Welcome to our dedicated page for Albany International news (Ticker: AIN), a resource for investors and traders seeking the latest updates and insights on Albany International stock.
Albany International Corp Class A (NYSE: AIN) is a global leader in the field of advanced textiles and materials processing. Headquartered in Rochester, New Hampshire, the company operates two major business units: Machine Clothing (MC) and Albany Engineered Composites (AEC). With operations spanning 18 plants across 11 countries, Albany International serves a diverse range of industries worldwide.
The Machine Clothing division is renowned for producing custom-designed fabrics and belts essential for the production processes in the paper, nonwovens, and other industries. Holding a substantial 30% global market share in its segment, MC outperforms its closest competitor by doubling their market share. The division’s recent acquisition of Heimbach has bolstered its market presence further, aiming to contribute significantly to revenue and earnings starting 2025.
Albany Engineered Composites, on the other hand, excels in the aerospace sector, supplying highly engineered composite parts. Notably, AEC is the sole provider of fan blades, fan cases, and other advanced components for the CFM LEAP engine, supporting both commercial and defense aerospace markets. The division is expected to deliver about 100,000 parts per year by the end of the decade, aligning with the projected annual production of approximately 1600 LEAP engines.
Financially, Albany International has demonstrated robust performance. For the third quarter of 2023, the company reported net revenues of $281.1 million, marking a 7.9% year-over-year increase. This growth was driven by sales upsurges in both business segments, alongside strategic acquisitions like that of Heimbach. Despite some macroeconomic challenges, particularly in Europe and China, MC managed to deliver excellent results.
Looking ahead, Albany International is optimistic about its growth trajectory, as indicated by its full-year 2023 guidance projecting total company revenue between $1.100 and $1.130 billion, and Adjusted EBITDA between $238 and $254 million. The company remains committed to innovation and operational excellence, aiming to capitalize on emerging opportunities across its diverse business segments.
Albany International Corp. (NYSE: AIN) has appointed Merle Stein as President of its Machine Clothing business segment, effective September 1, 2024. Stein, 47, replaces Daniel Halftermeyer, who is stepping down to focus on the Heimbach acquisition integration and transition. With extensive experience in the paper and pulp industries, Stein has been with Albany since 2011, most recently serving as Division Chief Operating Officer.
Stein's appointment brings a strategic understanding of the markets and broad leadership experience to the role. CEO Gunnar Kleveland expressed confidence in Stein's ability to maintain the business's industry leadership while pursuing strategic goals. The transition is part of a planned succession, with Halftermeyer continuing to support the Heimbach integration and assist in the leadership transition.
Albany International Corp. (NYSE: AIN) has announced a quarterly dividend declaration. The Board of Directors has approved a dividend of $0.26 per share on the Company's Class A Common Stock. This dividend will be payable on October 7, 2024, to shareholders who are on record as of September 3, 2024. This announcement demonstrates Albany International's commitment to returning value to its shareholders through regular dividend payments.
Albany International Corp. (NYSE:AIN) reported Q2 2024 results with net revenues of $332.0 million, up 21.1% year-over-year. Net income was $24.6 million ($0.79 per share), compared to $26.7 million ($0.85 per share) in Q2 2023. Adjusted EPS was $0.89 in both periods.
Key highlights:
- Machine Clothing revenues grew 21.6% to $194 million, driven by Heimbach acquisition
- Engineered Composites revenues increased 20.5% to $138.4 million
- Gross profit rose 9.4% to $112.4 million, but gross margin declined over 350 basis points
- Adjusted EBITDA decreased 3% to $63.1 million
The company reaffirmed its full-year 2024 guidance, including total revenue of $1.26-$1.33 billion and adjusted EPS of $3.55-$4.05.
Albany International Corp. (NYSE: AIN) has appointed Christopher Stone as President of Albany Engineered Composites, Inc., effective August 12, 2024. Stone, 52, brings extensive experience in the A&D industry, with a focus on manufacturing, supply chain management, and organizational transformation. He previously served as Vice President & Chief Supply Chain Officer at Lockheed Martin and held leadership positions at Aerojet Rocketdyne and Textron companies. Stone replaces Gregory Harwell in this role. The company expects Stone's strategic capabilities and operational expertise to contribute to AEC's competitive advantage in on-time delivery of quality products.
Albany International Corp. (NYSE:AIN) has announced its schedule for releasing 2024 second-quarter results. The company will disclose its financial performance on Tuesday, August 6, 2024, after market close. Following this, Albany International will host a webcast on Wednesday, August 7, 2024, at 9:00 a.m. Eastern Time to discuss the results.
Investors and interested parties can access the live webcast through the company's Investor Relations website at investors.albint.com. For those who prefer to dial in, registration is available via a provided web link. An archive of the webcast will be accessible for replay on the website starting at approximately noon Eastern Time on August 7, 2024.
Albany International Corp. (NYSE: AIN) has announced a quarterly dividend of $0.26 per share on its Class A Common Stock, payable on July 8, 2024, to shareholders of record on June 7, 2024.
Albany International Corp. (NYSE:AIN) President and CEO will speak at the Bank of America Transportation, Airlines, and Industrials Conference on May 15, 2024. Interested parties can listen to the webcast via the Investor Relations website.
Albany International Corp. (NYSE:AIN) reported strong Q1 results for 2024, with revenue reaching $313 million, up 16.4% over the prior year. Machine Clothing and Engineered Composites segments showed growth, but overall gross margin declined due to lower margins at Heimbach. Adjusted diluted EPS was $0.90. The company reaffirmed its full-year 2024 guidance.
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