ROCHESTER, N.H.--(BUSINESS WIRE)--The Board of Directors of Albany International Corp. (NYSE: AIN) today declared a quarterly dividend of $0.26 per share on the Company’s Class A Common Stock. The dividend is payable April 5, 2024, to shareholders of record on March 15, 2024. About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is ...

ROCHESTER, N.H.--(BUSINESS WIRE)--Albany International Corp. (NYSE:AIN) announced today that Bonnie C. Lind has been elected to its Board of Directors and that Director John R. Scannell has been appointed Chairman of the Board. Ms. Lind, age 65, served as Sr. Vice President, CFO & Treasurer of Neenah Inc. following its spinoff from Kimberly-Clark Corporation in 2004 until October 2020. Prior to that, from 1984 she held a number of increasingly senior financial and operational positions within Kimberly-Clar ...

Wall Street analysts expect Albany International (AIN) to post quarterly earnings of $0.84 per share in its upcoming report, which indicates a year-over-year increase of 12%. Revenues are expected to be $302.04 million, up 12.4% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ahead of a company's earnings disclosure, it is crucia ...

ROCHESTER, N.H.--(BUSINESS WIRE)--Albany Engineered Composites (AEC) will be exhibiting in Hall 6, Booth K24 at JEC World in Paris, France, the largest international composites event from March 5-7, 2024. At JEC World 2024, Innovation Planets showcases composite innovations with unique properties and possibilities. AEC has been selected to showcase our Composite Wing Box Rib produced using our proprietary 3D woven technology in a high-rate, industrialized application for the Airbus Wing of Tomorrow program ...

Company Overview - Albany International Corp. is a leading developer and manufacturer of engineered components, focusing on advanced materials processing and automation capabilities [2] - The company operates two core businesses: Machine Clothing, which is the world's leading producer of fabrics and process belts for paper products, and Albany Engineered Composites, which designs and manufactures advanced materials-based components for jet engines and airframes [2] - Albany International is headquartered in Rochester, New Hampshire, operates 32 plants in 14 countries, employs approximately 5,600 people, and is listed on the New York Stock Exchange under the symbol AIN [2] Upcoming Financial Results - Albany International will release its 2023 fourth quarter and full year financial results on February 26, 2024, after market close [1] - A webcast to discuss the results will be held on February 27, 2024, at 9:00 a.m. Eastern Time [1] - Interested parties can access the live webcast through the company's Investor Relations website, with an archive available for replay around noon Eastern Time on the same day [1]

Financial Data and Key Metrics Changes - The company reported GAAP revenue of $281 million, up 7.9% year-over-year, driven by sales growth at AEC and one month of Heimbach results in MC [10] - GAAP net income was $27 million or $0.87 per share, up from $11 million or $0.34 per share in the same quarter last year [11][19] - Adjusted EPS was $1.02 per share compared to $1.15 per share reported in the third quarter of last year [11][20] - Adjusted EBITDA was $63 million or about 24% of sales, aligning with the company's long-term target [11] Business Line Data and Key Metrics Changes - Machine Clothing revenue of $151 million was about 2% lower on a currency-neutral basis, with adjusted EBITDA of $56 million translating to a 37% margin [12] - Aerospace Composites revenue of $115 million was up 6% year-over-year on a constant currency basis, with adjusted EBITDA of $22 million, up about 3% [13] Market Data and Key Metrics Changes - North American markets reported sales growth year-over-year, while sales declined in other regions, particularly Europe and Asia [12][15] - European markets showed softness, while Asian markets were mixed, with modest growth in North America [15][23] Company Strategy and Development Direction - The company aims to strategically manage growth while maintaining operational execution and capital discipline [9] - Continuous improvement and investment in technology development are prioritized to position the company for profitable growth into the next decade [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in Europe and mixed conditions in Asia, while expressing confidence in North American growth [39] - The company expects the Heimbach acquisition to become accretive to earnings and cash flow by 2025 [12] Other Important Information - The company completed the acquisition of the Heimbach Group on August 31, contributing nearly $16 million of revenue in the MC segment [10] - The company has a strong financial position with a cash balance of $172 million and over $300 million of additional liquidity [21] Q&A Session Summary Question: Guidance around the Heimbach acquisition and margin pressures - Management noted some seasonality affecting Heimbach's margins, with expectations to improve efficiencies [28] Question: EPS guidance for the year and areas of uncertainty - The wide range in EPS guidance is due to the variability in segment performance, particularly with the newly acquired Heimbach [30] Question: Demand uptick from Safran for AEC - Management is not ready to guide for 2024 but expects higher LEAP revenue generation [33] Question: Demand dynamics in Machine Clothing across major markets - Management observed growth in the U.S., mixed results in Asia, and a decline in Europe, with uncertainty about future demand [39] Question: Revenue expectations for the CH-53K program - Management expects sales to increase in the mid-teens as the program moves toward full-rate production [42] Question: Q4 implied sales and margin expectations for AEC - Management indicated a conservative approach to Q4 guidance, expecting a shift in program mix affecting margins [45]

