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About Albany International Corp
Albany International Corp (NYSE: AIN) is a global leader in advanced textiles and materials processing, operating at the intersection of industrial manufacturing and aerospace innovation. Headquartered in Rochester, New Hampshire, the company has a global footprint with 18 manufacturing plants across 11 countries, enabling it to serve customers worldwide with localized expertise and operational efficiency.
Core Business Segments
1. Machine Clothing (MC)
Albany International’s Machine Clothing segment is the world’s foremost producer of custom-designed fabrics and belts essential for production processes in industries such as paper manufacturing, nonwovens, and other continuous process industries. With an estimated 30% global market share—double that of its nearest competitor—MC is a cornerstone of Albany’s business, offering high-margin, recurring revenue streams. The segment’s products are critical to optimizing efficiency, durability, and performance in industrial operations, making Albany International an indispensable partner for its customers.
2. Albany Engineered Composites (AEC)
The Albany Engineered Composites segment focuses on the design and manufacture of advanced composite components for the aerospace industry. AEC is a key supplier to the CFM LEAP engine program, providing highly engineered composite fan blades, fan cases, and other components. These lightweight, durable materials are crucial for improving fuel efficiency and reducing emissions in next-generation commercial aircraft. AEC’s integration into the aerospace supply chain positions it as a vital player in the industry, with significant growth potential as production rates for the LEAP engine program scale to meet global demand.
Market Position and Competitive Landscape
Albany International’s dual focus on industrial textiles and aerospace composites positions it uniquely in its markets. The MC segment benefits from high barriers to entry due to its specialized technology and long-standing customer relationships, while the AEC segment operates in a high-growth, innovation-driven industry with substantial opportunities for expansion. Competitors in the MC space include other industrial textile manufacturers, whereas AEC faces competition from aerospace composite producers. Albany differentiates itself through its technological leadership, global manufacturing capabilities, and deep integration into critical supply chains.
Global Reach and Operational Excellence
With operations spanning North America, Europe, South America, and Asia, Albany International leverages its global presence to serve a diverse customer base. Its 18 manufacturing plants in 11 countries ensure localized production and supply chain efficiency, enabling the company to adapt to regional market dynamics while maintaining consistent quality standards. This global footprint also provides resilience against market fluctuations and supply chain disruptions.
Strategic Vision
Albany International’s strategic vision is rooted in leveraging its expertise in advanced materials to drive innovation and value creation across its core markets. By maintaining leadership in the mature MC segment and scaling its presence in the high-growth aerospace composites market, the company aims to deliver sustainable, long-term growth while addressing critical industry challenges such as efficiency, sustainability, and performance optimization.
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.
Albany International Corp. (NYSE: AIN) has appointed Christopher Stone as President of Albany Engineered Composites, Inc., effective August 12, 2024. Stone, 52, brings extensive experience in the A&D industry, with a focus on manufacturing, supply chain management, and organizational transformation. He previously served as Vice President & Chief Supply Chain Officer at Lockheed Martin and held leadership positions at Aerojet Rocketdyne and Textron companies. Stone replaces Gregory Harwell in this role. The company expects Stone's strategic capabilities and operational expertise to contribute to AEC's competitive advantage in on-time delivery of quality products.
Albany International Corp. (NYSE:AIN) has announced its schedule for releasing 2024 second-quarter results. The company will disclose its financial performance on Tuesday, August 6, 2024, after market close. Following this, Albany International will host a webcast on Wednesday, August 7, 2024, at 9:00 a.m. Eastern Time to discuss the results.
Investors and interested parties can access the live webcast through the company's Investor Relations website at investors.albint.com. For those who prefer to dial in, 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 August 7, 2024.
Albany International Corp. (NYSE: AIN) has announced a quarterly dividend of $0.26 per share on its Class A Common Stock, payable on July 8, 2024, to shareholders of record on June 7, 2024.
Albany International Corp. (NYSE:AIN) President and CEO will speak at the Bank of America Transportation, Airlines, and Industrials Conference on May 15, 2024. Interested parties can listen to the webcast via the Investor Relations website.
Albany International Corp. (NYSE:AIN) reported strong Q1 results for 2024, with revenue reaching $313 million, up 16.4% over the prior year. Machine Clothing and Engineered Composites segments showed growth, but overall gross margin declined due to lower margins at Heimbach. Adjusted diluted EPS was $0.90. The company reaffirmed its full-year 2024 guidance.
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