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    Albany International Reports Second-Quarter 2024 Results

    8/6/24 4:20:00 PM ET
    $AIN
    Textiles
    Consumer Discretionary
    Get the next $AIN alert in real time by email

    Albany International Corp. (NYSE:AIN) today reported operating results for its second quarter of 2024, which ended June 30, 2024.

    "Overall, we had another good quarter as our businesses delivered strong results and are responding well to their industry challenges," said President and CEO, Gunnar Kleveland. "Revenue of $332 million was up $58 million or 21.1% over prior year due to the inclusion of Heimbach and sales growth in Engineered Composites.

    "In Machine Clothing, revenues at $194 million grew year-over-year, driven by our Heimbach acquisition, slightly offset by lower organic demand, primarily in Europe and North America. Our global order backlog remains stable. We continue to make progress with the integration at Heimbach.

    "In Engineered Composites, we delivered 20% year-over-year top line growth as our current programs ramp up. We see growth in our commercial markets, especially in space and other emerging platforms. Our defense business is also growing, primarily the CH-53K and JASSM platforms, partially offset by the Joint Strike Fighter program," concluded Kleveland.

    For the second quarter ended June 30, 2024:

    • Net revenues were $332.0 million, up 21.1%, or 21.6% after adjusting for currency translation, when compared to the prior year. MC's net revenues increased 21.6%, driven by Heimbach net revenues, which was partially offset by lower net revenues in the rest of the segment, due to decreased sales in pulp, packaging and publication grades, net of increased sales in tissue grades and engineered fabrics. AEC's net revenues increased 20.5%, primarily driven by growth on CH-53K and other commercial and space programs.
    • Gross profit of $112.4 million was 9.4% higher than the $102.7 million reported for the same period of 2023; overall gross margin declined by more than 350 basis points, driven by lower Heimbach margins at MC and driven by changes in the estimated profitability of long-term contracts at AEC.
    • Selling, General, and Administrative (SG&A) expenses were $55.5 million, compared to $46.8 million in the same period of 2023; the increase was driven primarily by the inclusion of Heimbach, in addition to acquisition and integration expenses.
    • Operating income was $42.9 million, compared to $45.5 million in the prior year. Despite higher gross profit, increases in SG&A and Restructuring expenses drove a decrease in operating income compared to the prior year.
    • Effective tax rate for the quarter was 27.9%, compared to 42.8% for the second quarter of 2023. The 2023 rate was higher primarily due to unfavorable discrete tax adjustments.
    • Net income attributable to the Company was $24.6 million ($0.79 per share), compared to $26.7 million ($0.85 per share) in the second quarter of 2023; Adjusted diluted earnings per share (or Adjusted diluted EPS, a non-GAAP measure) was $0.89 per share in both the second quarter of 2024 and 2023.
    • Adjusted EBITDA (a non-GAAP measure) was $63.1 million, compared to $65.0 million in the second quarter of 2023, a decrease of 3.0%.

    Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.

    Outlook for Full-Year 2024

    The company is reaffirming its guidance for the full year of 2024 as follows:

    • Total company revenue between $1.26 and $1.33 billion
    • Effective income tax rate between 29% and 31%
    • Capital expenditures in the range of $90 to $95 million
    • Adjusted diluted earnings per share between $3.55 and $4.05
    • Total company Adjusted EBITDA between $260 to $290 million
    • Machine Clothing revenue between $760 to $790 million
    • Machine Clothing Adjusted EBITDA between $230 and $250 million
    • Albany Engineered Composites revenue between $500 to $540 million, and
    • Albany Engineered Composites Adjusted EBITDA between $97 to $107 million.

    ALBANY INTERNATIONAL CORP.

    CONSOLIDATED STATEMENTS OF INCOME

    (in thousands, except per share amounts)

    (unaudited)

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Net revenues

    $

    331,994

     

    $

    274,123

     

     

    $

    645,324

     

    $

    543,219

     

    Cost of goods sold

     

    219,611

     

     

    171,419

     

     

     

    424,255

     

     

    341,197

     

     

     

     

     

     

     

     

     

    Gross profit

     

    112,383

     

     

    102,704

     

     

     

    221,069

     

     

    202,022

     

    Selling, general, and administrative expenses

     

    55,515

     

     

    46,760

     

     

     

    110,350

     

     

    95,239

     

    Technical and research expenses

     

    11,860

     

     

    10,318

     

     

     

    24,525

     

     

    20,595

     

    Restructuring expenses, net

     

    2,103

     

     

    125

     

     

     

