216 Airport DriveRochesterNew HampshireFALSE0000819793NYSE00008197932024-08-062024-08-060000819793ain:ClassACommonStockMember2024-08-062024-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report:    August 6, 2024
(Date of earliest event reported)
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
Delaware
1-10026
14-0462060
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S Employer
Identification No.)
216 Airport Drive Rochester, New Hampshire
03867
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code       603-330-5800
None
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Class A Common Stock, $0.001 par value per share
AIN
The New York Stock Exchange (NYSE)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
☐    Emerging growth company
¨    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act




Item 2.02.  Results of Operations and Financial Condition.
On August 6, 2024 Albany International issued a news release reporting second quarter 2024 financial results. The Company will host a webcast to discuss earnings at 9:00 a.m. Eastern Time on Wednesday August 7, 2024. The news release is furnished as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
(d)    Exhibits. The following exhibit is being furnished herewith:
99.1    News release dated August 6, 2024 reporting second-quarter 2024 financial results.



Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ALBANY INTERNATIONAL CORP.
By:
/s/ Robert D. Starr
Name:
Robert D. Starr
Title:
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: August 6, 2024


EXHIBIT INDEX




Exhibit 99.1

image.jpg
Albany International Reports Second-Quarter 2024 Results
ROCHESTER, N.H.--(BUSINESS WIRE)--August 6, 2024 — Albany International Corp. (NYSE:AIN) today reported operating results for its second quarter of 2024, which ended June 30, 2024.

"Overall, we had another good quarter as our businesses delivered strong results and are responding well to their industry challenges," said President and CEO, Gunnar Kleveland. "Revenue of $332 million was up $58 million or 21.1% over prior year due to the inclusion of Heimbach and sales growth in Engineered Composites.

"In Machine Clothing, revenues at $194 million grew year-over-year, driven by our Heimbach acquisition, slightly offset by lower organic demand, primarily in Europe and North America. Our global order backlog remains stable. We continue to make progress with the integration at Heimbach.

"In Engineered Composites, we delivered 20% year-over-year top line growth as our current programs ramp up. We see growth in our commercial markets, especially in space and other emerging platforms. Our defense business is also growing, primarily the CH-53K and JASSM platforms, partially offset by the Joint Strike Fighter program" concluded Kleveland.


For the second quarter ended June 30, 2024:
•Net revenues were $332.0 million, up 21.1%, or 21.6% after adjusting for currency translation, when compared to the prior year. MC's net revenues increased 21.6%, driven by Heimbach net revenues, which was partially offset by lower net revenues in the rest of the segment, due to decreased sales in pulp, packaging and publication grades, net of increased sales in tissue grades and engineered fabrics. AEC's net revenues increased 20.5%, primarily driven by growth on CH-53K and other commercial and space programs.
•Gross profit of $112.4 million was 9.4% higher than the $102.7 million reported for the same period of 2023; overall gross margin declined by more than 350 basis points, driven by lower Heimbach margins at MC and driven by changes in the estimated profitability of long-term contracts at AEC.
•Selling, General, and Administrative (SG&A) expenses were $55.5 million, compared to $46.8 million in the same period of 2023; the increase was driven primarily by the inclusion of Heimbach, in addition to acquisition and integration expenses.
•Operating income was $42.9 million, compared to $45.5 million in the prior year. Despite higher gross profit, increases in SG&A and Restructuring expenses drove a decrease in operating income compared to the prior year.
•Effective tax rate for the quarter was 27.9%, compared to 42.8% for the second quarter of 2023. The 2023 rate was higher primarily due to unfavorable discrete tax adjustments.
•Net income attributable to the Company was $24.6 million ($0.79 per share), compared to $26.7 million ($0.85 per share) in the second quarter of 2023; Adjusted diluted earnings per share (or Adjusted diluted EPS, a non-GAAP measure) was $0.89 per share in both the second quarter of 2024 and 2023.
•Adjusted EBITDA (a non-GAAP measure) was $63.1 million, compared to $65.0 million in the second quarter of 2023, a decrease of 3.0%.

Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.









