Business
UFP Technologies Announces Q3 Results
NEWBURYPORT, Mass., Nov. 03, 2020 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), an innovative designer and custom manufacturer of components,
About this update from Ufp Technologies, Inc.
[{"type":"text","content":"NEWBURYPORT, Mass., Nov. 03, 2020 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market, today reported net income of $3.0 million or $0.40 per diluted common share outstanding for its third quarter ended September 30, 2020, compared to net income of $5.6 million or $0.75 per diluted common share outstanding for the same period in 2019. Sales for the third quarter were $43.3 million compared to third quarter sales of $49.4 million in 2019. Net income for the nine-month period ended September 30, 2020 was $9.2 million or $1.22 per diluted common share outstanding compared to $14.0 million or $1.87 per diluted common share outstanding for the same period in 2019. Sales for the nine-month period ended September 30, 2020 were $134.2 million compared to sales of $148.1 million for the same period in 2019.\n \"I am pleased with our results and progress in Q3. We made some key strategic moves in response to market conditions related to Covid-19 and to position UFP for long-term profitable growth,\" said R. Jeffrey Bailly, Chairman & CEO. “We completed a series of cost-saving initiatives, including a difficult but necessary reduction of our workforce which alone will bring $5 million in annualized savings. Today, all of our factories are up and running safely, our safety protocols have helped reduce the number of Covid-positive cases, and attendance levels have stabilized.” \"Although quarterly revenue was down 12.3% vs. the prior year, it was up 1.5% vs. Q2 of this year,\" Bailly added. \"July was our lowest revenue month of the year, and since then we have seen steady progress on both the top and bottom lines. Our Advanced Components group, which includes Automotive, Aerospace & Defense, Consumer, Electronics, and Industrial, rebounded strongly. It grew a combined 50% vs. Q2 of 2020. This was offset by a Covid-related decline in our Medical business and the dramatic reduction in elective surgeries. In Q2, many of our medical customers continued to order parts to create an inventory safety stock. Although elective procedures have begun to increase, those customers are still working through their excess inventory.\" \"I remain very optimistic about our future,” Bailly said. “We continue to make progr...