UFP Technologies Q3 adjusted net income up 13.8% to $11.9M; sales $100.8M

UFP TECHNOLOGIES INC

2023-Q3 EPS reported $4.33 revenue$100,784,000

Sales Q3 $100.8M (+3.9% YoY); YTD $298.6M (+13.7%). Organic growth 5.6% in Q3.
Adjusted net income Q3 $11.9M (+13.8%); YTD $35.8M (+44.4%). Adjusted EBITDA $19.3M.
Medical sales Q3 $87.1M (+6.8%); gross margin improved to 27.5% from 26.3% YoY.
CEO notes customer inventory softness short-term; expansion in Dominican Republic (+40k sq ft) and Costa Rica (+15k sq ft) to boost capacity.
GAAP net income Q3 $11.7M down from $19.5M due to prior-year gain on Molded Fiber sale.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UFP TECHNOLOGIES INC reported the nine-month period ended September 30, 2023 results: revenue $298.6 million, net income $33.3 million.

Period: the nine-month period ended September 30, 2023
Revenue: $298.6 million
Net income: $33.3 million
Result: reported results

Exact text from the filing

Sales for the nine-month period ended September 30, 2023 were $298.6 million compared to sales of $262.6 million in the same period in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UFP TECHNOLOGIES INC reported the third quarter of 2023 results: revenue $100.8 million, net income $11.7 million.

Period: the third quarter of 2023
Revenue: $100.8 million
Net income: $11.7 million
Result: reported results

Exact text from the filing

reported that adjusted net income increased 13.8% to $11.9 million in the third quarter of 2023 from $10.4 million in the third quarter of 2022. Sales for the third quarter were $100.8 million compared to 2022 third quarter sales of $97.0 million. Adjusted net income increased 44.4% to $35.8 million for the nine-month period ended September 30, 2023 from $24.8 million

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Source: SEC EDGAR

accession 0001171843-23-006922

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