Albany International (NYSE:AIN) Issues FY24 Earnings Guidance

Albany International (NYSE:AIN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $2.90-3.40 for the period, compared to the consensus EPS estimate of $3.76. The company issued revenue guidance of $1.22-1.26 billion, compared to the consensus revenue estimate of $1.29 billion. Albany International also updated its FY 2024 guidance to 2.900-3.400 EPS.

Albany International Price Performance

Albany International stock opened at $77.26 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.87 and a current ratio of 3.59. Albany International has a 52 week low of $77.07 and a 52 week high of $99.41. The stock has a market capitalization of $2.41 billion, a P/E ratio of 21.70, a price-to-earnings-growth ratio of 2.42 and a beta of 1.25. The stock has a fifty day moving average of $88.23 and a 200-day moving average of $87.96.

Albany International (NYSE:AIN) last issued its earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). Albany International had a return on equity of 13.13% and a net margin of 8.76%. The firm had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. During the same period in the previous year, the company earned $0.90 EPS. Albany International’s revenue for the quarter was up 21.1% on a year-over-year basis. On average, sell-side analysts expect that Albany International will post 3.71 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd will be issued a $0.26 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 1.35%. Albany International’s payout ratio is presently 29.21%.

Analyst Ratings Changes

A number of equities analysts have issued reports on AIN shares. Truist Financial lowered their target price on Albany International from $101.00 to $91.00 and set a buy rating for the company in a report on Thursday. StockNews.com raised Albany International from a hold rating to a buy rating in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock 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.