Manchester-based Lydall said its first-quarter profits were cut in half despite recording higher sales.
The company’s 2015 first-quarter profits were propped up from its $29.9 million sale of Charter Medical to a subsidiary of Fenner PLC.
The global manufacturer of specialty engineered products for the thermal/acoustical and filtration/separation markets said its net income for the first quarter decreased to $9.1 million, or 54 cents per share, compared to $18.9 million, or $1.11 per share or the prior year’s first quarter.
Net sales in the first quarter of 2016 increased 1.9 percent to $129.7 million, compared to $127.3 million in the first quarter of 2015.
In its earnings announcement, company officials said the first quarter of 2015 included 69 cents per share from the Charter sale. Excluding those results, adjusted earnings were 42 cents per share for the first quarter of 2015, yielding a 29 percent improvement in 2016.
