Lydall, Inc. reported unaudited consolidated earnings results for the second quarter and six month ended June 30, 2018. For the quarter, the company reported net sales of $186,413,000 compared to $174,879,000 a year ago. Operating income was $12,249,000 against $20,037,000 reported last year. Income before income taxes was $12,045,000 against $18,450,000 reported last year. Net income was $10,450,000, or $0.60 per diluted share compared to $13,125,000 or $0.76 per diluted share a year ago. Net cash provided by operating activities was $11,936,000 against $15,437,000 reported last year. Capital expenditures were $8,679,000 against $5,508,000 reported last year. Adjusted earnings per share were $0.70 compared to $0.80 per share in the second quarter of 2017. EBITDA, adjusted was $21,757,000 against $26,320,000 reported last year. EBITDA was $19,705,000 against $25,484,000 reported last year.

For the six months, the company reported net sales of $378,073,000 compared to $340,366,000 a year ago. Operating income was $26,285,000 against $35,185,000 reported last year. Income before income taxes was $25,226,000 against $32,659,000 reported last year. Net income was $21,504,000, or $1.24 per diluted share compared to $24,794,000 or $1.44 per diluted share a year ago. Net cash provided by operating activities was $7,974,000 against $27,795,000 reported last year. Capital expenditures were $16,355,000 against $15,068,000 reported last year. Adjusted earnings per share were $1.37 against $1.54 reported last year. EBITDA, adjusted was $43,350,000 against $49,254,000 reported last year. EBITDA was $40,642,000 against $46,770,000 reported last year.

For the third quarter of 2018, the company is seeing solid order activity across all segments and expects low-to-mid single digit consolidated organic sales growth. The company remains focused on improving operational efficiency and profitability throughout the company. The Thermal Acoustical Solutions segment will continue to be challenged by increased commodity costs and labor and overhead costs. However, the company does expect sequential improvement in consolidated margins from second quarter 2018 results. The Technical Nonwovens' restructuring plan remains on-schedule which is expected to reduce operating costs and increase efficiency.

For the full year 2018, the company expects the consolidated ordinary tax rate to be in the range of 18% to 19%. The company anticipates the 2018 capital spend to be in the $30 million to $35 million range with strategic growth in productivity spending in each of the 3 segments.