Manchester manufacturer Lydall’s second quarter profits grew 37%, thanks mainly to sales contributions from its newly acquired U.K. filtration business.
Lydall — which makes filters, insulation and vehicle-interior parts — booked $8.2 million in profits, up from $6 million in the second quarter last year. That amounted to 49 cents per diluted share, up from 35 cents.
A 47 percent jump in net sales, from $101.1 million to $148.8 million, was the reason for the increase. Andrew Filtration, for which Lydall paid $83 million, contributed $34.1 million in its first full quarter under Lydall ownership.
The company’s thermal-acoustical segment also grew sales by $8.3 million, or 30 percent.
Lydall said it expects sales growth in the second half of the year to be slower due to timing of customer orders and other factors.