    4,312

     

     

    145

     

     

     

     

     

     

     

     

     

    Operating income

     

    42,905

     

     

    45,501

     

     

     

    81,882

     

     

    86,043

     

    Interest expense/(income), net

     

    2,950

     

     

    3,106

     

     

     

    6,269

     

     

    6,396

     

    Other (income)/expense, net

     

    5,657

     

     

    (4,511

    )

     

     

    2,675

     

     

    (4,966

    )

     

     

     

     

     

     

     

     

    Income before income taxes

     

    34,298

     

     

    46,906

     

     

     

    72,938

     

     

    84,613

     

    Income tax expense

     

    9,578

     

     

    20,080

     

     

     

    20,849

     

     

    30,701

     

     

     

     

     

     

     

     

     

    Net income

     

    24,720

     

     

    26,826

     

     

     

    52,089

     

     

    53,912

     

    Net income attributable to the noncontrolling interest

     

    96

     

     

    154

     

     

     

    174

     

     

    351

     

    Net income attributable to the Company

    $

    24,624

     

    $

    26,672

     

     

    $

    51,915

     

    $

    53,561

     

     

     

     

     

     

     

     

     

    Earnings per share attributable to Company shareholders - Basic

    $

    0.79

     

    $

    0.86

     

     

    $

    1.66

     

    $

    1.72

     

     

     

     

     

     

     

     

     

    Earnings per share attributable to Company shareholders - Diluted

    $

    0.79

     

    $

    0.85

     

     

    $

    1.66

     

    $

    1.71

     

     

     

     

     

     

     

     

     

    Shares of the Company used in computing earnings per share:

     

     

     

     

     

     

     

    Basic

     

    31,242

     

     

    31,174

     

     

     

    31,225

     

     

    31,152

     

     

     

     

     

     

     

     

     

    Diluted

     

    31,342

     

     

    31,269

     

     

     

    31,316

     

     

    31,243

     

     

     

     

     

     

     

     

     

    Dividends declared per Class A share

    $

    0.26

     

    $

    0.25

     

     

    $

    0.52

     

    $

    0.50

     

    ALBANY INTERNATIONAL CORP.

    CONSOLIDATED BALANCE SHEETS

    (in thousands, except share data)

    (unaudited)

     

     

    June 30, 2024

     

    December 31, 2023

    Assets

     

     

     

    Cash and cash equivalents

    $

    116,439

     

     

    $

    173,420

     

    Accounts receivable, net

     

    280,008

     

     

     

    287,781

     

    Contract assets, net

     

    189,242

     

     

     

    182,281

     

    Inventories

     

    161,626

     

     

     

    169,567

     

    Income taxes prepaid and receivable

     

    9,993

     

     

     

    11,043

     

    Prepaid expenses and other current assets

     

    49,143

     

     

     

    53,872

     

    Total current assets

    $

    806,451

     

     

    $

    877,964

     

     

     

     

     

    Property, plant and equipment, net

     

    582,167

     

     

     

    601,989

     

    Intangibles, net

     

    41,505

     

     

     

    44,646

     

    Goodwill

     

    178,236

     

     

     

    180,181

     

    Deferred income taxes

     

    27,203

     

     

     

    22,941

     

    Noncurrent receivables, net

     

    —

     

     

     

    4,392

     

    Other assets

     

    116,259

     

     

     

    102,901

     

    Total assets

    $

    1,751,821

     

     

    $

    1,835,014

     

     

     

     

     

    Liabilities and Shareholders' Equity

     

     

     

    Accounts payable

    $

    84,628

     

     

    $

    87,104

     

    Accrued liabilities

     

    129,511

     

     

     

    142,988

     

    Current maturities of long-term debt

     

    2,732

     

     

     

    4,218

     

    Income taxes payable

     

    7,765

     

     

     

    14,369

     

    Total current liabilities

     

    224,636

     

     

     

    248,679

     

     

     

     

     

    Long-term debt

     

    374,325

     

     

     

    452,667

     

    Other noncurrent liabilities

     

    151,892

     

     

     

    139,385

     

    Deferred taxes and other liabilities

     

    27,620

     

     

     

    26,963

     

    Total liabilities

     

    778,473

     

     

     

    867,694

     

     

     

     

     

    Commitments and Contingencies

     

     

     

     

     

     

     

    Shareholders' Equity:

     

     

     

    Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued

     

    —

     

     

     

    —

     

    Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,908,380 issued in 2024 and 40,856,910 in 2023

     

    41

     

     

     

    41

     

