Manchester fibers, metals and filtration manufacturer Lydall Inc. said its third-quarter profits dipped on higher selling costs and expenses.
The company reported net income of $4.2 million, or 24 cents per share diluted, down from $4.6 million, or 27 cents, in the third quarter of 2013.
Net sales were up by more than a third, at $134.2 million. Most of the $36 million increase was from Lydall’s Industrial Filtration business, acquired in February for $83 million in cash.
Higher cost of sales and expenses related to selling, product development and administration ate up the increase. Cost of sales increased by more than $28 million, while expenses grew nearly $10 million.
Lydall said conditions in the automotive market, for which it manufactures parts, look favorable for the final quarter of the year, but that it expects sales to be impacted by seasonality and a plant shutdown by a key fibers customer while it retools the facility.
