UFP Technologies Inc. (UFPT), a manufacturer of protective packaging solutions for a wide range of end markets, reported second quarter financial results this morning. Revenues increased 22.8% year over year to $28.5 million. Net income grew 61.1% to $1.57 million, or 25 cents per share, compared to $0.98 million, or 17 cents per share, for the same period last year. A single analyst that covers the stock expected earnings of 24 cents per share on revenues of $28.3 million.

“I am very pleased with our continued progress,” said R. Jeffrey Bailly, Chairman, CEO and President. “Our 23% sales increase includes solid internal growth of 9%, coupled with gains from our January acquisition of Stephenson & Lawyer in Grand Rapids, Michigan. When you factor in the impact of our ongoing operational improvements, the result is a dramatic 61% increase in net profits for the quarter. The integration of Stephenson & Lawyer has been smooth, and should bring further efficiencies as the process continues.”

Shares of UFPT gained 12.3% today to close at $9.38 on average volume. Shares have traded in a 52-week range of $4.45 – $14.63. With 6.4 million fully diluted shares outstanding, UFPT has a market cap of $59.5 million. Stockholder’s equity is $28.2 million, or approximately $4.40 per share.

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