Albany Intl Corp - AIN STOCK NEWS

Heimbach Switzerland AG, an affiliate of Albany International Corp. (NYSE:AIN), has announced plans to initiate consultations regarding the proposed discontinuation of manufacturing operations in Olten, Switzerland. The company plans to transfer production to other Heimbach GmbH facilities. This consolidation aims to align paper machine clothing manufacturing capacity with local market demand and customer needs. The proposed action would affect 83 employees, who will be offered separation and outplacement assistance. The company cannot currently estimate associated costs until consultations conclude.

Albany International reported Q3 2024 results with net revenues of $298 million, up 6.1% year-over-year. Machine Clothing revenues grew 9.9% to $183 million, while Engineered Composites revenues increased 0.7% to $115 million. Gross profit declined 11.2% to $90 million, with operating income falling to $25 million from $40 million last year. Net income was $18 million ($0.57 per share). The company updated its 2024 guidance, projecting total revenue between $1.23-1.25 billion and adjusted EPS of $3.10-3.30.

Albany International Corp. (NYSE:AIN) has announced its schedule for the release of 2024 third-quarter results. The company will disclose its financial performance on Wednesday, October 30, 2024, after the market closes. Following this, Albany International will host a webcast to discuss the results on Thursday, October 31, 2024, at 9:00 a.m. Eastern Time.

Investors and interested parties are invited to participate in the live webcast through the company's Investor Relations website at investors.albint.com. For those who prefer a dial-in option, 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 October 31, 2024.

Albany International Corp. (NYSE:AIN) has released its 2023 Taskforce on Climate-related Financial Disclosures (TCFD) Report, outlining the company's strategy for managing climate-related risks and opportunities. Key highlights include:

• Commitment to near-term company-wide Scopes 1 & 2 emissions reduction goals aligned with the Science Based Targets initiative (SBTi)
• Waste reduction goals
• Disclosure of Scope 3 (value chain) emissions

The report demonstrates Albany International's support for customers' sustainability efforts through more efficient processes and sustainable end-products. CEO Gunnar Kleveland emphasized the importance of collaboration across the entire value chain for collective innovation. Anna Yates, Corporate EHS & Sustainability, highlighted the company's achievement of setting its first operational sustainability goals and completing its first Scope 3 emissions accounting.

Albany International (NYSE: AIN) has announced its participation in the 2024 Baird Global Industrial Conference in Chicago. The company's top executives, Gunnar Kleveland (President and CEO) and Robert Starr (Executive Vice President and CFO), will deliver a presentation at the event.

The presentation is scheduled for Thursday, November 14, 2024, at 10:50 a.m. Central Time. This conference provides an opportunity for Albany International to showcase its business and engage with industry professionals and investors.

The Baird Global Industrial Conference is a significant event in the industrial sector, bringing together companies and investors to discuss market trends, challenges, and opportunities. Albany International's participation underscores its commitment to maintaining open communication with the investment community and sharing insights about its operations and strategic direction.

Albany International Corp. (NYSE: AIN) has updated its full-year 2024 outlook, primarily due to revised expectations for its Engineered Composites (AEC) segment. The company anticipates a $24 million negative Estimate-at-Completion (EAC) adjustment in Q3 2024 and an additional $8 million reduction in second-half pre-tax earnings. Despite these challenges, AEC is expected to maintain high-teen EBITDA margins.

Updated 2024 guidance includes:

• Total revenue: $1.22-$1.26 billion
• Adjusted EPS: $2.90-$3.40
• Total Adjusted EBITDA: $230-$250 million
• Machine Clothing revenue: $740-$760 million
• AEC revenue: $480-$500 million

The company remains confident in its long-term prospects, citing strong demand, new orders, and a substantial backlog.

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.