    Additional paid in capital

     

    452,461

     

     

     

    448,218

     

    Retained earnings

     

    1,046,612

     

     

     

    1,010,942

     

    Accumulated items of other comprehensive income:

     

     

     

    Translation adjustments

     

    (154,304

    )

     

     

    (124,901

    )

    Pension and postretirement liability adjustments

     

    (16,718

    )

     

     

    (17,346

    )

    Derivative valuation adjustment

     

    4,115

     

     

     

    9,079

     

    Treasury stock (Class A), at cost; 9,661,845 shares in 2024 and 2023

     

    (364,665

    )

     

     

    (364,665

    )

    Total shareholders' equity

     

    967,542

     

     

     

    961,368

     

    Noncontrolling interest

     

    5,806

     

     

     

    5,952

     

    Total equity

     

    973,348

     

     

     

    967,320

     

    Total liabilities and shareholders' equity

    $

    1,751,821

     

     

    $

    1,835,014

     

    ALBANY INTERNATIONAL CORP.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

     

     

     

    Six Months Ended June 30,

     

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    52,089

     

     

    $

    53,912

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation

     

     

    41,247

     

     

     

    32,299

     

    Amortization

     

     

    3,446

     

     

     

    3,018

     

    Change in deferred taxes and other liabilities

     

     

    (2,391

    )

     

     

    1,787

     

    Impairment of property, plant and equipment

     

     

    120

     

     

     

    532

     

    Non-cash interest expense

     

     

    513

     

     

     

    565

     

    Compensation and benefits paid or payable in Class A Common Stock

     

     

    4,243

     

     

     

    2,274

     

    Provision/(recovery) for credit losses from uncollected receivables and contract assets

     

     

    (174

    )

     

     

    493

     

    Foreign currency remeasurement gain on intercompany loans

     

     

    (2,580

    )

     

     

    (3,198

    )

    Fair value adjustment on foreign currency contracts

     

     

    3,109

     

     

     

    (123

    )

    Gain on sale of assets

     

     

    (512

    )

     

     

    —

     

     

     

     

     

     

    Changes in operating assets and liabilities that provided/(used) cash:

     

     

     

     

    Accounts receivable

     

     

    4,929

     

     

     

    (40,131

    )

    Contract assets

     

     

    (8,435

    )

     

     

    4,606

     

    Inventories

     

     

    3,062

     

     

     

    (9,174

    )

    Prepaid expenses and other current assets

     

     

    (2,454

    )

     

     

    (2,700

    )

    Income taxes prepaid and receivable

     

     

    873

     

     

     

    (381

    )

    Accounts payable

     

     

    17,679

     

     

     

    (5,255

    )

    Accrued liabilities

     

     

    (15,367

    )

     

     

    (21,570

    )

    Income taxes payable

     

     

    (5,599

    )

     

     

    (4,943

    )

    Noncurrent receivables

     

     

    (379

    )

     

     

    1,705

     

    Other noncurrent liabilities

     

     

    (924

    )

     

     

    (1,922

    )

    Other, net

     

     

    494

     

     

     

    2,881

     

    Net cash provided by operating activities

     

     

    92,989

     

     

     

    14,675

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

    Purchases of property, plant and equipment

     

     

    (46,616

    )

     

     

    (34,899

    )

    Purchased software

     

     

    (40

    )

     

     

    (72

    )

    Proceeds received from sale of assets

     

     

    1,029

     

     

     

    —

     

    Net cash used in investing activities

     

     

    (45,627

    )

     

     

    (34,971

    )

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

    Proceeds from borrowings

     

     

    43,282

     

     

     

    61,000

     

    Principal payments on debt

     

     

    (122,828

    )

     

     

    (13,000

    )

    Taxes paid in lieu of share issuance

     

     

    (2,446

    )

     

     

    (3,136

    )

    Dividends paid

     

     

    (16,233

    )

     

     

    (15,570

    )

    Net cash (used in)/provided by financing activities

     

     

    (98,225

    )

     

     

    29,294

     

     

     

     

     

     

    Effect of exchange rate changes on cash and cash equivalents

     

     

    (6,118

    )

     

     

    142

     

     

     

     

     

     

    (Decrease)/increase in cash and cash equivalents

     

     

    (56,981

    )

     

     

    9,140

     

    Cash and cash equivalents at beginning of period

     

     

    173,420

     

     

     

    291,776

     

    Cash and cash equivalents at end of period

     

    $

    116,439

     

     

    $

    300,916

     

