Manchester filtration and acoustic materials manufacturer Lydall said its third-quarter profits more than doubled, thanks to a $12 million reduction in costs and expenses.
Net income for the quarter ended Sept. 30 was $11.2 million, or 66 cents per diluted share, up from $4.2 million, or 24 cents, in the third quarter last year.
That 167 percent increase in profits came despite a 2 percent drop in net sales, which fell to $131.2 million.
The difference was a $5.9 million decrease in expenses, or 26 percent, and a $6.1 million decrease in cost of sales, or 6 percent.
