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Albany International Corp Class A (NYSE: AIN) is a global leader in the field of advanced textiles and materials processing. Headquartered in Rochester, New Hampshire, the company operates two major business units: Machine Clothing (MC) and Albany Engineered Composites (AEC). With operations spanning 18 plants across 11 countries, Albany International serves a diverse range of industries worldwide.
The Machine Clothing division is renowned for producing custom-designed fabrics and belts essential for the production processes in the paper, nonwovens, and other industries. Holding a substantial 30% global market share in its segment, MC outperforms its closest competitor by doubling their market share. The division’s recent acquisition of Heimbach has bolstered its market presence further, aiming to contribute significantly to revenue and earnings starting 2025.
Albany Engineered Composites, on the other hand, excels in the aerospace sector, supplying highly engineered composite parts. Notably, AEC is the sole provider of fan blades, fan cases, and other advanced components for the CFM LEAP engine, supporting both commercial and defense aerospace markets. The division is expected to deliver about 100,000 parts per year by the end of the decade, aligning with the projected annual production of approximately 1600 LEAP engines.
Financially, Albany International has demonstrated robust performance. For the third quarter of 2023, the company reported net revenues of $281.1 million, marking a 7.9% year-over-year increase. This growth was driven by sales upsurges in both business segments, alongside strategic acquisitions like that of Heimbach. Despite some macroeconomic challenges, particularly in Europe and China, MC managed to deliver excellent results.
Looking ahead, Albany International is optimistic about its growth trajectory, as indicated by its full-year 2023 guidance projecting total company revenue between $1.100 and $1.130 billion, and Adjusted EBITDA between $238 and $254 million. The company remains committed to innovation and operational excellence, aiming to capitalize on emerging opportunities across its diverse business segments.
Albany International (NYSE:AIN) reported its Q4 2024 results with net revenues of $286.9 million, down 11.3% year-over-year. The company's net income was $17.7 million ($0.56 per share), compared to $30.5 million ($0.97 per share) in Q4 2023.
Key highlights include a new $250 million share repurchase program authorization and record full-year revenues of nearly $1.25 billion, driven by organic growth and the Heimbach acquisition. The company generated Free Cash Flow of $59 million in Q4 and $137 million for the full year.
For 2025, Albany International projects total revenue between $1.165-1.265 billion, with Machine Clothing revenue of $705-755 million and Albany Engineered Composites revenue of $460-510 million. The company expects Diluted Earnings Per Share between $3.00-3.40.
Albany International (NYSE: AIN) has announced its Board of Directors has declared a quarterly dividend of $0.27 per share on the Company's Class A Common Stock. The dividend will be payable on April 7, 2025, to shareholders who are on record as of March 21, 2025.
Albany International Corp. (NYSE:AIN) has announced plans to consolidate its manufacturing operations in Italy. The company will discontinue manufacturing operations at its leased facility in Ballo and transfer production to a facility in Merone, owned by Industrie Tessili Bresciane Srl, another Albany International affiliate.
The consolidation aims to rationalize costs and align engineered fabrics manufacturing capacity with local market demand and customer needs. Affected employees will be offered transfer opportunities or separation and outplacement assistance. The company's Sales, Service & Application teams in Italy will remain unaffected, ensuring continued customer support and expertise.
The final costs associated with this consolidation cannot be estimated until employee consultations are completed, after which the company will disclose the amount, type, and timing of any related expenses.
Albany International (AIN) has been named to Forbes' America's Best Employers 2025 list, a prestigious recognition determined through an extensive independent survey conducted in collaboration with Statista. The survey analyzed over 6.5 million employer evaluations from a sample of more than 217,000 U.S. employees working for companies with at least 1,000 employees.
The final rankings were based on two types of evaluations: personal (from employees) and public (from friends, family, and industry peers), with personal evaluations carrying greater weight. President & CEO Gunnar Kleveland emphasized the company's commitment to fostering a supportive, diverse, and innovative workplace environment.
This recognition validates Albany International's dedication to cultivating talent, celebrating diversity, and encouraging innovation, positioning the company as an industry leader in employee satisfaction and workplace excellence.
Albany International (NYSE:AIN) has announced it will release its fourth-quarter 2024 financial results on Wednesday, February 26, 2025, after market close. The company will hold a webcast discussion of the results on Thursday, February 27, 2025, at 9:00 a.m. Eastern Time.
Investors can access the live webcast through the company's Investor Relations website at investors.albint.com. A replay of the webcast will be available on the same website starting at approximately noon Eastern Time on February 27, 2025.
Albany International (NYSE: AIN) has announced a quarterly dividend increase. The Board of Directors declared a quarterly dividend of $0.27 per share on the Company's Class A Common Stock, representing a 4% increase ($0.01 per share) from the previous dividend. The dividend will be paid on January 8, 2025, to shareholders of record as of December 17, 2024.
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.
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