    The following table presents the reconciliation of Net revenues to net revenues excluding the effect of changes in currency translation rates, a non-GAAP measure:

    (in thousands, except percentages)

    Net revenues as reported, Q2 2024

    (Decrease)/ increase due to changes in currency translation rates

    Q2 2024 revenues on same basis as Q2 2023 currency translation rates

    Net revenues as reported, Q2 2023

    % Change compared to Q2 2023, excluding currency rate effects

    Machine Clothing

    $

    193,578

    $

    (1,128

    )

    $

    194,706

    $

    159,217

    22.3

    %

    Albany Engineered Composites

     

    138,416

     

    (219

    )

     

    138,635

     

    114,906

    20.7

    %

    Consolidated total

    $

    331,994

    $

    (1,347

    )

    $

    333,341

    $

    274,123

    21.6

    %

     

     

     

     

     

     

    (in thousands, except percentages)

    Net revenues as reported, YTD 2024

    (Decrease)/ increase due to changes in currency translation rates

    YTD 2024 revenues on same basis as 2023 currency translation rates

    Net revenues as reported, YTD 2023

    % Change compared to 2023, excluding currency rate effects

    Machine Clothing

    $

    378,795

    $

    (1,726

    )

    $

    380,521

    $

    312,439

    21.8

    %

    Albany Engineered Composites

     

    266,529

     

    2

     

     

    266,527

     

    230,780

    15.5

    %

    Consolidated total

    $

    645,324

    $

    (1,724

    )

    $

    647,048

    $

    543,219

    19.1

    %

    The following table presents Gross profit and Gross profit margin:

    (in thousands, except percentages)

    Gross profit,

    Q2 2024

    Gross profit margin, Q2 2024

    Gross profit,

    Q2 2023

    Gross profit margin, Q2 2023

    Machine Clothing

    $

    88,873

    45.9

    %

    $

    80,919

    50.8

    %

    Albany Engineered Composites

     

    23,510

    17.0

    %

     

    21,785

    19.0

    %

    Consolidated total

    $

    112,383

    33.9

    %

    $

    102,704

    37.5

    %

     

     

     

     

     

    (in thousands, except percentages)

    Gross profit,

    YTD 2024

    Gross profit margin, YTD 2024

    Gross profit,

    YTD 2023

    Gross profit margin, YTD 2023

    Machine Clothing

    $

    173,528

    45.8

    %

    $

    158,774

    50.8

    %

    Albany Engineered Composites

     

    47,541

    17.8

    %

     

    43,248

    18.7

    %

    Consolidated total

    $

    221,069

    34.3

    %

    $

    202,022

    37.2

    %

    A reconciliation from Net income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods has been calculated as follows:

    Three months ended June 30, 2024

    (in thousands)

    Machine Clothing

    Albany Engineered

    Composites

    Corporate expenses

    and other

    Total Company

    Net income/(loss) (GAAP)

    $

    53,685

     

    $

    9,434

     

    $

    (38,399

    )

    $

    24,720

     

    Interest expense/(income), net

     

    —

     

     

    —

     

     

    2,950

     

     

    2,950

     

    Income tax expense

     

    —

     

     

    —

     

     

    9,578

     

     

    9,578

     

    Depreciation and amortization expense

     

    8,081

     

     

    13,161

     

     

    1,147

     

     

    22,389

     

    EBITDA (non-GAAP)

     

    61,766

     

     

    22,595

     

     

    (24,724

    )

     

    59,637

     

    Restructuring costs

     

    1,584

     

     

    922

     

     

    115

     

     

    2,621

     

    Foreign currency revaluation (gains)/losses (a)

     

    (1,272

    )

     

    (42

    )

     

    139

     

     

    (1,175

    )

    Other transition expenses

     

    —

     

     

    —

     

     

    1,368

     

     

    1,368

     

    Acquisition/integration costs

     

    345

     

     

    —

     

     

    424

     

     

    769

     

    Pre-tax (income) attributable to noncontrolling interest

     

    (58

    )

     

    (80

    )

     

    —

     

     

    (138

    )

    Adjusted EBITDA (non-GAAP)

    $

    62,365

     

    $

    23,395

     

    $

    (22,678

    )

    $

    63,082

     

    Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)

     

    32.2

    %

     

    16.9

    %

     

    —

     

     

    19.0

    %

     

     

     

     

     

    Three months ended June 30, 2023

    (in thousands)

    Machine Clothing

    Albany Engineered

    Composites

    Corporate expenses

    and other

    Total Company

    Net income/(loss) (GAAP)

    $

    53,726

     

