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

Albany International (NYSE:AIN) released its quarterly earnings data on Wednesday. The textile maker reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35, Briefing.com reports. The firm had revenue of $298.40 million during the quarter, compared to analyst estimates of $304.51 million. Albany International had a return on equity of 12.28% and a net margin of 7.92%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Albany International updated its FY24 guidance to $3.10-3.30 EPS.

Albany International Stock Up 0.6 %

Albany International stock traded up $0.44 on Friday, hitting $68.36. 5,552 shares of the stock traded hands, compared to its average volume of 154,889. 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 firm has a market cap of $2.13 billion, a P/E ratio of 21.36, a price-to-earnings-growth ratio of 2.36 and a beta of 1.25. The business’s fifty day simple moving average is $81.73 and its 200 day simple moving average is $85.36. Albany International has a 1 year low of $67.39 and a 1 year high of $99.41.

Albany International Announces Dividend

The company also recently disclosed 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. This represents a $1.04 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend was Tuesday, September 3rd. Albany International’s dividend payout ratio is currently 32.50%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AIN shares. TD Cowen dropped their price objective on 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 dropped their price target on Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research note on Friday. Finally, StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Albany International has an average rating of “Hold” and an average price target of $88.00.

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.