Albany International (NYSE:AIN) Updates FY 2024 Earnings Guidance

Albany International (NYSE:AIN) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.900-3.400 for the period, compared to the consensus earnings per share estimate of 3.740. The company issued revenue guidance of $1.2 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion. Albany International also updated its FY24 guidance to $2.90-3.40 EPS.

Albany International Stock Performance

NYSE AIN opened at $77.26 on Friday. Albany International has a 1-year low of $77.07 and a 1-year high of $99.41. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.59 and a quick ratio of 2.87. The company has a market cap of $2.41 billion, a PE ratio of 21.70, a price-to-earnings-growth ratio of 2.42 and a beta of 1.25. The stock’s 50 day simple moving average is $88.23 and its 200-day simple moving average is $87.96.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Tuesday, August 6th. The textile maker reported $0.89 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.02). Albany International had a net margin of 8.76% and a return on equity of 13.13%. The company had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. During the same period in the prior year, the business posted $0.90 EPS. Albany International’s revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Albany International will post 3.71 EPS for the current fiscal year.

Albany International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.04 annualized dividend and a yield of 1.35%. Albany International’s dividend payout ratio (DPR) is 29.21%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. StockNews.com raised Albany International from a hold rating to a buy rating in a research note on Thursday, August 15th. Truist Financial dropped their price objective on Albany International from $101.00 to $91.00 and set a buy rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Albany International currently has a consensus rating of Hold and a consensus target price of $93.00.

Albany International Company Profile

Albany International Corp., together with its subsidiaries, engages in the machine clothing and engineered composites businesses. The company operates in two segments, Machine Clothing (MC) and Albany Engineered Composites (AEC). The MC segment designs, manufactures, and markets paper machine clothing for use in the manufacturing of papers, paperboards, tissues, towels, pulps, nonwovens, building products, tannery, and textiles, as well as fiber cement and several other industrial applications.