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Good morning, and welcome to Lydall s First Quarter 2021 Earnings Conference Call. [Operator Instructions].
I would now like to turn the conference over to Brendan Moynihan, Vice President, Investor Relations. Please go ahead.
Brendan Moynihan
Vice President, Financial Planning and Investor Relations
Thank you. Good morning, everyone, and welcome to Lydall s First Quarter 2021 Earnings Conference Call. Joining me on today s call are Sara Greenstein, President and Chief Executive Officer; and Randy Gonzales, Executive Vice President and Chief Financial Officer. Sara will begin the call with a high-level overview of the quarter, including the actions taken to solidify Lydall s position as a world leader in specialty filtration and advanced materials solutions. Randy will follow with a review of our financial performance and discuss the key business drivers by segment. Sara will then conclude the call with a brief discussion on our current outlook, immediate priorities, and how w
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FINANCIAL HIGHLIGHTS - Q1 2021
Net sales of $227.1 million, up 13.3% compared to prior year on strong demand across all three segments; up 10.8% organically
Gross margin and adjusted gross margin of 21.4%, up 220 bps
Net income of $5.1 million or $0.28 per diluted share compared to loss per share of ($3.25) in Q1-2020; Adjusted earnings per diluted share of $0.35 compared to adjusted earnings per diluted share of $0.20
EBITDA of $22.7 million or 10.0% of sales; Adjusted EBITDA up 22.0% to $24.4 million, or 10.7% of sales
Total debt net of cash of $172.3 million, compared to $200.3 million at March 31, 2020; net debt leverage ratio of 2.4x Reconciliations of the Non-GAAP financial measures to Lydall s GAAP financial results are included at the end of this release. See also Use of Non-GAAP Financial Measures below.