    $

    8,668

     

    $

    (35,568

    )

    $

    26,826

     

    Interest expense/(income), net

     

    —

     

     

    —

     

     

    3,106

     

     

    3,106

     

    Income tax expense

     

    —

     

     

    —

     

     

    20,080

     

     

    20,080

     

    Depreciation and amortization expense

     

    4,931

     

     

    12,072

     

     

    947

     

     

    17,950

     

    EBITDA (non-GAAP)

     

    58,657

     

     

    20,740

     

     

    (11,435

    )

     

    67,962

     

    Restructuring costs

     

    125

     

     

    —

     

     

    —

     

     

    125

     

    Foreign currency revaluation (gains)/losses (a)

     

    566

     

     

    133

     

     

    (4,185

    )

     

    (3,486

    )

    Acquisition/integration costs

     

    —

     

     

    271

     

     

    363

     

     

    634

     

    Pre-tax (income) attributable to noncontrolling interest

     

    —

     

     

    (212

    )

     

    —

     

     

    (212

    )

    Adjusted EBITDA (non-GAAP)

    $

    59,348

     

    $

    20,932

     

    $

    (15,257

    )

    $

    65,023

     

    Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)

     

    37.3

    %

     

    18.2

    %

     

    —

     

     

    23.7

    %

    Six months ended June 30, 2024

    (in thousands)

    Machine Clothing

    Albany Engineered

    Composites

    Corporate expenses

    and other

    Total Company

    Net income/(loss) (GAAP)

    $

    101,795

     

    $

    18,622

     

    $

    (68,328

    )

    $

    52,089

     

    Interest expense/(income), net

     

    —

     

     

    —

     

     

    6,269

     

     

    6,269

     

    Income tax expense

     

    —

     

     

    —

     

     

    20,849

     

     

    20,849

     

    Depreciation and amortization expense

     

    16,182

     

     

    26,220

     

     

    2,291

     

     

    44,693

     

    EBITDA (non-GAAP)

     

    117,977

     

     

    44,842

     

     

    (38,919

    )

     

    123,900

     

    Restructuring costs

     

    1,605

     

     

    3,110

     

     

    115

     

     

    4,830

     

    Foreign currency revaluation (gains)/losses (a)

     

    (2,682

    )

     

    238

     

     

    (1,157

    )

     

    (3,601

    )

    Other transition expenses

     

    —

     

     

    —

     

     

    1,493

     

     

    1,493

     

    Acquisition/integration costs

     

    1,058

     

     

    182

     

     

    850

     

     

    2,090

     

    Pre-tax (income) attributable to noncontrolling interest

     

    (69

    )

     

    (185

    )

     

    —

     

     

    (254

    )

    Adjusted EBITDA (non-GAAP)

    $

    117,889

     

    $

    48,187

     

    $

    (37,618

    )

    $

    128,458

     

    Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues-non-GAAP)

     

    31.1

    %

     

    18.1

    %

     

    —

     

     

    19.9

    %

     

     

     

     

     

    Six months ended June 30, 2023

    (in thousands)

    Machine Clothing

    Albany Engineered

    Composites

    Corporate expenses

    and other

    Total Company

    Net income/(loss) (GAAP)

    $

    102,690

     

    $

    18,086

     

    $

    (66,864

    )

    $

    53,912

     

    Interest expense/(income), net

     

    —

     

     

    —

     

     

    6,396

     

     

    6,396

     

    Income tax expense

     

    —

     

     

    —

     

     

    30,701

     

     

    30,701

     

    Depreciation and amortization expense

     

    9,706

     

     

    23,736

     

     

    1,875

     

     

    35,317

     

    EBITDA (non-GAAP)

     

    112,396

     

     

    41,822

     

     

    (27,892

    )

     

    126,326

     

    Restructuring costs

     

    145

     

     

    —

     

     

    —

     

     

    145

     

    Foreign currency revaluation (gains)/losses (a)

     

    2,526

     

     

    —

     

     

    (4,125

    )

     

    (1,599

    )

    Acquisition/integration costs

     

    —

     

     

    540

     

     

    363

     

     

    903

     

    Pre-tax (income) attributable to noncontrolling interest

     

    —

     

     

    (401

    )

     

    —

     

     

    (401

    )

    Adjusted EBITDA (non-GAAP)

    $

    115,067

     

    $

    41,961

     

    $

    (31,654

    )

    $

    125,374

     

    Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues-non-GAAP)

     

    36.8

    %

     

    18.2

    %

     

    —

     

     

    23.1

    %

     

