Lydall (LDL) has reported 14.29 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $12.78 million, or $0.75 a share in the quarter, compared with $11.19 million, or $0.66 a share for the same period last year. On an adjusted basis, earnings per share were at $0.86 for the quarter compared with $0.59 in the same period last year. Revenue during the quarter grew 18.66 percent to $155.72 million from $131.24 million in the previous year period. Gross margin for the quarter expanded 38 basis points over the previous year period to 24.53 percent. Total expenses were 88.25 percent of quarterly revenues, down from 88.69 percent for the same period last year. This has led to an improvement of 44 basis points in operating margin to 11.75 percent.
Operating income for the quarter was $18.30 million, compared with $14.84 million in the previous year period.
However, the adjusted operating income for the quarter stood at $20.44 million compared to $14.84 million in the prior year period. At the same time, adjusted operating margin improved 182 basis points in the quarter to 13.13 percent from 11.31 percent in the last year period.
Dale Barnhart, president and chief executive officer, stated, "I am very pleased with our results as we reported record revenue of $155.7 million, earnings per share of $0.75 and record adjusted earnings per share of $0.86 for the third quarter.
Operating cash flow improves significantlyLydall has generated cash of $47.42 million from operating activities during the nine month period, up 218.33 percent or $32.52 million, when compared with the last year period. The company has spent $120.13 million cash to meet investing activities during the nine month period as against cash inflow of $13.09 million in the last year period
Cash flow from financing activities was $74.48 million for the nine month period as against cash outgo of $7.18 million in the last year period.
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