12:26 PM EST, 11/05/2024 (MT Newswires) -- (Updates with share price movement in the headline and first paragraph.)

UFP Technologies ( UFPT ) shares surged more than 22% in recent trading Tuesday after its Q3 results came in ahead of market expectations.

The company reported Q3 adjusted net income of $2.39 per diluted share, up from $1.65 a year earlier.

Two analysts polled by Capital IQ expected $1.86.

Net sales for the quarter ended Sept. 30 were $145.2 million, up from $100.8 million a year earlier.

Three analysts surveyed by Capital IQ expected $132.5 million.

Price: 340.05, Change: +62.43, Percent Change: +22.49