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Lydall’s Sales Grow

Net sales rise in all business segments.

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By: Tara Olivo

Associate Editor at Nonwovens Industry, Rodman Media

Lydall’s net sales in the third quarter of 2016 increased 18.7% to $155.7 million, compared to $131.2 million in the third quarter of 2015. Net sales increased in the Thermal/Acoustical Metals (“T/A Metals”), Performance Materials and Thermal/ Acoustical Fibers (“T/A Fibers”) segments by 11.8%, 9% and 2.1%, respectively. Growth in Performance Materials segment net sales was primarily due to improved demand and share gains of filtration products of 8.7%, particularly in North America and Europe, coupled with additional sales from new product development launches in Europe. The T/A Metals segment was positively impacted by increased parts sales of 12.6% due to increased demand and new platform launches at the company’s North American and Chinese operations. The Technical Nonwovens segment reported sales growth of 53.1% as a result of Texel sales of $23.2 million since the date of acquisition, offset by lower power generation industrial filtration product sales.

Dale Barnhart, president and CEO, comments, “I am very pleased with our results as we reported record revenue of $155.7 million, earnings per share of $0.75 and record adjusted earnings per share of $0.86 for the third quarter.

“Lydall delivered very strong organic revenue growth in our Thermal/Acoustical Metals and Performance Materials segments of 11.3% and 8.9%, respectively, which was offset by a decline in Technical Nonwovens of 10.6%, as the softness we’ve experienced all year in the power generation market persisted. The performance and integration of our most recent acquisition of Texel, which was acquired on July 7, 2016, is on-track. Overall, Lydall was able to achieve excellent gross margin and operating margin expansion as we experienced favorable mix and cost absorption on the incremental sales.”

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