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) 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.
Albany International Corp. (NYSE: AIN) reported a strong Q4 2022 with net sales of $268.8 million, marking a 12% increase year-over-year, while full-year revenue reached over $1 billion. The Engineered Composites segment grew by 37%, driven by new business in the defense sector. However, operating income fell by 9.2% to $37.9 million, and net income attributable to the company decreased to $18.1 million ($0.58 per share), compared to $28.6 million ($0.89 per share) in Q4 2021. For 2023, the company anticipates revenue between $1.01 and $1.05 billion and adjusted EPS ranging from $3.10 to $3.60.
Albany International Corp. (NYSE: AIN) announced that CFO Stephen Nolan will present at the Cowen 44th Annual Aerospace/Defense and Industrials Conference on February 16, 2023, at 10:00 a.m. ET. Interested audiences can access the live webcast via the Company's Investor Relations website, with a replay available for 90 days post-event. Albany International specializes in engineered components through two main segments: Machine Clothing, the top producer of fabrics for paper manufacturing, and Albany Engineered Composites, which focuses on advanced materials for jet engines and airframes. Headquartered in Rochester, New Hampshire, the company operates 23 plants across 11 countries.
Albany International Corp. (NYSE: AIN) plans to release its financial results for the fourth quarter and full year of 2022 on February 13, 2023, after market close. A webcast is scheduled for 9:00 a.m. ET on February 14 to discuss these results, accessible via their Investor Relations website. The company specializes in engineered components, with a strong focus on custom-designed fabrics for paper manufacturing and advanced materials for aerospace applications. Albany International operates globally with approximately 4,200 employees.
The Board of Directors of Albany International Corp. (NYSE: AIN) has announced a quarterly dividend of $0.25 per share on Class A Common Stock, marking a 19% increase from the previous $0.21. The dividend will be payable on January 9, 2023, to shareholders of record as of December 27, 2022. This increase reflects Albany's strong cash generation and the Board’s confidence in the company's growth prospects, as stated by President and CEO Bill Higgins.
Albany International Corp. (NYSE: AIN) reported strong Q3 2022 results with a revenue increase of 12.1% year-over-year, totaling $261 million. Engineered Composites sales soared by nearly 37% driven by LEAP production and the CH-53K program. Despite $49.1 million in pension settlement charges impacting GAAP EPS, adjusted EPS rose significantly to $1.15 from $0.83 in Q3 2021. The company updated its full-year 2022 guidance, anticipating total revenue between $990 million and $1.015 billion, and adjusted EPS of $3.50 to $3.80.
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