U F P Tech Inc Down 17.15% To $129.19 After Earnings Beat

U F P Tech Inc (UFPT) said before open Wednesday that it earned $1.52 per share in quarter three 2023.

On the revenue line, the company reported $100.8 million, missing estimates by $16 thousand.

In the same quarter a year ago, the company earned $1.36 per share on revenue of $97 million.

The stock is down 17.15% to $129.19 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

U F P Tech Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 75, putting U F P Tech Inc in the top 25% of stocks. The firm set a 52-week high on July 19, 2023 at $205.08 and set a 52-week low on November 1, 2022 at $92.5.

UFP Technologies Inc is a designer and custom manufacturer of components, subassemblies, products and packaging utilizing highly specialized foams, films, and plastics primarily for the medical market. The company manufactures its products by converting raw materials using laminating, molding, radio frequency and impulse welding and fabricating manufacturing techniques. It is an important link in the medical device supply chain and a valued outsource partner to many of the top medical device manufacturers in the world. The company's single-use and single-patient devices and components are used in a wide range of medical devices, disposable wound care products, infection prevention, minimally invasive surgery, wearables, orthopedic soft goods, and orthopedic implant packaging.