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Lydall’s Sales Up Slightly

Sales rise 1.9% to $129.7 million.

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By: Tara Olivo

Associate Editor at Nonwovens Industry, Rodman Media

Lydall’s net sales in the first quarter of 2016 increased 1.9% to $129.7 million, compared to $127.3 million in the first quarter of 2015, including unfavorable foreign currency translation of $1.3 million, or 1%. Net income in the first quarter of 2016 was $9.2 million compared to $18.9 million in the first quarter of 2015. 

Dale Barnhart, president and CEO, states, “I am very pleased with the first quarter results of $0.54 per share. Gross margin increased by 340 points to 25.0% principally being driven by our Thermal/Acoustical Fibers and Industrial Filtration segments. During the first quarter of 2016, we continued to benefit from strong automotive demand in the Fibers and Metals segments. In particular, the Fibers segment reported organic sales growth of nearly 17% due to share gains and the benefit of higher volume at a key customer that had a planned shutdown in the first quarter of 2015. I am also pleased to report improved demand in Performance Materials’ air filtration markets which contributed to organic sales growth of 5.9% in the first quarter of 2016. While the Industrial Filtration segment reported a decline in organic sales of 6.8%, primarily due to softness in the power generation markets, the business reported operating margin improvement of 340 basis points, driven by favorable product mix and lower raw material costs.”

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