Albany Intl Corp Stock Price, News & Analysis

Albany International Corp. (NYSE: AIN) has announced a $4 million contract with the U.S. Army for hypersonic development through its subsidiary, Albany Engineered Composites (AEC). AEC will leverage its proprietary 3D weaving technology to enhance thermal protection systems for hypersonic applications. This technology is noted for its affordability and scalability compared to competitors. AEC plans to recruit new employees in Rochester, New Hampshire, to support growth in this sector. The contract reflects New Hampshire's role in national defense innovation, with support from local senators highlighting the importance of federal funding for advancing cutting-edge technologies.

Albany International Corp. (NYSE: AIN) reported strong Q1 2023 results with net sales of $269 million, marking a 10% year-over-year increase. The Engineered Composites segment had a notable 29% growth in sales, driven by key programs like CH-53K and LEAP. Despite an increase in selling expenses to $58.8 million, the company achieved a 4.6% rise in operating income at $40.5 million. GAAP earnings per share were $0.86, while adjusted earnings per share remained steady at $0.91. The 2023 guidance was reaffirmed, forecasting total revenue between $1.01 billion and $1.05 billion, with adjusted earnings per share projected between $3.10 and $3.60. The company's effective tax rate was 28.2%, and total capital expenditures are expected to range from $90 million to $100 million.

Albany Engineered Composites (AEC) will showcase at JEC World 2023 in Paris from April 25-27. AEC's exhibit will highlight their new composite Vertical Tail Plane (VTP) fitting for commercial aircraft, designed for significant weight reduction and lower lifecycle costs. AEC emphasizes innovation in reducing weight and enhancing aircraft performance, supported by 1.5 million sq. ft. of manufacturing space across nine sites globally. The company is also recognized as a partner on key airframe programs such as F-35 and 787. Their proprietary 3D woven composite technology will also be on display.

Albany International Corp. operates as a key manufacturer in engineered components, with expertise in advanced materials for both commercial and military aerospace applications.

Soluna Holdings, Inc. (SLNH) announced the resignation of Chief Financial Officer Philip Patman Jr. effective April 21, 2023, as he moves to a similar role in Houston, Texas. CEO Michael Toporek expressed gratitude for Patman's contributions and leadership. David Michaels, a board director and Audit Committee Chairman, will serve as interim CFO. Michaels brings over 30 years of finance experience, previously holding CFO positions and serving at Albany International Corp. The resignation is stated to be without dispute or disagreement with the company. Soluna specializes in developing green data centers to convert excess renewable energy into computing resources, focusing on applications like Bitcoin mining and AI.