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: March 31, 2024 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 juri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report: April 29, 2024 (Date of earliest event reported) ALBANY INTERNATIONAL CORP. (Exact name of registrant as specified in its charter) | Delaware | 1-10026 | 14-0462060 | | --- | --- | --- | | (State or other jurisdiction | (Commission | (I.R.S Employer | | of incorporation) | File Number) | Identification No.) | | 216 Airport Driv ...

Albany International Corp. (NYSE:AIN) Q4 2023 Earnings Conference Call February 27, 2024 9:00 AM ET Company Participants John Hobbs - Director, Investor Relations Gunnar Kleveland - President and CEO Rob Starr - Chief Financial Officer and Treasurer Conference Call Participants Steve Tusa - J.P. Morgan Jan-Frans Engelbrecht - Baird Pete Osterland - Truist Securities Jordan Lane - Bank of America Spencer Breitzke - TD Cowen Operator Good day and thank you for standing by. Welcome to Albany International’s Fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report: February 26, 2024 (Date of earliest event reported) ALBANY INTERNATIONAL CORP. (Exact name of registrant as specified in its charter) | Delaware | 1-10026 | 14-0462060 | | --- | --- | --- | | (State or other jurisdiction | (Commission | (I.R.S Employer | | of incorporation) | File Number) | Identification No.) | | 216 Airport D ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 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 ____________________________________________________ ...

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 ...