Lydall, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales of $178,030,000 compared to $144,192,000 a year ago. Operating income was $15,467,000 compared to $7,294,000 a year ago. Income before income taxes was $14,612,000 compared to $7,200,000 a year ago. Net income was $13,848,000 compared to $4,420,000 a year ago. Diluted earnings per share were $0.80 compared to $0.26 a year ago. Net cash provided by operating activities was $16,744,000 compared to $22,305,000 a year ago. Capital expenditures were $7,088,000 compared to $6,434,000 a year ago. Adjusted operating income was $16,486,000 compared to $12,177,000 a year ago. Adjusted Diluted earnings per share were $0.67 compared to $0.52 a year ago. EBITDA was $21,979,000 compared to $13,138,000 a year ago. Adjusted EBITDA was $22,998,000 compared to $18,021,000 a year ago.

For the full year, the company reported net sales of $698,437,000 compared to $566,852,000 a year ago. Operating income was $65,427,000 compared to $54,792,000 a year ago. Income before income taxes was $61,319,000 compared to $54,939,000 a year ago. Net income was $49,317,000 compared to $37,187,000 a year ago. Diluted earnings per share were $2.85 compared to $2.16 a year ago. Net cash provided by operating activities was $62,936,000 compared to $69,727,000 a year ago. Capital expenditures were $27,006,000 compared to $25,466,000 a year ago. Adjusted operating income was $70,655,000 compared to $63,927,000 a year ago. Adjusted Diluted earnings per share were $2.80 compared to $2.61 a year ago. EBITDA was $90,141,000 compared to $75,635,000 a year ago. Adjusted EBITDA was $95,369,000 compared to $84,770,000 a year ago.

The company expected its ordinary effective tax rate in 2018 to be in the range of 19% to 21%, based on its current evaluation of the tax law change. The company anticipated the 2018 spend to be in the $30 million to $35 million range, with strategic growth and productivity spending in each of the 3 segments.

The company expected consolidated gross margin in the first quarter of 2018 to be in a range consistent with the last half of 2017 with consolidated revenues comparable to the prior year.