Outlook for Full-Year 2024

The company is reaffirming its guidance for the full year of 2024 as follows:
•Total company revenue between $1.26 and $1.33 billion
•Effective income tax rate between 29% and 31%
•Capital expenditures in the range of $90 to $95 million
•Adjusted diluted earnings per share between $3.55 and $4.05
•Total company Adjusted EBITDA between $260 to $290 million
•Machine Clothing revenue between $760 to $790 million
•Machine Clothing Adjusted EBITDA between $230 and $250 million
•Albany Engineered Composites revenue between $500 to $540 million, and
•Albany Engineered Composites Adjusted EBITDA between $97 to $107 million.


ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Net revenues$331,994 $274,123 $645,324 $543,219 
Cost of goods sold219,611 171,419 424,255 341,197 
Gross profit112,383 102,704 221,069 202,022 
Selling, general, and administrative expenses55,515 46,760 110,350 95,239 
Technical and research expenses11,860 10,318 24,525 20,595 
Restructuring expenses, net2,103 125 4,312 145 
Operating income42,905 45,501 81,882 86,043 
Interest expense/(income), net2,950 3,106 6,269 6,396 
Other (income)/expense, net5,657 (4,511)2,675 (4,966)
Income before income taxes34,298 46,906 72,938 84,613 
Income tax expense9,578 20,080 20,849 30,701 
Net income24,720 26,826 52,089 53,912 
Net income attributable to the noncontrolling interest96 154 174 351 
Net income attributable to the Company$24,624 $26,672 $51,915 $53,561 
Earnings per share attributable to Company shareholders - Basic$0.79 $0.86 $1.66 $1.72 
Earnings per share attributable to Company shareholders - Diluted$0.79 $0.85 $1.66 $1.71 
Shares of the Company used in computing earnings per share:
Basic31,242 31,174 31,225 31,152 
Diluted31,342 31,269 31,316 31,243 
Dividends declared per Class A share$0.26 $0.25 $0.52 $0.50 


ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
June 30, 2024December 31, 2023
Assets
Cash and cash equivalents$116,439 $173,420 
Accounts receivable, net280,008 287,781 
Contract assets, net189,242 182,281 
Inventories161,626 169,567 
Income taxes prepaid and receivable9,993 11,043 
Prepaid expenses and other current assets49,143 53,872 
Total current assets$806,451 $877,964 
Property, plant and equipment, net582,167 601,989 
Intangibles, net41,505 44,646 
Goodwill178,236 180,181 
Deferred income taxes27,203 22,941 
Noncurrent receivables, net— 4,392 
Other assets116,259 102,901 
Total assets$1,751,821 $1,835,014 
Liabilities and Shareholders' Equity
Accounts payable$84,628 $87,104 
Accrued liabilities129,511 142,988 
Current maturities of long-term debt2,732 4,218 
Income taxes payable7,765 14,369 
Total current liabilities224,636 248,679 
Long-term debt374,325 452,667 
Other noncurrent liabilities151,892 139,385 
Deferred taxes and other liabilities27,620 26,963 
Total liabilities778,473 867,694 
Commitments and Contingencies
Shareholders' Equity:
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued— — 
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,908,380 issued in 2024 and 40,856,910 in 202341 41 
Additional paid in capital452,461 448,218 
Retained earnings1,046,612 1,010,942 
Accumulated items of other comprehensive income:
Translation adjustments(154,304)(124,901)
Pension and postretirement liability adjustments(16,718)(17,346)
Derivative valuation adjustment4,115 9,079 
Treasury stock (Class A), at cost; 9,661,845 shares in 2024 and 2023(364,665)(364,665)
Total shareholders' equity967,542 961,368 
Noncontrolling interest5,806 5,952 
Total equity973,348 967,320 
Total liabilities and shareholders' equity$1,751,821 $1,835,014 


ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30,
20242023
Cash flows from operating activities:
Net income$52,089 $53,912 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation41,247 32,299 
Amortization3,446 3,018 
Change in deferred taxes and other liabilities(2,391)1,787 
Impairment of property, plant and equipment120 532 
Non-cash interest expense513 565 
Compensation and benefits paid or payable in Class A Common Stock4,243 2,274 
Provision/(recovery) for credit losses from uncollected receivables and contract assets(174)493 
Foreign currency remeasurement gain on intercompany loans(2,580)(3,198)
Fair value adjustment on foreign currency contracts3,109 (123)
Gain on sale of assets(512)— 
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable4,929 (40,131)
Contract assets(8,435)4,606 
Inventories3,062 (9,174)
Prepaid expenses and other current assets(2,454)(2,700)
Income taxes prepaid and receivable873 (381)
Accounts payable17,679 (5,255)
Accrued liabilities(15,367)(21,570)
Income taxes payable(5,599)(4,943)
Noncurrent receivables(379)1,705 
Other noncurrent liabilities(924)(1,922)
Other, net494 2,881 
Net cash provided by operating activities92,989 14,675 
Cash flows from investing activities:
Purchases of property, plant and equipment(46,616)(34,899)
Purchased software(40)(72)
Proceeds received from sale of assets1,029 — 
Net cash used in investing activities(45,627)(34,971)
Cash flows from financing activities:
Proceeds from borrowings43,282 61,000 
Principal payments on debt(122,828)(13,000)
Taxes paid in lieu of share issuance(2,446)(3,136)
Dividends paid(16,233)(15,570)
Net cash (used in)/provided by financing activities(98,225)29,294 
Effect of exchange rate changes on cash and cash equivalents(6,118)142 
(Decrease)/increase in cash and cash equivalents(56,981)9,140 
Cash and cash equivalents at beginning of period173,420 291,776 
Cash and cash equivalents at end of period$116,439 $300,916 






The following table presents the reconciliation of Net revenues to net revenues excluding the effect of changes in currency translation rates, a non-GAAP measure:
(in thousands, except percentages)Net revenues as reported, Q2 2024(Decrease)/ increase due to changes in currency translation ratesQ2 2024 revenues on same basis as Q2 2023 currency translation ratesNet revenues as reported, Q2 2023% Change compared to Q2 2023, excluding currency rate effects
Machine Clothing$193,578 $(1,128)$194,706 $159,217 22.3 %
Albany Engineered Composites138,416 (219)138,635 114,906 20.7 %
Consolidated total$331,994 $(1,347)$333,341 $274,123 21.6 %
(in thousands, except percentages)Net revenues as reported, YTD 2024(Decrease)/ increase due to changes in currency translation ratesYTD 2024 revenues on same basis as 2023 currency translation ratesNet revenues as reported, YTD 2023% Change compared to 2023, excluding currency rate effects
Machine Clothing$378,795 $(1,726)$380,521 $312,439 21.8 %
Albany Engineered Composites266,529 2 266,527 230,780 15.5 %
Consolidated total$645,324 $(1,724)$647,048 $543,219 19.1 %

The following table presents Gross profit and Gross profit margin:
(in thousands, except percentages)Gross profit,
Q2 2024		Gross profit margin, Q2 2024Gross profit,
Q2 2023		Gross profit margin, Q2 2023
Machine Clothing$88,873 45.9 %$80,919 50.8 %
Albany Engineered Composites23,510 17.0 %21,785 19.0 %
Consolidated total$112,383 33.9 %$102,704 37.5 %
(in thousands, except percentages)Gross profit,
YTD 2024		Gross profit margin, YTD 2024Gross profit,
YTD 2023		Gross profit margin, YTD 2023
Machine Clothing$173,528 45.8 %$158,774 50.8 %
Albany Engineered Composites47,541 17.8 %43,248 18.7 %
Consolidated total$221,069 34.3 %$202,022 37.2 %



























A reconciliation from Net income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods has been calculated as follows:

Three months ended June 30, 2024
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$53,685 $9,434 $(38,399)$24,720 
Interest expense/(income), net— — 2,950 2,950 
Income tax expense— — 9,578 9,578 
Depreciation and amortization expense8,081 13,161 1,147 22,389 
EBITDA (non-GAAP)61,766 22,595 (24,724)59,637 
Restructuring costs1,584 922 115 2,621 
Foreign currency revaluation (gains)/losses (a)(1,272)(42)139 (1,175)
Other transition expenses— — 1,368 1,368 
Acquisition/integration costs345 — 424 769 
Pre-tax (income) attributable to noncontrolling interest (58)(80)— (138)
Adjusted EBITDA (non-GAAP)$62,365 $23,395 $(22,678)$63,082 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)32.2 %16.9 %— 19.0 %
Three months ended June 30, 2023
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$53,726 $8,668 $(35,568)$26,826 
Interest expense/(income), net— — 3,106 3,106 
Income tax expense— — 20,080 20,080 
Depreciation and amortization expense4,931 12,072 947 17,950 
EBITDA (non-GAAP)58,657 20,740 (11,435)67,962 
Restructuring costs125 — — 125 
Foreign currency revaluation (gains)/losses (a)566 133 (4,185)(3,486)
Acquisition/integration costs— 271 363 634 
Pre-tax (income) attributable to noncontrolling interest— (212)— (212)
Adjusted EBITDA (non-GAAP)$59,348 $20,932 $(15,257)$65,023 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)37.3 %18.2 %— 23.7 %


Six months ended June 30, 2024
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$101,795 $18,622 $(68,328)$52,089 
Interest expense/(income), net— — 6,269 6,269 
Income tax expense— — 20,849 20,849 
Depreciation and amortization expense16,182 26,220 2,291 44,693 
EBITDA (non-GAAP)117,977 44,842 (38,919)123,900 
Restructuring costs1,605 3,110 115 4,830 
Foreign currency revaluation (gains)/losses (a)(2,682)238 (1,157)(3,601)
Other transition expenses— — 1,493 1,493 
Acquisition/integration costs1,058 182 850 2,090 
Pre-tax (income) attributable to noncontrolling interest (69)(185)— (254)
Adjusted EBITDA (non-GAAP)$117,889 $48,187 $(37,618)$128,458 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues-non-GAAP)31.1 %18.1 %— 19.9 %
Six months ended June 30, 2023
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$102,690 $18,086 $(66,864)$53,912 
Interest expense/(income), net— — 6,396 6,396 
Income tax expense— — 30,701 30,701 
Depreciation and amortization expense9,706 23,736 1,875 35,317 
EBITDA (non-GAAP)112,396 41,822 (27,892)126,326 
Restructuring costs145 — — 145 
Foreign currency revaluation (gains)/losses (a)2,526 — (4,125)(1,599)
Acquisition/integration costs— 540 363 903 
Pre-tax (income) attributable to noncontrolling interest — (401)— (401)
Adjusted EBITDA (non-GAAP)$115,067 $41,961 $(31,654)$125,374 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues-non-GAAP)36.8 %18.2 %— 23.1 %
Per share impact of the adjustments to earnings per share are as follows:
Three months ended June 30, 2024
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring costs$2,621 $583 $2,038 $0.07 
Foreign currency revaluation (gains)/losses (a)(1,175)(377)(798)(0.03)
Other transition expenses1,368 267 1,101 0.04 
Acquisition/integration costs769 188 581 0.02 
Three months ended June 30, 2023
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring costs$125 $31 $94 $0.00 
Foreign currency revaluation (gains)/losses (a)(3,486)(1,034)(2,452)(0.08)
Withholding tax related to internal restructuring— (3,026)3,026 0.10 
Acquisition/integration costs634 158 476 0.02 



Six months ended June 30, 2024
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring costs$4,830 $1,168 $3,662 $0.12 
Foreign currency revaluation (gains)/losses (a)(3,601)(1,143)(2,458)(0.08)
Other transition expenses1,493 298 1,195 0.04 
Acquisition/integration costs2,090 575 1,515 0.05 
Six months ended June 30, 2023
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring costs$145 $35 $110 $0.00 
Foreign currency revaluation (gains)/losses (a)(1,599)(481)(1,118)(0.04)
Withholding tax related to internal restructuring— (3,026)3,026 0.10 
Acquisition/integration costs903 235 668 0.02 
The following table provides a reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share:
Three months ended June 30,Six months ended June 30,
Per share amounts (Diluted)2024202320242023
Earnings per share attributable to Company shareholders - Basic (GAAP)$0.79$0.86$1.66$1.72
Effect of dilutive stock-based compensation plans—(0.01)—(0.01)
Earnings per share attributable to Company shareholders - Diluted (GAAP)$0.79$0.85$1.66$1.71
Adjustments, after tax:
Restructuring costs0.07—0.12—
Foreign currency revaluation (gains)/losses (a)(0.03)(0.08)(0.08)(0.04)
Other transition expenses0.04—0.04—
Withholding tax related to internal restructuring—0.10—0.10
Acquisition/integration costs0.020.020.050.02
Adjusted Diluted Earnings per share (non-GAAP)$0.89$0.89$1.79$1.79


