Lydall Announces Financial Results For The Third Quarter Ended September 30, 2016

MANCHESTER, Conn., Nov. 01, 2016 (GLOBE NEWSWIRE) -- LYDALL, INC. (NYSE:LDL) today announced financial results for the third quarter ended September 30, 2016.

HIGHLIGHTS - Q3 2016 vs. Q3 2015

GAAP Financials:
  • Revenue of $155.7 million, up 18.7% from $131.2 million
    • Texel acquisition contributed $23.2 million, or 17.7%
  • Gross margin of 24.5%, up 40 basis points
    • Includes purchase accounting adjustment of $1.6 million, or 110 basis points
  • Operating margin of 11.7%, up 40 basis points
    • Includes purchase accounting adjustment of $1.6 million, $0.6 million of amortization of intangibles from acquisitions and acquisition related expenses of $0.5 million aggregating to $2.7 million, or 180 basis points
  • Earnings per share of $0.75, up 13.6%, from $0.66

Non-GAAP Financial Measures*:
  • Organic sales growth of 1.8%
    • Above market growth in two segments offset by continued softness in Technical Nonwovens power generation markets
  • Adjusted gross margin of 25.6%, up 150 basis points
  • Adjusted operating margin of 13.1%, up 180 basis points
  • Adjusted earnings per share of $0.86, up 45.8% from $0.59 per share
  • Adjusted EBITDA margin of 16.8%, up 210 basis points

*Reconciliations of the Non-GAAP financial measures to Lydall's GAAP financial results are included at the end of this release.  See also "Use of Non-GAAP Financial Measures" below.

Dale Barnhart, President and Chief Executive Officer, stated, "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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