compared to the same period in 2023. Proprietary Products SG&A costs decreased primarily due to lower annual incentive compensation and a favorable foreign currency translation impact of $0.4 million, offset by increased compensation costs.
Current wording
Proprietary Products SG&A costs decreased by$3.4 million, or 1.9%, for the nine months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of$0.2 million. Proprietary Products SG&A costs decreased primarily due to lower annual incentive compensation.
Previous wording
Contract-Manufactured Products -Contract-Manufactured Products SG&A costs increased by $0.1 million, or 1.6% for the three months ended June 30, 2024, as compared to the same period in 2023, and increased by $0.3 million, or 2.5% for the six months ended June 30, 2024, as compared to the same period in 2023.
Current wording
Contract-Manufactured Products -Contract-Manufactured Products SG&A costs increased by$0.7 million, or 11.7%, for the three months ended September 30, 2024, as compared to the same period in 2023, and increased by $1.0 million, or 5.5%, for the nine months ended September 30, 2024, as compared to the same period in 2023, due primarily toincreased salary and wages.
Previous wording
Corporate and unallocated items -Corporate SG&A costs decreased by $2.7 million, or 11.5%, for the three months ended June 30, 2024, as compared to the same period in 2023, primarily due to a decrease in expense related to stock-based compensation and lower annual incentive compensation, offset by increased compensation costs.
Current wording
Corporate and unallocated items -Corporate SG&A costs decreased by$1.4 million, or 6.5%, for the three months ended September 30, 2024, as compared to the same period in 2023, primarily due to lower annual incentive compensation and a decrease in expense related to stock-based compensation, offset by increased salary and wages.
Previous wording
The following table presents other expense and income items, consolidated and by reportable segment, corporate and unallocated items:
Current wording
The following table presents other income and expense items, consolidated and by reportable segment, corporate and unallocated items:
Previous wording
Consolidated other expense (income) changed by $0.7 million for the three months ended June 30, 2024, as compared to the same period in 2023, and changed by $10.5 million for the six months ended June 30, 2024, as compared to the same period in 2023, due to the factors described below.
Current wording
Consolidated other expense (income) changed by $1.2 million for the three months ended September 30, 2024, as compared to the same period in 2023 and changed by $11.7 million for the nine months ended September 30, 2024, as compared to the same period in 2023, due to the factors described below.
Previous wording
Proprietary Products - Proprietary Products other expense (income) changed by $0.6 million for the three months ended June 30, 2024, as compared to the same period in 2023, primarily due to increased losses on foreign exchange transactions being recorded in the three months ended June 30, 2024, as compared to the same period in 2023. This was offset by an increase in asset impairments recorded in the three months ended June 30, 2023, as compared to the same period in 2024.
Current wording
Proprietary Products - Proprietary Products other expense (income) changed by $3.4 million for the three months ended September 30, 2024, as compared to the same period in 2023, primarily due to increased losses on foreign exchange transactions, increased asset impairments and increased contingent consideration expense being recorded in thethree months ended September 30, 2024, as compared to the same period in 2023.
Previous wording
Proprietary Products other expense (income) changed by$0.4 million for thesix months ended June 30, 2024, as compared to the same period in 2023, primarily due to additional asset impairments being recorded in the six months ended June 30, 2023, as compared to the same period in 2024. This was offset by increased losses on foreign exchange transactions and increased contingent consideration expense being recorded in thesix months ended June 30, 2024, as compared to the same period in 2023.
Current wording
Proprietary Products other expense (income) changed by $3.0 million for thenine months ended September 30, 2024, as compared to the same period in 2023, primarily due to increased losses on foreign exchange transactions and increased contingent consideration expense, offset by a decrease in asset impairments being recorded in the nine months ended September 30, 2024, as compared to the same period in 2023.
Previous wording
Contract-Manufa ctured Products -Contract-Manufactured Products other expense (income) changed by$0.3 million for thethree months ended June 30, 2024, as compared to the same period in 2023 and changed by$0.6 million for thesix months ended June 30, 2024, as compared to the same period in 2023.
Current wording
Contract-Manufa ctured Products -Contract-Manufactured Products other expense (income) changed by $0.6 million for thethree months ended September 30, 2024, as compared to the same period in 2023 and remained consistent for thenine months ended September 30, 2024, as compared to the same period in 2023.
Previous wording
Corporate and unallocated items -Corporate and unallocated items changed by$1.0 million for thethree months ended June 30, 2024, as compared to the same period in 2023, primarily due to the Company recording expense of $2.2 million as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment, offset by the Company recording a benefit of $0.8 million for revised estimates associated with its restructuring plans inthe three months ended June 30, 2023 that did not repeat in 2024.
