Lydall tumbles 19% after Q2 decline
Thermal and acoustic barrier maker Lydall Inc. (NYSE:LDL) has shed 19% today after reporting ahead of the opening a decline in its second-quarter profit. For the period ended June 30, net income was $2.9 million, or $0.17 per share, compared with $3.5 million, or $0.21 per share, for the same period a year earlier. Net sales were $88.9 million, up from $87.8 million a year ago.
“Less demand for automobiles by U.S. consumers resulted in lower production of automobiles containing our parts,” said Dale Barnhart, president and CEO, in a statement. “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.”
At 11:00 a.m. ET, shares of Manchester, Conn.-based Lydall are at $12.70, down $2.97 from Friday’s close. Trading volume is well below average at just 21,000 shares. During the past year, shares have ranged from $8.32 to $16.45.
For detailed price information and recent news stories about Lydall Inc., click LDL.
“Less demand for automobiles by U.S. consumers resulted in lower production of automobiles containing our parts,” said Dale Barnhart, president and CEO, in a statement. “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.”
At 11:00 a.m. ET, shares of Manchester, Conn.-based Lydall are at $12.70, down $2.97 from Friday’s close. Trading volume is well below average at just 21,000 shares. During the past year, shares have ranged from $8.32 to $16.45.
For detailed price information and recent news stories about Lydall Inc., click LDL.
About the Author
Reporter Dianna Heitz is based in SmallCapInvestor.com's Washington, DC bureau.
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