Albany International (NYSE:AIN) Updates FY24 Earnings Guidance

Albany International (NYSE:AIN) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $3.55-4.05 for the period, compared to the consensus earnings per share estimate of $3.97. The company issued revenue guidance of $1.26-1.33 billion, compared to the consensus revenue estimate of $1.30 billion.

Albany International Trading Up 0.7 %

NYSE:AIN traded up $0.62 on Monday, reaching $88.30. 161,251 shares of the company’s stock were exchanged, compared to its average volume of 138,775. 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 capitalization of $2.75 billion, a price-to-earnings ratio of 24.70, a price-to-earnings-growth ratio of 2.26 and a beta of 1.26. The business has a fifty day moving average of $91.56 and a 200-day moving average of $89.73. Albany International has a 52-week low of $78.20 and a 52-week high of $99.41.

Albany International (NYSE:AIN) last issued its quarterly earnings results on Tuesday, February 27th. The textile maker reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.38. The company had revenue of $323.60 million for the quarter, compared to analyst estimates of $298.17 million. Albany International had a net margin of 9.68% and a return on equity of 13.70%. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 earnings per share. As a group, analysts expect that Albany International will post 3.93 earnings per share for the current year.

Albany International Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Bank of America reissued an underperform rating and set a $95.00 price objective (down from $105.00) on shares of Albany International in a research report on Thursday, March 28th. Truist Financial boosted their price objective on Albany International from $105.00 to $121.00 and gave the stock a buy rating in a research report on Wednesday, January 10th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Albany International has an average rating of Moderate Buy and a consensus price target of $110.50.

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.