UPDATE 1-West Pharma Q1 profit beats Street estimates

(Recasts; adds details, 2008 outlook)

May 1 (Reuters) - West Pharmaceutical Services Inc (WST.N), a maker of pharmaceutical packaging components, posted better-than-expected first-quarter profit, helped by favorable foreign currency translation.

The company earned $26.2 million, or 76 cents a share, compared with $26.5 million, or 77 cents a share, in the year-ago period.

Excluding several one-time items, the company earned 72 cents a share in the latest quarter.

Revenue rose 5 percent to $270.7 million for the quarter. Currency translation contributed 6.3 percent of sales growth.

Excluding currency translation effects, pharmaceutical systems segment sales grew at 0.7 percent, and tech group segment sales declined by 5.9 percent. Both segments' sales were affected by expected sales declines, the company added.

Analysts on average were expecting earnings of 69 cents a share, before items, on revenue $262 million, according to Reuters Estimates.

The company also raised its 2008 forecast to reflect revised exchange rates.

The company now expects to earn $2.40 to $2.50 a share before items, on revenue of $ 1.08 billion. Analysts average forecast is earnings of $2.46 a share on revenue of $1.06 billion.

West Pharmaceutical shares closed at $46.91 Wednesday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Amitha Rajan)