Manchester manufacturer Lydall Inc. saw second-quarter profit nearly quadruple on strong sales of its bread-and-butter heat and sound insulation used in automobiles and other commercial-industrial products.
Lydall netted $7.7 million, or 46 cents a share, in the three months ended June 30, up from $2.1 million, or 12 cents a share, the same quarter last year.
Second-quarter sales climbed 28 percent to $98.8 million vs. $77.1 million a year ago.
Stepped up sales of lower-margin woven thermal/acoustic materials — up 42 percent in the quarter — offset flat sales of Lydall’s higher-margin performance products used in automotive fluid and air filters, the company said.
During the quarter, Lydall netted $14 million on the sale of its Affinity line of indoor air chillers, deemed to no longer fit with the company’s core and strategic direction.
The company also bolstered its liquidity with a fresh $35 million line of credit that carries a lower interest rate and borrowing terms, CEO Dale Barnhart said.
