UFP Technologies reports Q3 adjusted EPS $2.39, consensus $2.17

Reports Q3 revenue $154.56M, consensus $149.56M. “I am pleased with our third quarter results and continued progress with our strategic initiatives,” said R. Jeffrey Bailly, chairman and CEO. “Sales grew 6.5%, with a 7.3% increase in our MedTech sales offset by a 2.7% decline in our non-medical business. EPS was $2.11 per share, equal to last year. Strong operating results offset roughly $3 million in incremental labor costs at our Illinois AJR facility related to a post-acquisition review of our labor force’s eligibility to work under US laws. Absent this expense, EPS would have increased 13%. We expect the impact in Q4 will be significantly less as our new E-Verified employees continue to improve their efficiency.”