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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 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.
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.
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