Welcome to our dedicated page for Albany Intl news (Ticker: AIN), a resource for investors and traders seeking the latest updates and insights on Albany Intl stock.
Albany International Corp (AIN) delivers mission-critical solutions through its advanced textiles and engineered composites, serving global industries from paper manufacturing to aerospace systems. This dedicated news hub provides investors and industry professionals with verified updates on financial performance, technological advancements, and strategic initiatives.
Access consolidated information on earnings announcements, product innovations, and strategic partnerships that shape AIN's market position. Our curated feed includes official press releases and third-party analyses covering both core segments: machine clothing for industrial processes and engineered composites for aerospace applications.
Bookmark this page to track AIN's developments in custom textile solutions and composite components critical to next-generation aircraft. Stay informed about operational expansions, R&D milestones, and leadership updates impacting this NYSE-listed industrial innovator.
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.
Albany International Corp. (NYSE:AIN) will release its 2023 first-quarter financial results on April 25, 2023, after market close. A webcast to discuss these results will occur on April 26 at 9:00 a.m. ET. Investors can access the webcast through the Company’s Investor Relations website at www.albint.com. For those without internet access, a dial-in option is available at 1-844-867-6169 using access code 2475543. A replay of the webcast will be accessible at noon on the same day.
Albany International is a leading provider of engineered components, operating globally and employing approximately 4,200 people.
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.
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