UFP Technologies reported record Q3 2024 results with sales up 44% and net income growth.

From GlobeNewswire.: 2024-11-05 09:00:00

UFP Technologies, Inc. reported a 40% increase in net income to $16.4 million in Q3 2024, with sales up 44% to $145.2 million. Recent acquisitions boosted organic sales by 9.7%, contributing to a 28.6% gross margin. Operating income and net income grew by 65% and 40%, respectively, while adjusted EBITDA increased by 61%.

Chairman & CEO R. Jeffrey Bailly expressed satisfaction with Q3 results, highlighting 44% sales growth and $0.17 EPS accretion from acquisitions. The company’s recent acquisitions have proven successful, enhancing capabilities and technology to support key customer initiatives. Integrations are progressing well, identifying growth opportunities and synergies.

Sales in Q3 reached $145.2 million, up 44% from 2023, with yearly sales at $360.4 million, up 21%. Organic sales growth was 9.7% for Q3 and 9.1% YTD. Gross margin increased to 28.6%, while operating income and net income grew by 64.6% and 39.9%, respectively. Adjusted EBITDA surged by 61.4%. The company’s single-use medical devices are used in a variety of applications. In the last quarter, net sales were $145,165, with a gross profit of $41,523. Net income for the quarter was $16,361, with earnings per share of $2.13. The company’s assets total $638,508, with liabilities of $309,362 and stockholders’ equity of $329,146.

The company’s financial statements show a positive trend with increased sales and profitability. Forward-looking statements indicate plans for growth and capital expenditure. Non-GAAP measures like Adjusted Operating Income and Adjusted EBITDA are used to evaluate performance. Adjusted Operating Income for the quarter was $27,739, showing an improvement over previous periods. The company aims to provide investors with a meaningful comparison of performance.



Read more at GlobeNewswire.:: UFP Technologies Announces Record Q3 2024 Results