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) reported a strong third quarter for 2021, with revenues of $232.4 million, marking a 9.6% increase compared to the previous year. The company's gross profit rose to $92 million, a 5.4% increase. Operating income increased by 15% to $44.5 million. The firm raised its full-year guidance, expecting 2021 revenues between $900 and $920 million. In a strategic move, the Board authorized a $200 million share repurchase program to enhance shareholder returns. However, elevated tax rates and inflationary risks remain as challenges.
Albany International Corp. (NYSE:AIN) is set to announce its third-quarter financial results for 2021 on October 25, 2021, after market close. A webcast for discussing these results will occur on October 26, 2021, at 9:00 a.m. ET. Interested investors can access the webcast through the Company’s Investor Relations website or dial in at 1-(844) 291-6362 with the access code 8796723. Albany International specializes in engineered components for various industries, operating 23 facilities globally and employing around 4,000 staff.
Albany International Corp. (NYSE: AIN) CFO Stephen Nolan is scheduled to speak at the Sidoti Virtual Smallcap Conference on Wednesday, September 22, 2021, at 10:00 a.m. ET. Investors can tune into the live webcast on Albany's Investor Relations website, with a replay available for 90 days post-event. Albany International, headquartered in Rochester, New Hampshire, specializes in engineered components for various industries, notably machine clothing and advanced aerospace materials, operating 23 facilities across 11 countries.
The Board of Directors of Albany International Corp. (NYSE: AIN) has declared a quarterly dividend of $0.20 per share on its Class A and Class B Common Stock. This dividend is payable on October 7, 2021, to shareholders of record on September 7, 2021. Albany International is a prominent developer and manufacturer of engineered components, with significant operations in machine clothing and engineered composites, supporting various commercial and military applications.
Albany International Corp. (NYSE: AIN) has completed a secondary offering, selling 1,566,644 shares of its Class A common stock, generating approximately $119 million in net proceeds for the Selling Stockholders. The offering did not involve shares sold by the Company itself, which retained its financial position. J.P. Morgan Securities LLC acted as the sole underwriter for the offering. No new capital was raised for Albany International, as the proceeds benefit the Selling Stockholders only.
Albany International Corp. (NYSE: AIN) reported strong second-quarter results for 2021, with revenues of $234.5 million, a 4% increase year-over-year. The Machine Clothing and Engineered Composites segments both performed well, despite challenges in the aerospace supply chain. The company raised its full-year guidance, projecting revenue between $880 and $910 million and adjusted EPS between $2.90 and $3.20. Net income was $31.4 million, or $0.97 per share, down slightly from $32.4 million, or $1.00 per share, a year earlier. The outlook reflects confidence in recovery and operational performance.
Spirit AeroSystems and Albany Engineered Composites have entered a technical collaboration to enhance hypersonic program developments. This partnership combines Spirit's high-temperature composites with Albany's expertise in 3D woven composites, aiming to produce scalable Thermal Protection Systems for hypersonic missions. The collaboration seeks to address challenges in the Department of Defense’s hypersonic programs by optimizing performance and reducing manufacturing risks. By leveraging their technologies, the companies hope to improve production efficiency and response times to meet industry demands.
Albany International Corp. (NYSE: AIN) will announce its 2021 second-quarter financial results on July 26, 2021, after market close. A webcast discussing these results is scheduled for 9:00 a.m. Eastern Time on July 27. The company specializes in engineered components through two main divisions: Machine Clothing, which produces fabrics for paper manufacturing, and Albany Engineered Composites, focused on aerospace applications. Albany operates 23 facilities globally and employs around 4,000 people. For more information, visit www.albint.com.
The Board of Directors of Albany International Corp. (NYSE: AIN) declared a quarterly dividend of $0.20 per share on its Class A and Class B Common Stock. This dividend is payable on July 8, 2021, to shareholders of record on June 7, 2021. Albany International, a leading manufacturer of engineered components, operates 23 plants across 11 countries and employs over 4,000 people. The company is known for its machine clothing used in paper manufacturing and engineered composites for aerospace applications.
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