Current wording
Corporate and unallocated items -Corporate and unallocated items changed by $5.2 million for thethree months ended September 30, 2024, as compared to the same period in 2023, primarily due to the Company recording expense related to impairment of one of the Company's cost investments of $3.3 million in the three months ended September 30, 2023 that did not occur in the same period in 2024. Additionally, the Company recorded a benefit of $2.5 million related to revised severance estimates in connection with the Company's 2022 restructuring plan in thethree months ended September 30, 2024 that did not occur in the same period in 2023.
Previous wording
Proprietary Products -Proprietary Products operating profit decreased by $63.2 million, or 32.5%, for the three months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $1.7 million, due to the factors described above, most notably lower gross profit driven by lower sales volume and an unfavorable mix of products sold.
Current wording
Proprietary Products -Proprietary Products operating profit decreased by $23.4 million, or 12.9%, for the three months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of$0.8 million, due to the factors described above, most notably lower gross profit driven by lower sales volume and an unfavorable mix of products sold.
Previous wording
Proprietary Products operating profit decreased by $107.6 million, or 29.5%, for the six months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of $0.6 million, due to the factors described above, most notably lower gross profit driven by lower sales volume and an unfavorable mix of products sold.
Current wording
Proprietary Products operating profit decreased by$131.0 million, or 24.0%, for the nine months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of$0.2 million, due to the factors described above, most notably lower gross profit driven by lower sales volume and an unfavorable mix of products sold.
Previous wording
Contract-Manufactured Products -Contract-Manufactured Products operating profit increased by $2.3 million, or 15.4%, for the three months ended June 30, 2024, as compared to the same period in 2023, including an unfavorable foreign currency translation impact of$0.2 million, due to the factors described above, most notably the increased sales prices.
Current wording
Contract-Manufactured Products -Contract-Manufactured Products operating profit increased by$0.8 million, or 3.8%, for the three months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of$0.1 million, due to the factors described above, most notably theincreased sales prices.
Previous wording
Contract-Manufactured Products operating profit increased by $2.0 million, or 6.2%, for the six months ended June 30, 2024, as compared to the same period in 2023, due to the factors described above, most notably the increased sales prices.
Current wording
Contract-Manufactured Products operating profit increased by$2.8 million, or 5.3%, for the nine months ended September 30, 2024, as compared to the same period in 2023, including a favorable foreign currency translation impact of$0.1 million, due to the factors described above, most notably the increased sales prices.
Previous wording
Corporate and unallocated -Excluding the unallocated items, Corporate costs decreased by $2.3 million, or 9.5%, for the three months ended June 30, 2024, as comparedto the same period in 2023, due to the factors described above, most notably thedecrease in expense related to stock-based compensation.
Current wording
Corporate and unallocated -Excluding the unallocated items, Corporate costs decreased by $2.4 million, or 11.0%, for the three months ended September 30, 2024, as comparedto the same period in 2023, due to the factors described above, most notably the lower annual incentive compensation and the decrease in expense related to stock-based compensation.
Previous wording
Excluding the unallocated items, Corporate costs decreased by$5.1 million, or 10.8%, for the six months ended June 30, 2024, as compared to the same period in 2023, due to the factors described above, most notably thedecrease in expense related to stock-based compensation.
Current wording
Excluding the unallocated items, Corporate costs decreased by$7.5 million, or 10.9%, for the nine months ended September 30, 2024, as compared to the same period in 2023, due to the factors described above, most notablythe decrease in expense related to stock-based compensation and lower annual incentive compensation.
Previous wording
For unallocated items, please refer to the Financial Performance Summary section above for details.
Current wording
For unallocated items, please refer to the Financial Performance Summary section above for detail.
Previous wording
The following table presents interest expense, net, and interest income by significant component:
Current wording
The following table presents interest expense, net, by significant component:
Previous wording
Interest expense, net, decreased by $1.2 million, for the three months ended June 30, 2024, as compared to the same period in 2023, and decreased by $1.8 million, for the six months ended June 30, 2024, as compared to the same period in 2023, due to an increase in capitalized interest.
Current wording
Interest expense, net, decreased by $2.2 million, for the three months ended September 30, 2024, as compared to the same period in 2023, and decreased by $4.0 million, for the nine months ended September 30, 2024, as compared to the same period in 2023, due to an increase in capitalized interest.
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The decrease in inventories and theincrease in accounts receivable were both due to increased net sales leading up to the September 30, 2024 balance sheet date as compared to the December 31, 2023 balance sheet date.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Equity in net income of affiliated companies decreased by $1.9 million for the six months ended June 30, 2024, as compared to the same period in 2023, due to less favorable operating results at Daikyo.