Nonwovens specialist Lydall, headquartered in Manchester, Connecticut, has reported a significant growth in the second quarter of 2021. The company’s net sales were 1.
7 million, up 51.7% compared to the prior year on strong demand across all three segments.
Lydall’s Technical Nonwovens (“TNW”) segment saw sales growth of 39.
4% from the previous year as industrial end markets continued to recover from COVID-19 related slowdowns last year.
Sara A. Greenstein, President and Chief Executive Officer said, “Over the past year, Lydall has gone through an incredible transformation proving our flexibility and responsiveness in the face of the COVID pandemic. The Lydall team continued to deliver strong results in the second quarter, executing on our strategic roadmap and leveraging our focused portfolio to take advantage of a period of broader economic confidence.”
Randall B. Gonzales, Chief Financial Officer, commented, “One year after the pandemic induced trough, Lydall continues to drive strong financial results, benefiting from cost reduction and efficiency opportunities to deliver profitability well over top-line growth as strong demand continues in our key end markets. The team has proven our ability to flex the cost structure through the entire business cycle to meet our customer’s diverse needs.
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The financial highlights include:
• Net income of $5.8 million or $0.32 per diluted share compared to operating loss per share of ($0.34) in Q2-2020; Adjusted earnings per diluted share of $0.50 compared to an adjusted loss per share of ($0.27)
• EBITDA of $20.5 million or 9.3% of sales; Adjusted EBITDA up 116.4% to $24.7 million, or 11.1% of sales and up 40 bps sequentially from Q1-2021
• Total debt net of cash of $157.5 million, compared to $193.0 million at June 30, 2020; net debt leverage ratio of 1.9x
