UFP Technologies Inc

Latest Results (13.06.2024):

Annual Revenue Growth

UFP Technologies Inc. reported a significant increase in annual revenue for the year ended December 31, 2023. The company's net sales reached $400.1 million, marking a 13.1% rise from the previous year's total of $353.8 million. This growth underscores UFP Technologies Inc.'s expanding market presence and operational success.

Quarterly Income Increase

For the fourth quarter of 2023, UFP Technologies Inc. achieved a net income of $11.6 million, or $1.51 per diluted common share, an increase from $8.5 million, or $1.10 per diluted common share, during the same period in 2022. This improvement reflects the company's effective management and strategic initiatives.

Full-Year Profitability

UFP Technologies Inc. concluded 2023 with a robust net income of $44.9 million, or $5.83 per diluted common share, compared to $41.8 million, or $5.45 per diluted common share in 2022. The year's profitability benefited from higher sales volumes and operational efficiencies.

Fourth Quarter Sales Analysis

The fourth quarter sales for UFP Technologies Inc. in 2023 were reported at $101.5 million, showing an 11.2% increase from $91.2 million in the fourth quarter of 2022. This growth was driven by strong performance in the company's core business sectors.

CEO's Outlook and Comments

R. Jeffrey Bailly, Chairman & CEO of UFP Technologies Inc., expressed satisfaction with the 2023 performance, highlighting the double-digit sales growth and the successful integration of recent acquisitions. Bailly remains optimistic about the company's future, citing a strong pipeline of new opportunities and a solid financial position to support further expansion.