     

     

     

     

    Per share impact of the adjustments to earnings per share are as follows:

    Three months ended June 30, 2024

    (in thousands, except per share amounts)

    Pre tax

    Amounts

    Tax

    Effect

    After tax

    Effect

    Per share

    Effect

    Restructuring costs

    $

    2,621

     

    $

    583

     

    $

    2,038

     

    $

    0.07

     

    Foreign currency revaluation (gains)/losses (a)

     

    (1,175

    )

     

    (377

    )

     

    (798

    )

     

    (0.03

    )

    Other transition expenses

     

    1,368

     

     

    267

     

     

    1,101

     

     

    0.04

     

    Acquisition/integration costs

     

    769

     

     

    188

     

     

    581

     

     

    0.02

     

     

     

     

     

     

    Three months ended June 30, 2023

    (in thousands, except per share amounts)

    Pre tax

    Amounts

    Tax

    Effect

    After tax

    Effect

    Per share

    Effect

    Restructuring costs

    $

    125

     

    $

    31

     

    $

    94

     

    $

    0.00

     

    Foreign currency revaluation (gains)/losses (a)

     

    (3,486

    )

     

    (1,034

    )

     

    (2,452

    )

     

    (0.08

    )

    Withholding tax related to internal restructuring

     

    —

     

     

    (3,026

    )

     

    3,026

     

     

    0.10

     

    Acquisition/integration costs

     

    634

     

     

    158

     

     

    476

     

     

    0.02

     

     

     

     

     

     

    Six months ended June 30, 2024

    (in thousands, except per share amounts)

    Pre tax

    Amounts

    Tax

    Effect

    After tax

    Effect

    Per share

    Effect

    Restructuring costs

    $

    4,830

     

    $

    1,168

     

    $

    3,662

     

    $

    0.12

     

    Foreign currency revaluation (gains)/losses (a)

     

    (3,601

    )

     

    (1,143

    )

     

    (2,458

    )

     

    (0.08

    )

    Other transition expenses

     

    1,493

     

     

    298

     

     

    1,195

     

     

    0.04

     

    Acquisition/integration costs

     

    2,090

     

     

    575

     

     

    1,515

     

     

    0.05

     

     

     

     

     

     

    Six months ended June 30, 2023

    (in thousands, except per share amounts)

    Pre tax

    Amounts

    Tax

    Effect

    After tax

    Effect

    Per share

    Effect

    Restructuring costs

    $

    145

     

    $

    35

     

    $

    110

     

    $

    0.00

     

    Foreign currency revaluation (gains)/losses (a)

     

    (1,599

    )

     

    (481

    )

     

    (1,118

    )

     

    (0.04

    )

    Withholding tax related to internal restructuring

     

    —

     

     

    (3,026

    )

     

    3,026

     

     

    0.10

     

    Acquisition/integration costs

     

    903

     

     

    235

     

     

    668

     

     

    0.02

     

     

     

     

     

     

    The following table provides a reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share:

     

    Three months ended June 30,

    Six months ended June 30,

    Per share amounts (Diluted)

    2024

    2023

    2024

    2023

    Earnings per share attributable to Company shareholders - Basic (GAAP)

    $

    0.79

     

    $

    0.86

     

    $

    1.66

     

    $

    1.72

     

    Effect of dilutive stock-based compensation plans

     

    —

     

     

    (0.01

    )

     

    —

     

     

    (0.01

    )

    Earnings per share attributable to Company shareholders - Diluted (GAAP)

    $

    0.79

     

    $

    0.85

     

    $

    1.66

     

    $

    1.71

     

    Adjustments, after tax:

     

     

     

     

    Restructuring costs

     

    0.07

     

     

    —

     

     

    0.12

     

     

    —

     

    Foreign currency revaluation (gains)/losses (a)

     

    (0.03

    )

     

    (0.08

    )

     

    (0.08

    )

     

    (0.04

    )

    Other transition expenses

     

    0.04

     

     

    —

     

     

    0.04

     

     

    —

     

    Withholding tax related to internal restructuring

     

    —

     

     

    0.10

     

     

    —

     

     

    0.10

     

    Acquisition/integration costs

     

    0.02

     

     

    0.02

     

     

    0.05

     

     

    0.02

     

    Adjusted Diluted Earnings per share (non-GAAP)

    $

    0.89

     

    $

    0.89

     

    $

    1.79

     

    $

    1.79

     

    The calculations of net debt are as follows:

    (in thousands)

