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

Albany International (NYSE:AIN) released its 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 during the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a net margin of 8.76% and a return on equity of 13.13%. Albany International’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the business earned $1.02 EPS. Albany International updated its FY24 guidance to $3.10-3.30 EPS.

Albany International Price Performance

Shares of AIN stock traded down $2.97 on Thursday, reaching $67.78. 62,361 shares of the company were exchanged, compared to its average volume of 153,817. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 2.39 and a beta of 1.25. Albany International has a 1 year low of $67.62 and a 1 year high of $99.41. The business has a 50-day moving average price of $82.16 and a 200 day moving average price of $85.48. 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 Dividend Announcement

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

Wall Street Analyst Weigh In

AIN has been the subject of several research reports. TD Cowen decreased 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 note on Friday, October 4th. Truist Financial reduced their price target on Albany International from $101.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, October 3rd. Finally, StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target 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.