UFP Technologies reports Q3 EPS $1.52 vs $2.56 last year

Reports Q3 revenue $100.784M vs $96.97M last year. “I am pleased with our Q3 results and progress on our growth initiatives, particularly our expansion plans in our low-cost country facilities,” said R. Jeffrey Bailly, Chairman & CEO. “For example, in the Dominican Republic we are adding 40,000 square feet, including 10,000 square feet of new clean room manufacturing space. We are adding new equipment and hiring additional employees with the goal of increasing our capacity to make robotic drapes by 60% to support both new programs and strong anticipated growth of current programs. While the start-up costs and related inefficiencies have reduced gross margins, we expect improved operating efficiencies when new equipment comes online and new employees are fully trained. We are also adding 15,000 square feet in Costa Rica to meet increasing demand. In Mexico, we completed the qualification process to begin producing catheter and guidewire packaging that was previously manufactured in Ireland and Rhode Island and shipped to Mexico, another cost cutting initiative.”