Manchester-based filtration-thermal/acoustics-sealing products maker Lydall Inc. posted a $5.8-million second quarter loss, primarily driven by pandemic-related carmaker shutdowns, and declining demand.
CEO Sara Greenstein said auto manufacturers temporarily shutting their doors toward the end of the first quarter led to “a historic decline” in Lydall’s thermal acoustics business, but that factories are now operating near pre-COVID levels.Â
She also touted the company’s shift to make in-demand pandemic products like filtration products used in N95 respirators, surgical and medical masks, and medical wipes, pads and gowns.Â
“We quickly pivoted our resources to the production of personal protective equipment for our first responders, medical professionals, military personnel and the general public,” Greenstein said.
The company reported a loss of $5.8 million, or 34 cents per share, during the second quarter, an improvement over a $6.9-million loss a year earlier.Â
Sales in the quarter dipped by almost 34% to $146.2 million.
The second quarter was an improvement over this year’s first three months, when Lydall reported a $56.4-million loss after slowing production at three of its global manufacturing plants.
Some 1,000 employees, nearly a third of Lydall’s employee-base, were impacted by that production slow down through layoffs or furloughs.
