Lydall, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Consolidated Gross Margin Guidance for the First Quarter and Tax Rate Guidance for the Full Year 2018
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.