HIGHLIGHTS - Q1 2018 vs. Q1 2017
GAAP Financials
Net sales of $191.7 million, up $26.2 million, or 15.8%
Increased tooling sales of $10.3 million, or 6.3%
Favorable foreign currency translation of $9.7 million, or 5.8%
Gross margin of 20.6%, down 390 basis points
Operating margin of 7.3%, down 190 basis points
Earnings per share ("EPS") of $0.64, down 5.9%, from $0.68
Non-GAAP Financial Measures*
Organic sales growth of 4.2%
Adjusted gross margin of 20.8%, down 420 basis points
Adjusted operating margin of 7.7%, down 240 basis points
Adjusted EPS of $0.67, down 9.5%, from adjusted $0.74 per share
Adjusted EBITDA margin of 11.3%, down 250 basis points
Dale G. Barnhart, President and Chief Executive Officer, stated, “Lydall delivered solid organic sales growth of 4.2%, across all segments, led by the Technical Nonwovens segment at 7.8% and continued above-market volume growth in our Thermal Acoustical Solutions segment. As expected, consolidated gross margin was lower than the first quarter of 2017 as the Company was impacted by a continuing trend of increased commodity costs and lower customer pricing on certain applications in the Thermal Acoustical Solutions segment. This segment also saw a sharp increase in demand on key platforms in North America, and coupled with equipment downtime and other inefficiencies, resulted in excessive manufacturing and freight costs to meet customer delivery schedules. Partially offsetting lower gross margin was improved consolidated SG&A as a percentage of net sales by 200 basis points primarily from leveraging increased sales across the Company."
Lydall Inc. | Press Release
