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.
Albany International Corp. (NYSE: AIN) has announced a $4 million contract with the U.S. Army for hypersonic development through its subsidiary, Albany Engineered Composites (AEC). AEC will leverage its proprietary 3D weaving technology to enhance thermal protection systems for hypersonic applications. This technology is noted for its affordability and scalability compared to competitors. AEC plans to recruit new employees in Rochester, New Hampshire, to support growth in this sector. The contract reflects New Hampshire's role in national defense innovation, with support from local senators highlighting the importance of federal funding for advancing cutting-edge technologies.
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.
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