Lydall's Sales Jump In Latest Earnings Report

Manchester CT

29 July, 2021

5:26 PM

Description

MANCHESTER, CT — Sales at Manchester-based Lydall Inc. jumped more than 50 percent in its second quarter, compared to the same period a year ago, according to an earnings report released Wednesday. Here are the highlights for the quarter ended June 30: Net sales of $221.7 million were up 51.7 percent, compared to prior year on strong demand across all three segments and were up 47.4 percent organicallyThe company's gross margin was 21.6 percent, up 220 basis points Net income was $5.8 million or 32 cents per diluted share, compared to an operating loss per share of 34 cents in Q2-2020.The adjusted earnings per diluted share of 50 cents was vastly better than the adjusted loss per share of 27 cents a year agoThe total debt net cash totaled $157.5 million, compared to $193.0 million on June 30, 2020"Over the past year, Lydall has gone through an incredible transformation proving our flexibility and responsiveness in the face of the COVID pandemic. The Lydall team continued to deliver strong results in the second quarter, executing on our strategic roadmap and leveraging our focused portfolio to take advantage of a period of broader economic confidence," said Sara A. Greenstein, Lydall's president and chief executive officer. "Our Performance Materialsbusiness saw continued strong demand in specialty filtration led by higher sales of fine fiber meltblown media as well as sealing solutions which benefited from favorable trends in transportation, agricultural, and construction end markets." PM sealing and advanced solutions products were up 49.5 percent and specialty filtration sales grew by 14.9 percent. In the Thermal Acoustical Solutions segment, parts sales grew 119.5 percent from prior year, which was heavily impacted by virus-related automotive facility shutdowns. Compared to the first quarter parts sales were down 17.7 percent. TAS volumes were impacted by semiconductor shortages affecting global automotive production, but the team rapidly adjusted to "changing customer requirements" to mitigate the profitability impacts. Lydall's Technical Nonwovens segment had sales growth of 39.4 percent from the prior year as industrial end markets continued to recover from virus-related slowdowns last year.