Stock Alert: Lydall Touches New Low

(RTTNews) - Shares of Lydall, Inc. (LDL) tanked $6.64 or 34.12% on Wednesday to touch a new low of $12.27 after it reported loss for the fourth quarter and provided a weak outlook. Lydall produces specialty engineered products for the thermal/ acoustical and filtration/separation markets.

Looking forward, Sara A. Greenstein, President, and Chief Executive Officer stated, "While we have seen some recent stabilization in the end markets for Interface sealing products, weaker demand in European industrial markets is impacting all of our segments. In China, we are closely monitoring the impact of the coronavirus on the Company's businesses. We expect our first quarter and full-year results will be negatively impacted, but are uncertain with regards to the severity and duration of the impact,"

On February 25, the company reported a net loss of $70.5 million, or $4.07 per share in the fourth quarter, compared with net income of $7.2 million, or $0.42 per share in the year-ago quarter. Earnings included non-cash impairment charges of $64.2 million, mainly due to the underperformance of the Interface business in the Performance Materials segment.

Excluding items, Lydall had adjusted loss per share of $0.17, that missed the average estimate of analysts polled by Thomson Reuters at $0.17 earnings per share.

Net sales were down 7.9% year-on-year to $193.3 million due to lower sales in the Performance Materials and the Technical Nonwovens business segments.