Packaging and component products manufacturer in the US, UFP Technologies has reported net income of $2.6m for the third quarter of 2012, which is 6.6% higher compared to $2.4m for the same period in 2011.
For the nine-month period, the company reported net income of $7.7m, which is 4.8% higher than $7.3m in 2011.
The company's sales during the quarter stood at $32m, 3.9% more than 2011 third quarter sales of $30.8m. Sales for the nine-month period were reported to be $97.6m or 1.9% higher than sales of $95.8m in the same period of 2011.
UFP Technologies chairman & CEO Jeffrey Bailly said due to new designs, the company has seen an increase in demand for its molded fiber solutions.
"Looking ahead, we also expect continued growth in our medical business, partially offset by anticipated softening demand in military applications," Bailly said.
