Medical products company UFP Technologies (NASDAQ: UFPT) will be announcing earnings results this Tuesday after market close. Here’s what to expect.
UFP Technologies beat analysts’ revenue expectations last quarter, reporting revenues of $174 million, up 15.1% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates.
Is UFP Technologies a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting UFP Technologies’s revenue to grow 8.1% year on year, improving from the 6.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. UFP Technologies has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at UFP Technologies’s peers in the drug development inputs & services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. West Pharmaceutical Services delivered year-on-year revenue growth of 8.7%, beating analysts’ expectations by 5.7%, and Fortrea reported a revenue decline of 1.4%, topping estimates by 3.1%. West Pharmaceutical Services traded up 2.1% following the results while Fortrea was down 17.7%.
Read our full analysis of West Pharmaceutical Services’s results here and Fortrea’s results here.
There has been positive sentiment among investors in the drug development inputs & services segment, with share prices up 3.2% on average over the last month. UFP Technologies is down 7.6% during the same time and is heading into earnings with an average analyst price target of $355 (compared to the current share price of $283.90).
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