Manchester manufacturer Lydall Inc. said its earnings dropped in the first-quarter, but posted an increase in net sales.
For three months ended March 30, the maker of engineered thermal/sound proofing and filtration/separation materials said it netted $11.1 million, or 64 cents a diluted share, vs. $11.7 million, or 68 cents a diluted share, in the year-ago period.
First-quarter sales rose by $26.2 million, or almost 16 percent to $191.7 million, compared to $165.5 million in 2017. A higher cost of sales was the main reason that the increase in revenue did not translate to an increase in profits.
Lydall posted organic sales growth of 4.2 percent across all segments, which was led by its Technical Nonwovens segment at 7.8 percent.
