Albany International (NYSE:AIN) Posts Earnings Results, Beats Expectations By $0.35 EPS

Albany International (NYSE:AIN) released its quarterly earnings results on Wednesday. The textile maker reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35, Briefing.com reports. Albany International had a net margin of 7.92% and a return on equity of 12.28%. The company had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. During the same period in the previous year, the business earned $1.02 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. Albany International updated its FY24 guidance to $3.10-3.30 EPS.

Albany International Price Performance

Shares of NYSE:AIN traded up $1.61 during trading on Friday, hitting $69.53. 307,095 shares of the company were exchanged, compared to its average volume of 156,312. The business’s 50 day moving average is $81.30 and its 200-day moving average is $85.22. The company has a market capitalization of $2.17 billion, a P/E ratio of 21.73, a price-to-earnings-growth ratio of 2.36 and a beta of 1.25. The company has a quick ratio of 2.87, a current ratio of 3.59 and a debt-to-equity ratio of 0.38. Albany International has a 1-year low of $67.39 and a 1-year high of $99.41.

Albany International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.26 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 1.50%. Albany International’s dividend payout ratio (DPR) is presently 32.50%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AIN shares. TD Cowen lowered their price objective on shares of Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research report on Friday, October 4th. StockNews.com upgraded shares of Albany International from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, Truist Financial lowered their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $88.00.

About Albany International

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.