The calculations of net debt are as follows:
(in thousands)June 30, 2024December 31, 2023June 30, 2023
Current maturities of long-term debt$2,732 $4,218 $— 
Long-term debt374,325 452,667 487,000 
Total debt377,057 456,885 487,000 
Cash and cash equivalents116,439 173,420 300,916 
Net debt (non-GAAP)$260,618 $283,465 $186,084 














The calculation of net leverage ratio as of June 30, 2024 is as follows:
Total Company
Twelve months ended Six months endedTrailing twelve months ended
(in thousands)December 31, 2023June 30, 2023June 30, 2024June 30, 2024 (non-GAAP) (b)
Net income/(loss) (GAAP)$111,610 $53,912 $52,089 $109,787 
Interest expense/(income), net13,601 6,396 6,269 13,474 
Income tax expense48,846 30,701 20,849 38,994 
Depreciation and amortization expense76,733 35,317 44,693 86,109 
EBITDA (non-GAAP)250,790 126,326 123,900 248,364 
Restructuring costs282 145 4,830 4,967 
Foreign currency revaluation (gains)/losses (a)1,296 (1,599)(3,601)(706)
CEO and other transition expenses2,719 — 1,493 4,212 
Inventory step-up impacting Cost of goods sold5,480 — — 5,480 
Acquisition/integration costs5,194 903 2,090 6,381 
Pre-tax (income) attributable to noncontrolling interest(665)(401)(254)(518)
Adjusted EBITDA (non-GAAP)$265,096 $125,374 $128,458 $268,180 
(in thousands, except for net leverage ratio)June 30, 2024
Net debt (non-GAAP)$260,618 
Trailing twelve months Adjusted EBITDA (non-GAAP)268,180 
Net leverage ratio (non-GAAP)0.97 
(a) Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.
(b) Calculated as amounts incurred during the twelve months ended December 31, 2023, less those incurred during the six months ended June 30, 2023, plus those incurred during the six months June 30, 2024.














The tables below provide a reconciliation of forecasted full-year 2024 Adjusted EBITDA and Adjusted Diluted EPS (non-GAAP measures) to the comparable GAAP measures.
Forecast of Full Year 2024 Adjusted EBITDAMachine ClothingEngineered Composites
(in millions)LowHighLowHigh
Net income attributable to the Company (GAAP) (c)$200 $215 $44 $49 
Income attributable to the noncontrolling interest— — (1)(1)
Interest expense/(income), net— — — — 
Income tax expense— — — — 
Depreciation and amortization30 35 50 55 
EBITDA (non-GAAP)230 250 93 103 
Restructuring costs (d)2 2 3 3 
Foreign currency revaluation (gains)/losses (d)(3)(3)— — 
Acquisition/integration costs (d)1 1 — — 
Pre-tax (income)/loss attributable to non-controlling interest— — 1 1 
Adjusted EBITDA (non-GAAP)$230 $250 $97 $107 
(c) Interest, Other income/expense and Income taxes are not allocated to the business segments
Forecast of Full Year 2024 Adjusted EBITDATotal Company
(in millions)LowHigh
Net income attributable to the Company (GAAP)$107 $122 
Income attributable to the noncontrolling interest(1)(1)
Interest expense/(income), net17 18 
Income tax expense47 51 
Depreciation and amortization85 95 
EBITDA (non-GAAP)255 285 
Restructuring costs (d)5 5 
Foreign currency revaluation (gains)/losses (d)(4)(4)
Acquisition/integration costs (d)2 2 
Other transition expenses (d)1 1 
Pre-tax (income)/loss attributable to non-controlling interest1 1 
Adjusted EBITDA (non-GAAP)$260 $290 
Total Company
Forecast of Full Year 2024 Earnings per share (diluted) (e)LowHigh
Net income attributable to the Company (GAAP)$3.42 $3.92 
Restructuring costs (d)0.12 0.12 
Foreign currency revaluation (gains)/losses (d)(0.08)(0.08)
Other transition expenses (d)0.04 0.04 
Acquisition/integration costs (d)0.05 0.05 
Adjusted Diluted Earnings per share (non-GAAP)$3.55 $4.05 
(d)  Due to the uncertainty of these items, we are unable to forecast these items for 2024
(e) Calculations based on weighted average shares outstanding estimate of approximately 31.2 million


