UFP Technologies Q3 EPS beats sole analyst estimate
UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and component products, today reported third-quarter earnings that beat a sole analyst’s estimate on Wall Street.
For the three months ended Sept. 30, the Georgetown, Mass.-based company recorded net income of $0.88 million, or $0.15 per share, above an analyst’s estimate of $0.09, as polled by Thomson Financial. The current quarter’s bottom-line result was more than double the company’s net income of $0.396 million, or $0.07 per share, for the third quarter of 2006.
Sales clocked in at $22.9 million or 5.5% higher than in the same period last year’s sales of $21.7 million. The sole analyst polled by Thomson Financial was forecasting revenues of $22 million.
The company said its balance sheet was bolstered during the quarter with over $5.5 million in cash and declining debt. UFP noted that its strengthened balance sheet yields a basis for the company to grow through prospective acquisitions, invest in new technologies, and develop new products.
Shares of UFP Technologies (UFPT) bolted 33.62%, or $1.95, to $7.75 in pre-market trading. Shares of UFP Technologies have been trading in the range of $4.15 to $6.43 for the past 52 weeks.