    June 30, 2024

    December 31, 2023

    June 30, 2023

    Current maturities of long-term debt

    $

    2,732

    $

    4,218

    $

    —

    Long-term debt

     

    374,325

     

    452,667

     

    487,000

    Total debt

     

    377,057

     

    456,885

     

    487,000

    Cash and cash equivalents

     

    116,439

     

    173,420

     

    300,916

    Net debt (non-GAAP)

    $

    260,618

    $

    283,465

    $

    186,084

    The calculation of net leverage ratio as of June 30, 2024 is as follows:

    Total Company

     

    Twelve months ended

    Six months ended

    Trailing twelve

    months ended

    (in thousands)

    December 31,

    2023

    June 30,

    2023

    June 30,

    2024

    June 30, 2024

    (non-GAAP) (b)

    Net income/(loss) (GAAP)

    $

    111,610

     

    $

    53,912

     

    $

    52,089

     

    $

    109,787

     

    Interest expense/(income), net

     

    13,601

     

     

    6,396

     

     

    6,269

     

     

    13,474

     

    Income tax expense

     

    48,846

     

     

    30,701

     

     

    20,849

     

     

    38,994

     

    Depreciation and amortization expense

     

    76,733

     

     

    35,317

     

     

    44,693

     

     

    86,109

     

    EBITDA (non-GAAP)

     

    250,790

     

     

    126,326

     

     

    123,900

     

     

    248,364

     

    Restructuring costs

     

    282

     

     

    145

     

     

    4,830

     

     

    4,967

     

    Foreign currency revaluation (gains)/losses (a)

     

    1,296

     

     

    (1,599

    )

     

    (3,601

    )

     

    (706

    )

    CEO and other transition expenses

     

    2,719

     

     

    —

     

     

    1,493

     

     

    4,212

     

    Inventory step-up impacting Cost of goods sold

     

    5,480

     

     

    —

     

     

    —

     

     

    5,480

     

    Acquisition/integration costs

     

    5,194

     

     

    903

     

     

    2,090

     

     

    6,381

     

    Pre-tax (income) attributable to noncontrolling interest

     

    (665

    )

     

    (401

    )

     

    (254

    )

     

    (518

    )

    Adjusted EBITDA (non-GAAP)

    $

    265,096

     

    $

    125,374

     

    $

    128,458

     

    $

    268,180

     

    (in thousands, except for net leverage ratio)

    June 30, 2024

    Net debt (non-GAAP)

    $

    260,618

    Trailing twelve months Adjusted EBITDA (non-GAAP)

     

    268,180

    Net leverage ratio (non-GAAP)

     

    0.97

     

     

    (a) Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.

    (b) Calculated as amounts incurred during the twelve months ended December 31, 2023, less those incurred during the six months ended June 30, 2023, plus those incurred during the six months June 30, 2024.

    The tables below provide a reconciliation of forecasted full-year 2024 Adjusted EBITDA and Adjusted Diluted EPS (non-GAAP measures) to the comparable GAAP measures.

    Forecast of Full Year 2024 Adjusted EBITDA

    Machine Clothing

     

    Engineered Composites

    (in millions)

    Low

    High

     

    Low

    High

    Net income attributable to the Company (GAAP) (c)

    $

    200

     

    $

    215

     

     

    $

    44

     

    $

    49

     

    Income attributable to the noncontrolling interest

     

    —

     

     

    —

     

     

     

    (1

    )

     

    (1

    )

    Interest expense/(income), net

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

    Income tax expense

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

    Depreciation and amortization

     

    30

     

     

    35

     

     

     

    50

     

     

    55

     

    EBITDA (non-GAAP)

     

    230

     

     

    250

     

     

     

    93

     

     

    103

     

    Restructuring costs (d)

     

    2

     

     

    2

     

     

     

    3

     

     

    3

     

    Foreign currency revaluation (gains)/losses (d)

     

    (3

    )

     

    (3

    )

     

     

    —

     

     

    —

     

    Acquisition/integration costs (d)

     

    1

     

     

    1

     

     

     

    —

     

     

    —

     

    Pre-tax (income)/loss attributable to non-controlling interest

     

    —

     

     

    —

     

     

     

    1

     

     

    1

     

    Adjusted EBITDA (non-GAAP)

    $

    230

     

    $

    250

     

     

    $

    97

     

    $

    107

     

    (c) Interest, Other income/expense and Income taxes are not allocated to the business segments

     

     

     

     

     

     

     

    Forecast of Full Year 2024 Adjusted EBITDA

    Total Company

     

     

     

    (in millions)

