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October 30, 2019

Lydall Inc.’s 3Q profits decline by more than 50%

Manchester filtration-thermal/acoustics-sealing products maker Lydall Inc. said Wednesday its third-quarter profits dropped by more than half as global trade tensions and slowing demand in China hurt its bottom line.

Lydall said its profits for the quarter ending Sept. 30, totaled $3 million, or 17 cents per diluted share. That’s a 52 percent decline from the same period last year, when its profits were just under 6.3 million, or 36 cents per diluted share.

However, overall sales increased 3.7 percent to $205.3 million thanks in large part to Lydall’s Sept. 2018 acquisition of Interface Performance Materials, a Pennsylvania maker of automotive seals, gaskets and sound-deadening materials the company bought for $265 million.

Organic sales, or sales generated by businesses that weren’t recently acquired, declined 2 percent as on-going global trade tensions drove uncertainty in key markets, the company said. 

“Third quarter sales were negatively impacted by a significant drop in demand in China, global weakness in sealing product markets and lower volume due to the strike at General Motors,” Lydall said in a statement about the third-quarter earnings report.

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