UFP Technologies Q3 Profit Down

(RTTNews) - UFP Technologies Inc. (UFPT) Tuesday reported third-quarter net income of $2.1 million or $0.29 per share, down from $2.9 million or $0.41 per share last year.

Net sales grew to $35.4 million from $34.7 million last year.

"We experienced modest sales growth in Q3, as continued strength in our medical market and an uptick in military orders helped offset a decline in our automotive market," said CEO Jeffrey Bailly. "As expected, our operating results were impacted by a number of important strategic initiatives designed to optimize our platform and position us for long-term growth."