About Albany International Corp.

Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications. Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 32 facilities in 14 countries, employs approximately 6,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

Non-GAAP Measures

This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, that should not be considered in isolation or as a substitute for the related GAAP measures. Such non-GAAP measures include net revenues and percent change in net revenues, excluding the impact of currency translation effects; EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin; Net debt; Net leverage ratio; and Adjusted diluted earnings per share (or Adjusted Diluted EPS). Management believes that these non-GAAP measures provide additional useful information to investors regarding the Company’s operational performance.

Presenting Net revenues and change in Net revenues, after currency effects are excluded, provides management and investors insight into underlying revenues trends. Net revenues, or percent changes in net revenues, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These amounts are then compared to the U.S. dollar amount as reported in the current period.

EBITDA (calculated as net income excluding interest, income taxes, depreciation and amortization), Adjusted EBITDA, and Adjusted Diluted EPS are performance measures that relate to the Company’s continuing operations. The Company defines Adjusted EBITDA as EBITDA excluding costs or benefits that are not reflective of the Company’s ongoing or expected future operational performance. Such excluded costs or benefits do not consist of normal, recurring cash items necessary to generate revenues or operate our business. Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of net revenues.

The Company defines Adjusted Diluted EPS as diluted earnings per share (GAAP), adjusted by the after tax per share amount of costs or benefits not reflective of the Company’s ongoing or expected future operational performance. The income tax effects are calculated using the applicable statutory income tax rate of the jurisdictions where such costs or benefits were incurred or the effective tax rate applicable to total company results.

The Company’s Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Diluted EPS may not be comparable to similarly titled measures of other companies.

Net debt aids investors in understanding the Company’s debt position if all available cash were applied to pay down indebtedness.

Net leverage ratio informs the investors of the Company's financial leverage at the end of the reporting period, providing an indicator of the Company's ability to repay its debt.

We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Forward-Looking Statements

This press release may contain statements, estimates, guidance or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “look for,” “guidance,” “guide,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements.

Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic conditions, including inflationary cost pressures, as well as global events, which include but are not limited to
geopolitical events; paper-industry trends and conditions during the current year and in future years; expectations in the current period and in future periods of revenues, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net revenues), Adjusted Diluted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company’s businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and the revenues growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.



Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases.

Investor / Media Contact:
JC Chetnani
VP-Investor Relations and Treasurer
+1 (603) 330-5851
jc.chetnani@albint.com


v3.24.2.u1
Cover Page
Aug. 06, 2024
Document Type 8-K
Document Period End Date Aug. 06, 2024
Entity File Number 1-10026
Entity Registrant Name ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 216 Airport Drive
Entity Tax Identification Number 14-0462060
Entity Address, Postal Zip Code 03867
City Area Code 603
Local Phone Number 330-5800
Entity Emerging Growth Company false
Entity Central Index Key 0000819793
Amendment Flag false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Address, City or Town Rochester
Entity Address, State or Province NH
Class A Common Stock  
Trading Symbol AIN
Security Exchange Name NYSE
Title of 12(b) Security Class A Common Stock, $0.001 par value per share
Albany (NYSE:AIN)
Gráfica de Acción Histórica
De Jul 2024 a Ago 2024 Haga Click aquí para más Gráficas Albany.
Albany (NYSE:AIN)
Gráfica de Acción Histórica
De Ago 2023 a Ago 2024 Haga Click aquí para más Gráficas Albany.