Lydall Performance Materials Segment net sales rise in Q2

08 Sep '08

4 min read

"Our Performance Materials group reported solid sales growth of nine percent in the second quarter, but was not immune to increases in raw material and energy costs which negatively impacted this group, as well as our automotive businesses during the quarter.

During the second quarter, the Company announced price increases, effective in the second half of 2008, on certain performance materials' products. These price increases are expected to mitigate a portion of the increased raw material and energy costs during the remainder of 2008.

"Our balance sheet remains strong, and from a cash flow perspective, the Company generated over $7 million of cash flow from operations in the second quarter of 2008 and over $15 million year-to-date. We will continue to invest in our businesses and support growth initiatives.

"Looking forward to the second half of 2008, we expect to continue to face sales volume reductions in our North American automotive business and be challenged by higher raw material and energy costs throughout many of our businesses.

The Company continues to focus its efforts on mitigating the impact of higher raw material and energy costs through cost savings generated from Lydall's Lean Six Sigma program and other cost reduction initiatives, as well as passing commodity and energy cost increases on to our customers to the extent possible."

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LYDALL INC

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