UFP Technologies reports Q4 EPS $1.51 vs. $1.10 last year

Reports revenue $101.5M vs. $91.2M last year. “I am very pleased with our fourth quarter and full year 2023 results,” said R. Jeffrey Bailly, Chairman & CEO. “Sales for the quarter and the year grew 11.2% and 13.1%, respectively. Organic growth for the year was even stronger at 15.7% and adjusted net income per diluted share for the fourth quarter and full year grew by an impressive 33.0% and 41.0%, respectively.” “We continue to make great progress strengthening our platform and further integrating our three most recent acquisitions,” Bailly added. “We’ve captured synergies by sharing best practices, moving business to best-fit manufacturing locations, and standardizing systems for information technology, quality, and safety. We have also increased our production capacity significantly, adding new clean rooms in Ireland, Costa Rica, and most notably the Dominican Republic. In that location, our investments in infrastructure, equipment, and talent have increased our capacity to service robotic surgery customers by 70%. During this process, we added 450 new associates, primarily direct labor and technical resources.” “Our revenue growth was strong despite some softening in demand in the latter part of the year due to excess inventory held by some of our customers,” Bailly said. “However, they are indicating that the rightsizing of inventory will be short-term in nature and releases will return to normal levels in the near future. Given our growing pipeline of new opportunities, ample capacity for internal growth, and a strong balance sheet with available capital for new acquisitions, we remain very bullish about our future.”