Revenue Growth - Machine Clothing segment net revenues increased by 8.6% to $166.6 million in Q3 2023, driven by Heimbach's contribution of $15.6 million [111]. - Albany Engineered Composites segment net revenues rose by 6.9% to $114.5 million in Q3 2023, primarily due to growth in LEAP programs and other commercial initiatives [111]. - Total net revenues for the company increased by 7.9% to $281.1 million in Q3 2023, with a year-to-date increase of 7.6% to $824.3 million [111]. - In the Machine Clothing (MC) segment, net revenues increased by 8.6% in Q3 2023, driven by higher revenues in tissue and packaging grades and a contribution of $15.6 million from the Heimbach acquisition [133]. - In the Albany Engineered Composites (AEC) segment, net revenues increased by 6.9% in Q3 2023, driven by growth in LEAP programs, with a 5.7% increase when excluding currency translation effects [140]. Profitability and Margins - Gross profit for the Machine Clothing segment was $79.3 million in Q3 2023, with a gross profit margin decrease from 51.7% in 2022 to 47.6% in 2023 due to higher input costs [115]. - Albany Engineered Composites gross profit increased to $22.6 million in Q3 2023, with a gross profit margin slightly decreasing from 19.8% in 2022 to 19.7% in 2023 [116]. - Operating income for MC decreased to $50.7 million in Q3 2023 from $57.2 million in Q3 2022, primarily due to higher selling, general, and research (STG&R) expenses [122]. - AEC's operating income for the nine months ended September 30, 2023, increased by $6.8 million, driven by higher net revenues and gross profit, despite higher STG&R expenses [145]. - Gross profit for MC remained steady in Q3 2023 at $79.3 million, with a gross margin of 47.6%, down from 51.7% in Q3 2022 due to higher input costs [132]. Expenses and Costs - Selling, Technical, General, and Research expenses rose by 31.8% in Q3 2023, accounting for 21.9% of net revenues compared to 18.0% in 2022 [118]. - Corporate STG&R expenses increased by $15.4 million, primarily due to higher professional fees and acquisition-related expenses [121]. - Changes in currency translation rates increased STG&R expenses by $2.3 million and $5.6 million for Q3 and the nine months ended September 30, 2023, respectively [136]. - The company faces challenges from rising labor, raw material, and logistics costs due to inflation and supply chain constraints, impacting profit margins [106]. Acquisitions and Investments - The company acquired Heimbach on August 31, 2023, enhancing its capabilities in the Machine Clothing segment [109]. - The company invested $133.5 million in the acquisition of Heimbach, a manufacturer of paper machine clothing, on August 31, 2023, funded using cash on hand [149]. Cash Flow and Liquidity - Net cash provided by operating activities increased to $73.8 million in 2023 from $67.3 million in 2022, driven by improved working capital and lower cash outflows related to other liabilities [148]. - Total liquidity as of September 30, 2023, was approximately $510.5 million, consisting of $171.5 million in cash and cash equivalents and $339.0 million available under the Amended Credit Agreement [153]. - Cash and cash equivalents decreased from $276.5 million at the end of 2022 to $171.5 million at the end of Q3 2023, a decline of 38% [147]. - Net cash used in investing activities was $182.6 million in 2023, significantly higher than $52.8 million in 2022, reflecting increased capital expenditures and acquisitions [149]. Debt and Financial Ratios - The net debt as of September 30, 2023, was $319.1 million, an increase from $147.2 million as of December 31, 2022 [169]. - Total debt as of September 30, 2023, was $490.6 million, compared to $439.0 million as of December 31, 2022 [169]. - The net leverage ratio as of September 30, 2023, was 1.28, indicating the company's financial leverage [170]. - The company’s bank debt at the Heimbach subsidiary totaled $29.6 million, with $27.2 million classified as current maturity, indicating potential liquidity needs [155]. Earnings and Shareholder Returns - Net income for the nine months ended September 30, 2023, was $81.1 million, an increase from $78.3 million in the same period last year, representing a growth of 3.4% [147]. - The company paid $23.4 million in dividends during the first nine months of 2023, with no share repurchases made in the same period [156]. - For the three months ended September 30, 2023, the adjusted earnings per share (non-GAAP) was $1.02, compared to $1.15 for the same period in 2022 [168]. Tax and Currency Impact - The effective tax rate for Q3 2023 was 25.3%, up from (41.6%) in Q3 2022, mainly due to favorable discrete tax adjustments in the prior period [129]. - The company reported a foreign currency revaluation loss of $1.720 million for the nine months ended September 30, 2023, impacting earnings per share by $0.04 [168]. - The potential loss in fair value from a hypothetical 10% adverse change in foreign currency exchange rates is estimated at $68.3 million [174]. - An increase of one percentage point in weighted average interest rates would increase interest expense by $1.1 million for the company's variable rate debt [176]. - The company has exposure to foreign currency transactions totaling $98.6 million, with a net foreign currency asset of $17.6 million as of September 30, 2023 [174].

Albany International Corp. (NYSE:AIN) Q2 2023 Results Conference Call July 27, 2023 9:00 AM ET Company Participants John Hobbs - Director of Investor Relations Bill Higgins - President and Chief Executive Officer Rob Starr - Chief Financial Officer and Treasurer Conference Call Participants Gautam Khanna - TD Cowen Michael Ciarmoli - Truist Securities Jan-Frans Engelbrecht - Baird Operator Good day, and thank you for standing by. Welcome to the Albany International Corporate Earnings Conference Call [Operat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 1-10026 ALBANY INTERNATIONAL CORP. (Exact name of registrant as specified in its charter) Delaware (State or other juris ...

Albany International Corp. (NYSE:AIN) Q1 2023 Earnings Conference Call April 26, 2023 9:00 AM ET Company Participants John Hobbs - Director of Investor Relations Bill Higgins - President & Chief Executive Officer Robert Starr - Chief Financial Officer Conference Call Participants Gautam Khanna - Cowen Michael Ciarmoli - Truist Securities Jordan Lane - Bank of America Tony Bancroft - Gabelli Funds Operator Ladies and gentlemen, thank you for standing by. Welcome to the Albany International First Quarter 2023 ...