Albany International (NYSE:AIN) Releases FY24 Earnings Guidance

Albany International (NYSE:AIN) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $3.10-3.30 for the period, compared to the consensus estimate of $3.39. The company issued revenue guidance of $1.23-1.25 billion, compared to the consensus revenue estimate of $1.26 billion.

Analyst Ratings Changes

Several brokerages have commented on AIN. Truist Financial dropped their target price on shares of Albany International from $101.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, October 3rd. StockNews.com upgraded shares of Albany International from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Albany International has a consensus rating of “Hold” and a consensus target price of $89.50.

Albany International Trading Down 1.3 %

Shares of AIN traded down $0.92 during trading hours on Wednesday, reaching $70.75. The stock had a trading volume of 185,565 shares, compared to its average volume of 154,253. 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 52 week low of $69.19 and a 52 week high of $99.41. The firm has a 50-day moving average of $82.53 and a 200 day moving average of $85.58. The company has a market cap of $2.21 billion, a P/E ratio of 19.87, a P/E/G ratio of 2.39 and a beta of 1.25.

Albany International (NYSE:AIN) last announced its earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The company had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. Albany International had a return on equity of 13.13% and a net margin of 8.76%. Albany International’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. On average, sell-side analysts expect that Albany International will post 3.11 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Tuesday, September 3rd were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Tuesday, September 3rd. Albany International’s payout ratio is presently 29.21%.

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.