Manchester filtration and acoustic products maker Lydall said its first-quarter profits jumped more than five times on higher revenue and the January sale of its non-core life sciences business.
Lydall reported $18.9 million in profit for the quarter ended March 31, or $1.11 per diluted share. That was up from $3.7 million, or 22 cents, in the first quarter of 2014.
Net sales grew 1.7 percent, to $127.3 million.
The main reason for the profit growth was Lydall’s Jan. 30 sale of Charter Medical to a subsidiary of Fenner PLC for $29.9 million.
Based in North Carolina, Charter makes single-use medical containers and specialty products for blood filtration devices.
