UFP Tech rises 13% after beating Q2 estimates
Shares of UFP Technologies Inc. (Nasdaq:UFPT) have gained 13% today after reporting ahead of the opening second-quarter profits that beat analyst views. For the quarter ended June 30, net income was $1.57 million, or $0.25 per share, compared with $0.98 million, or $0.17 per share, for the same period a year earlier. Net sales for the Georgetown, Mass.-based company were $28.5 million, up from $23.2 million a year ago. Wall Street was expecting earnings per share of $0.24 on revenues of $28.3 million.
“I am very pleased with our continued progress,” said R. Jeffrey Bailly, chairman, CEO and president, in a statement. “Our 23% sales increase includes solid internal growth of 9%, coupled with gains from our January acquisition of Stephenson & Lawyer in Grand Rapids, Michigan. When you factor in the impact of our ongoing operational improvements, the result is a dramatic 61% increase in net profits for the quarter.”
The company is a manufacturer of packaging and component products. At 10:28 a.m. ET, shares are at $9.47, up $1.12 from Monday’s close. Trading volume is well below the average number of shares. During the past year, shares have ranged from $4.45 to $14.63.
For detailed price information and recent news stories about UFP Technologies Inc., click UFPT.
