Manchester filtration-thermal/acoustics-sealing products maker Lydall Inc’s second-quarter net swung to red on the company’s pension-plan settlement amid higher sales.
For three months ended June 30, Lydall said it lost $6.9 million, or 40 cents a diluted share. That compares to $10.5 million, or 60 cents a share, netted the same quarter a year ago.
Second-quarter sales rose 8.5 percent to $220.8 million vs. $186.4 million a year ago, fueled by added sales from its acquisition last August of Interface Performance Materials, CEO Dale G. Barnhart said.
Barnhart said Lydall settled its pension-plan obligations from plan assets, recognizing a non-cash pension expense of $25.5 million upon settlement.