    Low

    High

     

     

     

    Net income attributable to the Company (GAAP)

    $

    107

     

    $

    122

     

     

     

     

    Income attributable to the noncontrolling interest

     

    (1

    )

     

    (1

    )

     

     

     

    Interest expense/(income), net

     

    17

     

     

    18

     

     

     

     

    Income tax expense

     

    47

     

     

    51

     

     

     

     

    Depreciation and amortization

     

    85

     

     

    95

     

     

     

     

    EBITDA (non-GAAP)

     

    255

     

     

    285

     

     

     

     

    Restructuring costs (d)

     

    5

     

     

    5

     

     

     

     

    Foreign currency revaluation (gains)/losses (d)

     

    (4

    )

     

    (4

    )

     

     

     

    Acquisition/integration costs (d)

     

    2

     

     

    2

     

     

     

     

    Other transition expenses (d)

     

    1

     

     

    1

     

     

     

     

    Pre-tax (income)/loss attributable to non-controlling interest

     

    1

     

     

    1

     

     

     

     

    Adjusted EBITDA (non-GAAP)

    $

    260

     

    $

    290

     

     

     

     

     

     

     

     

     

     

     

     

    Total Company

     

     

     

    Forecast of Full Year 2024 Earnings per share (diluted) (e)

    Low

    High

     

     

     

    Net income attributable to the Company (GAAP)

    $

    3.42

     

    $

    3.92

     

     

     

     

    Restructuring costs (d)

     

    0.12

     

     

    0.12

     

     

     

     

    Foreign currency revaluation (gains)/losses (d)

     

    (0.08

    )

     

    (0.08

    )

     

     

     

    Other transition expenses (d)

     

    0.04

     

     

    0.04

     

     

     

     

    Acquisition/integration costs (d)

     

    0.05

     

     

    0.05

     

     

     

     

    Adjusted Diluted Earnings per share (non-GAAP)

    $

    3.55

     

    $

    4.05

     

     

     

     

     

     

     

     

     

     

    (d) Due to the uncertainty of these items, we are unable to forecast these items for 2024

    (e) Calculations based on weighted average shares outstanding estimate of approximately 31.2 million

    About Albany International Corp.

    Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications. Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 32 facilities in 14 countries, employs approximately 6,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

    Non-GAAP Measures

    This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, that should not be considered in isolation or as a substitute for the related GAAP measures. Such non-GAAP measures include net revenues and percent change in net revenues, excluding the impact of currency translation effects; EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin; Net debt; Net leverage ratio; and Adjusted diluted earnings per share (or Adjusted Diluted EPS). Management believes that these non-GAAP measures provide additional useful information to investors regarding the Company's operational performance.

    Presenting Net revenues and change in Net revenues, after currency effects are excluded, provides management and investors insight into underlying revenues trends. Net revenues, or percent changes in net revenues, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These amounts are then compared to the U.S. dollar amount as reported in the current period.

    EBITDA (calculated as net income excluding interest, income taxes, depreciation and amortization), Adjusted EBITDA, and Adjusted Diluted EPS are performance measures that relate to the Company's continuing operations. The Company defines Adjusted EBITDA as EBITDA excluding costs or benefits that are not reflective of the Company's ongoing or expected future operational performance. Such excluded costs or benefits do not consist of normal, recurring cash items necessary to generate revenues or operate our business. Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of net revenues.

    The Company defines Adjusted Diluted EPS as diluted earnings per share (GAAP), adjusted by the after tax per share amount of costs or benefits not reflective of the Company's ongoing or expected future operational performance. The income tax effects are calculated using the applicable statutory income tax rate of the jurisdictions where such costs or benefits were incurred or the effective tax rate applicable to total company results.

    The Company's Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Diluted EPS may not be comparable to similarly titled measures of other companies.

    Net debt aids investors in understanding the Company's debt position if all available cash were applied to pay down indebtedness.

    Net leverage ratio informs the investors of the Company's financial leverage at the end of the reporting period, providing an indicator of the Company's ability to repay its debt.

    We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

    Forward-Looking Statements

    This press release may contain statements, estimates, guidance or projections that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," "should," "look for," "guidance," "guide," and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements.

    Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic conditions, including inflationary cost pressures, as well as global events, which include but are not limited to geopolitical events; paper-industry trends and conditions during the current year and in future years; expectations in the current period and in future periods of revenues, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net revenues), Adjusted Diluted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company's businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company's AEC business segment and the revenues growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company's financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

    Statements expressing management's assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers' products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240806960688/en/

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