Albany International Corp

Latest Results (08.10.2025):

Albany International Corp reported a decline in financial performance for the first quarter of 2025 compared to the same period in 2024. The company experienced a 7.8% decrease in net revenues to $289 million and a reduction in net income attributable to the company to $17 million. Despite these challenges, certain business segments continued to perform well, and the integration of Heimbach is progressing as planned, with anticipated benefits in the second half of the year.

Net Revenues

For the first quarter of 2025, Albany International Corp's net revenues were $289 million, representing a 7.8% decrease compared to $313.3 million in the first quarter of 2024. After adjusting for currency translation, the decline was 6.9%. The Machine Clothing segment saw a 5.7% decrease in net revenues, driven by lower sales in publication, tissue, and pulp grades, while the AEC segment's net revenues decreased by 11.0% due to reduced demand in certain commercial and space programs.

Net Income

The net income attributable to Albany International Corp for the first quarter of 2025 was $17.3 million ($0.56 per share), down from $27.3 million ($0.87 per share) in the same quarter of 2024. The decrease in net income was primarily due to lower gross profit in both the AEC and Machine Clothing segments.

Gross Profit and Operating Income

Gross profit for the first quarter of 2025 was $96.5 million, an 11.2% decrease from $108.7 million in the first quarter of 2024. The overall gross margin declined by 130 basis points, primarily due to changes in the estimated profitability of long-term contracts within the AEC segment. Operating income fell to $28.3 million from $39.0 million in the prior year, reflecting the lower gross profit.

Effective Tax Rate

The effective tax rate for the first quarter of 2025 was 26.6%, compared to 29.2% in the first quarter of 2024. The lower tax rate was primarily due to favorable discrete tax adjustments exceeding those of the prior period.

Adjusted Earnings and EBITDA

Adjusted diluted earnings per share for the first quarter of 2025 were $0.73, down from $0.90 per share in the first quarter of 2024. Adjusted EBITDA decreased by 14.8% to $56 million from $65 million in the same period last year.

Outlook for Full-Year 2025

Albany International Corp has reaffirmed its guidance for the full year of 2025, expecting total revenue between $1.165 billion and $1.265 billion, an effective income tax rate of approximately 31%, and capital expenditures ranging from $85 to $95 million. The company also anticipates adjusted diluted earnings per share between $3.00 and $3.40 and total adjusted EBITDA between $240 million and $260 million.