UFP Technologies Shares Rise After 3Q Jump in Medical Market Sales

UFP Technologies Shares Rise After 3Q Jump in Medical Market Sales

UFP Technologies shares were up 24% to $344.99 after the company reported third-quarter earnings and sales that beat analysts’ expectations.

The industrial specialty company said Tuesday it had quarterly earnings of $16.4 million, or $2.11 a share, compared with $11.7 million, or $1.52 a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $14 million, or $1.80 a share.

Sales for the quarter came in at $145.2 million, compared with last year’s $100.8 million and the $132.5 million analysts were expecting.

The Newburyport, Mass., company said organic sales were up almost 10%, due to continued strength in robotic surgery and infection prevention markets. Sales to the medical market increased 52%, while sales to all other markets declined 8%.

Share:
error: Content is protected !!