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

Albany International (NYSE:AIN) released its quarterly earnings results on Wednesday. The textile maker reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35, Briefing.com reports. The company had revenue of $298.40 million for the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a return on equity of 13.13% and a net margin of 8.76%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.02 earnings per share. Albany International updated its FY24 guidance to $3.10-3.30 EPS.

Albany International Price Performance

Shares of AIN stock traded down $2.97 during mid-day trading on Thursday, reaching $67.78. The stock had a trading volume of 62,361 shares, compared to its average volume of 153,817. The company has a current ratio of 3.59, a quick ratio of 2.87 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $82.16 and a 200 day simple moving average of $85.48. Albany International has a 12-month low of $67.62 and a 12-month high of $99.41. The company has a market cap of $2.11 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 2.39 and a beta of 1.25.

Albany International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 1.53%. Albany International’s payout ratio is 29.71%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. TD Cowen reduced their price target on Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Finally, Truist Financial reduced their price objective 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. One investment 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $89.50.

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.