Albany International (NYSE:AIN) Releases Earnings Results, Beats Expectations By $0.03 EPS

Albany International (NYSE:AIN) issued its quarterly earnings data on Monday. The textile maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03, Yahoo Finance reports. The company had revenue of $313.33 million during the quarter, compared to analysts’ expectations of $313.41 million. Albany International had a net margin of 9.68% and a return on equity of 13.70%. Albany International’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 earnings per share. Albany International updated its FY24 guidance to $3.55-4.05 EPS and its FY 2024 guidance to 3.550-4.050 EPS.

Albany International Trading Up 0.7 %

Shares of AIN stock opened at $88.30 on Tuesday. The business has a 50-day moving average price of $91.45 and a two-hundred day moving average price of $89.74. Albany International has a 12-month low of $78.20 and a 12-month high of $99.41. The company has a quick ratio of 2.85, a current ratio of 3.53 and a debt-to-equity ratio of 0.47. The firm has a market cap of $2.75 billion, a P/E ratio of 24.87, a price-to-earnings-growth ratio of 2.26 and a beta of 1.26.

Albany International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were given a dividend of $0.26 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.04 dividend on an annualized basis and a yield of 1.18%. Albany International’s payout ratio is 29.30%.

Analyst Ratings Changes

AIN has been the topic of several research analyst reports. Truist Financial upped their price target on shares of Albany International from $105.00 to $121.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Bank of America reaffirmed an “underperform” rating and issued a $95.00 price target (down previously from $105.00) on shares of Albany International in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Albany International currently has an average rating of “Moderate Buy” and an average price target of $110.50.

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.