Albany Intl Corp Stock Price, News & Analysis

Albany International Corp. (NYSE: AIN) announced the resignation of CFO Stephen Nolan, effective April 7, 2023, who is pursuing a role at a private company. Robert D. Starr has been appointed as the new CFO and Treasurer, effective April 10, 2023. Nolan emphasized the company's strong financial position upon his departure. Starr brings over 30 years of experience in finance, previously serving as CFO at Fairbanks Morse Defense and Kaman Corporation. Albany International continues to focus on growth opportunities with confidence in its long-term strategy and financial fundamentals.

Albany International Corp. (NYSE: AIN) President and CEO Bill Higgins is set to present at the J.P. Morgan Industrials Conference on Thursday, March 16, 2023, at 2:10 p.m. Eastern Time. Interested stakeholders can join the live webcast on the Company's Investor Relations website, where a replay will also be available for 30 days post-event.

Albany International specializes in engineered components, with a strong focus on Machine Clothing for paper manufacturing and advanced engineered composites for aerospace applications. The Company, headquartered in Rochester, New Hampshire, operates 23 plants globally and employs over 4,200 individuals.

Albany International Corp. (NYSE: AIN) announced that President and CEO Bill Higgins intends to retire. The Board of Directors has engaged Spencer Stuart for the search for Higgins' successor, who will ensure a smooth transition. Higgins will remain in his role until a successor is appointed. Higgins expressed pride in leading the company over the past three years, highlighting strong leadership and growth opportunities. Chairman Erkie Kailbourne reassured stakeholders of a well-prepared succession plan to maintain continuity.

The Board of Directors of Albany International Corp. (NYSE: AIN) declared a quarterly dividend of $0.25 per share on its Class A Common Stock. The dividend will be payable on April 10, 2023, to shareholders of record as of March 17, 2023. Albany International is a leader in engineered components with operations in 11 countries and approximately 4,200 employees. It specializes in Machine Clothing for paper production and Albany Engineered Composites for advanced materials in aeronautics.

Albany International Corp. (NYSE: AIN) reported a strong Q4 2022 with net sales of $268.8 million, marking a 12% increase year-over-year, while full-year revenue reached over $1 billion. The Engineered Composites segment grew by 37%, driven by new business in the defense sector. However, operating income fell by 9.2% to $37.9 million, and net income attributable to the company decreased to $18.1 million ($0.58 per share), compared to $28.6 million ($0.89 per share) in Q4 2021. For 2023, the company anticipates revenue between $1.01 and $1.05 billion and adjusted EPS ranging from $3.10 to $3.60.

Albany International Corp. (NYSE: AIN) announced that CFO Stephen Nolan will present at the Cowen 44th Annual Aerospace/Defense and Industrials Conference on February 16, 2023, at 10:00 a.m. ET. Interested audiences can access the live webcast via the Company's Investor Relations website, with a replay available for 90 days post-event. Albany International specializes in engineered components through two main segments: Machine Clothing, the top producer of fabrics for paper manufacturing, and Albany Engineered Composites, which focuses on advanced materials for jet engines and airframes. Headquartered in Rochester, New Hampshire, the company operates 23 plants across 11 countries.

Albany International Corp. (NYSE: AIN) plans to release its financial results for the fourth quarter and full year of 2022 on February 13, 2023, after market close. A webcast is scheduled for 9:00 a.m. ET on February 14 to discuss these results, accessible via their Investor Relations website. The company specializes in engineered components, with a strong focus on custom-designed fabrics for paper manufacturing and advanced materials for aerospace applications. Albany International operates globally with approximately 4,200 employees.

The Board of Directors of Albany International Corp. (NYSE: AIN) has announced a quarterly dividend of $0.25 per share on Class A Common Stock, marking a 19% increase from the previous $0.21. The dividend will be payable on January 9, 2023, to shareholders of record as of December 27, 2022. This increase reflects Albany's strong cash generation and the Board’s confidence in the company's growth prospects, as stated by President and CEO Bill Higgins.

Albany International Corp. (NYSE: AIN) reported strong Q3 2022 results with a revenue increase of 12.1% year-over-year, totaling $261 million. Engineered Composites sales soared by nearly 37% driven by LEAP production and the CH-53K program. Despite $49.1 million in pension settlement charges impacting GAAP EPS, adjusted EPS rose significantly to $1.15 from $0.83 in Q3 2021. The company updated its full-year 2022 guidance, anticipating total revenue between $990 million and $1.015 billion, and adjusted EPS of $3.50 to $3.80.