Young Innovations 3Q profit rises 13 percent
Dental supply maker Young Innovations Inc. said its third-quarter profit rose 13 percent as revenue improved from diagnostic product sales.
The company said after the markets closed Wednesday that its net income rose to $3.9 million, or 49 cents per share, in the three months ended Sept. 30 from $3.5 million, or 43 cents per share, a year ago.
Revenue increased 7 percent to $26.4 million from $24.8 million.
In a note to clients, Robert W. Baird analyst Jeff Johnson upgraded Young shares to "Outperform" from "Neutral" based on the results. He said the company's profit and sales both surpassed his expectations, partly because of newly launched product lines. He said its profit margins improved as well.
Johnson raised his price target on the stock to $34 per share from $30.
Young Innovations shares rose 79 cents, or 2.9 percent, to $28.04 in afternoon trading. The stock has ranged from $21.60 to $30.30 in the last year.