04.28.21
Lydall’s net sales in the first quarter of 2021—$227.1 million—increased by $26.6 million, or 13.3% compared to the first quarter of 2020. Consolidated sales were up 10.8% organically, led by 19.9% growth in its Performance Materials business (PM) on strong specialty filtration and sealing volumes, healthy growth of 8.1% in the Thermal Acoustical Solutions business (TAS) on robust automotive demand, and growth of 1.8% in the Technical Nonwovens segment (TNW).
“I’m thrilled to report that Lydall delivered another very strong quarter led by sales growth and sequential margin expansion in every business segment. We continue to execute on our strategic roadmap and leverage our strong product portfolio to deliver measurable results as we help our customers win,” says Sara A. Greenstein, president and chief executive officer.
“Specialty filtration sales rose sharply as our new fine fiber meltblown production line in Rochester, New Hampshire, began producing media at full capacity early in the quarter. This was complemented by strong demand for sealing solutions and specialty insulation products in our Performance Materials business,” comments Greenstein.
PM specialty filtration sales grew 32.7% or $8.5 million, and sales of sealing and advanced solutions products were up 14.4%. “Incremental fine fiber meltblown capacity at Rochester and St. Rivalain, France, remains on schedule for full production rates in early third quarter, which we expect to contribute to strong growth and further margin expansion for PM.”
Elevated automotive demand continued globally, with parts sales in the Thermal Acoustical Solutions segment growing 11.9% compared to last year, and 4.3% compared to the fourth quarter of 2020. “The TAS business eliminated Covid-related high cost temporary labor in our North American operations and continues to deliver sequential margin improvements.”
Lydall’s Technical Nonwovens segment saw sales growth of 7.4%, led by strong growth in Canada and China. Favorable mix and productivity drove EBITDA margin expansion both year over year and sequentially.
“I’m thrilled to report that Lydall delivered another very strong quarter led by sales growth and sequential margin expansion in every business segment. We continue to execute on our strategic roadmap and leverage our strong product portfolio to deliver measurable results as we help our customers win,” says Sara A. Greenstein, president and chief executive officer.
“Specialty filtration sales rose sharply as our new fine fiber meltblown production line in Rochester, New Hampshire, began producing media at full capacity early in the quarter. This was complemented by strong demand for sealing solutions and specialty insulation products in our Performance Materials business,” comments Greenstein.
PM specialty filtration sales grew 32.7% or $8.5 million, and sales of sealing and advanced solutions products were up 14.4%. “Incremental fine fiber meltblown capacity at Rochester and St. Rivalain, France, remains on schedule for full production rates in early third quarter, which we expect to contribute to strong growth and further margin expansion for PM.”
Elevated automotive demand continued globally, with parts sales in the Thermal Acoustical Solutions segment growing 11.9% compared to last year, and 4.3% compared to the fourth quarter of 2020. “The TAS business eliminated Covid-related high cost temporary labor in our North American operations and continues to deliver sequential margin improvements.”
Lydall’s Technical Nonwovens segment saw sales growth of 7.4%, led by strong growth in Canada and China. Favorable mix and productivity drove EBITDA margin expansion both year over year and sequentially.
