UFP Technologies, a designer and custom converter of foams, plastics, and natural fiber materials, has reported net income of $4m or $0.54 per diluted common share outstanding for its second quarter ended June 30, 2018, compared to net income of $2.6 million or $0.36 per diluted common share outstanding for the same period in 2017.
Image: UFP Technologies has announced financial results for second quarter 2018. Photo: courtesy of Svilen Milev / FreeImages.
Sales for the second quarter were $49.0 million compared to second quarter sales of $37.9 million in 2017.
Net income for the six-month period ended June 30, 2018 was $5.8 million or $0.78 per diluted common share outstanding compared to $4.8 million or $0.66 per diluted common share outstanding for the same period in 2017.
Sales for the six-month period ended June 30, 2018 were $91.9 million compared to sales of $74.9 million for the same period in 2017.
“I am very pleased with our second quarter results and our progress at the midpoint of 2018,” said R. Jeffrey Bailly, chairman and CEO.
“The integration of our recent acquisition, Dielectrics Inc., is going very well. As expected, they are contributing strongly to our earnings, adding over $1.5 million of operating income in the quarter. This, combined with strength in our medical, consumer, and aerospace & defense markets, helped us increase revenue by 29% and earnings per share by 50%.”
“We increased gross profit margins to 26.5% for the quarter through lean manufacturing initiatives and automation investments,” said Bailly. “We also improved general and administrative expenses as a percentage of sales due to synergies related to the Dielectrics acquisition, which further enhanced our operating results.”
“Looking ahead, I remain bullish about our future and firmly believe we have one of the best growth platforms in the industry,” said Bailly. “Customers are excited about the new capabilities Dielectrics brings, and our ability to provide more comprehensive, integrated solutions.
“We have two major new programs scheduled to launch in the second half of the year. In addition, we have paid down over $16 million in debt in the five months we have owned Dielectrics, and remain active in our search for strategic acquisitions.”
UFP Technologies is an innovative designer and custom converter of foams, plastics, and natural fiber materials, principally serving the medical, automotive, consumer, electronics, industrial, and aerospace and defense markets.
The UFP team acts as an extension of its customers’ in-house research, engineering, and manufacturing groups, working closely with them to solve their most complex product and packaging challenges.
Source: Company Press Release