Albany International Corp

Latest Results (04.01.2025):

Revenue Growth

Albany International Corp reported net revenues of $298 million for the third quarter of 2024, marking a 6.1% increase compared to the same period in the previous year. After adjusting for currency translation, the revenue growth was 5.8%. This growth was primarily driven by a 9.9% increase in the Machine Clothing segment, reflecting a full quarter of Heimbach net revenues.

Gross Profit Decline

The gross profit for Albany International Corp in the third quarter of 2024 was $90 million, which is an 11.2% decrease from the $102 million reported in the third quarter of 2023. The overall gross margin declined by nearly 6.0%, primarily due to changes in the estimated profitability of long-term contracts at Albany Engineered Composites (AEC).

Operating Income and Expenses

Operating income for Albany International Corp in the third quarter of 2024 was $25 million, down from $40 million in the same quarter of the previous year. This decrease was attributed to lower gross profit at AEC and increased technical, research, and restructuring expenses in the Machine Clothing segment. Selling, General, and Administrative (SG&A) expenses remained largely in line with the prior year at $52 million.

Net Income and Earnings Per Share

Albany International Corp's net income attributable to the company for the third quarter of 2024 was $18 million, or $0.57 per share, compared to $27 million, or $0.87 per share, in the third quarter of 2023. The adjusted diluted earnings per share, a non-GAAP measure, was $0.80 per share in the third quarter of 2024, compared to $1.02 per share in the same period of the previous year.

Full-Year 2024 Outlook

Albany International Corp has updated its guidance for the full year of 2024. The company expects total revenue to be between $1.23 billion and $1.25 billion, with an effective income tax rate of approximately 27%. Capital expenditures are projected to range from $85 million to $90 million, and adjusted diluted earnings per share are expected to be between $3.10 and $3.30. The company also anticipates total adjusted EBITDA to be between $237 million and $247 million.