Albany International Corp. reports developments for a materials science manufacturer with two core businesses: Machine Clothing, which produces custom-designed consumable belts for paper, paperboard, tissue, towel, pulp, non-wovens and industrial applications, and Albany Engineered Composites, which designs and manufactures advanced composite components for aerospace and defense platforms.
Recurring Albany International news includes operating results, dividend and capital-allocation updates, investor presentations, governance matters, and product or technology disclosures tied to engineered fabrics, high-speed process belts and advanced composite manufacturing. Company updates also cover aerospace composite applications for engine, airframe, missile, unmanned-vehicle, space and advanced air mobility markets.
Albany International Corp. (NYSE: AIN) has elected Dr. J. Michael McQuade to its Board of Directors. Dr. McQuade, aged 65, is currently Vice President for Research at Carnegie Mellon University and has held senior roles in various companies, including United Technologies and 3M. Albany Chairman Erland Kailbourne emphasized that Dr. McQuade's expertise will enhance the company's research activities and innovation focus, particularly in Albany Engineered Composites. Albany International is a leading developer of engineered components with a global presence, operating 23 plants in 11 countries.
Albany International Corp. (NYSE: AIN) reported its third-quarter 2020 results, with net sales of $212 million, down 21.8% year-over-year due to pandemic impacts. Despite challenges, the company maintained healthy profit margins, achieving gross profit of $87.3 million. Operating income decreased by 30.4% to $38.8 million. Adjusted EPS dropped to $0.96 per share. Albany has a strong balance sheet and positive free cash flow. The full-year guidance for total revenue is set between $870 and $890 million, with adjusted EPS expected between $3.35 and $3.45.
Albany International Corp. (NYSE: AIN) will announce its third-quarter financial results for 2020 on October 28, following market close. A webcast to discuss these results is scheduled for October 29 at 9:00 a.m. ET, accessible via the company's Investor Relations website. Albany International specializes in engineered components, primarily through two businesses: Machine Clothing and Albany Engineered Composites, focusing on advanced materials for aerospace and paper production. The company operates 23 plants globally and employs around 4,600 people.