Welcome to our dedicated page for Albany International news (Ticker: AIN), a resource for investors and traders seeking the latest updates and insights on Albany International stock.
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.
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