Business
UFP Technologies Announces Strong Q2 2021 Results
NEWBURYPORT, Mass., Aug. 03, 2021 (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., Aug. 03, 2021 (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 $4.7 million or $0.62 per diluted common share outstanding for its second quarter ended June 30, 2021, compared to net income of $2.3 million or $0.31 per diluted common share outstanding for the same quarter in 2020. Sales for the second quarter were $50.7 million compared to 2020 second quarter sales of $42.6 million. Net income for the six-month period ended June 30, 2021 was $8.9 million or $1.17 per diluted common share outstanding compared to $6.2 million or $0.82 per diluted common share outstanding for the same period in 2020. Sales for the six-month period ended June 30, 2021 were $99.3 million compared to sales of $90.9 million for the same period in 2020. \"I am very pleased with our Q2 results,\" said R. Jeffrey Bailly, Chairman & CEO. \"Sales increased nearly 19% and net income more than doubled versus the prior year. We also saw solid gains in sequential quarterly results, as sales grew 4.2% and net income improved 13.3% over Q1. Sales increased in every market, including Medical, which returned to growth for the first time since the pandemic began. Automotive and Consumer had the greatest growth, 146% and 88% respectively.” “Our increased revenue, combined with our reduced cost structure, generated significantly improved bottom-line results,” Bailly added. “Gross margins improved to 26.5%; we expect them to improve further as medical sales continue to rebound and as patients schedule elective procedures that were delayed by Covid-19.” “Availability of some raw materials and direct labor shortages remain challenging issues, but we have seen significant improvement in our Covid-19 test results, with no current reported cases and 67% of our workforce vaccinated,\" Bailly said. “In addition, we’ve continued to advance our strategic initiatives, including our goal to provide our medical customers with a low-cost country manufacturing option. This progress, combined with our healthy pipeline of internal and external growth opportunities and a strong balance sheet that includes $30 million in cash, leaves us excited and bullish about our future.\" Financial Highlights ...