05.02.18
Lydall’s net sales increased by $26.2 million, or 15.8%, to $191.7 million, compared to $165.5 million in the first quarter of 2017. The Technical Nonwovens ("TNW") segment reported organic sales growth of 7.8%, led by improved demand for industrial filtration products outside the U.S., and to a lesser extent, increased advanced materials sales in North America. The Thermal Acoustical Solutions ("TAS") segment reported organic sales growth of 3.6%, with growth in Asia contributing approximately 25% of this increase. Net sales from tooling increased $10.3 million due to new platform launches and timing of revenue recognition from a new accounting standard which increased tooling net sales by $6.2 million. The Performance Materials ("PM") segment reported organic sales growth of 1.3% led by improved filtration demand in the fluid power market. Foreign currency translation increased net sales by $9.7 million, or 5.8%, in the first quarter of 2018.
