Albany International (NYSE:AIN) Updates FY24 Earnings Guidance

Albany International (NYSE:AIN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.90-3.40 for the period, compared to the consensus earnings per share estimate of $3.76. The company issued revenue guidance of $1.22-1.26 billion, compared to the consensus revenue estimate of $1.29 billion. Albany International also updated its FY 2024 guidance to 2.900-3.400 EPS.

Albany International Trading Down 11.1 %

NYSE AIN opened at $77.26 on Friday. The stock’s 50-day moving average is $88.23 and its 200-day moving average is $87.96. Albany International has a one year low of $77.07 and a one year high of $99.41. The firm has a market cap of $2.41 billion, a P/E ratio of 21.70, a P/E/G ratio of 2.42 and a beta of 1.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.59 and a quick ratio of 2.87.

Albany International (NYSE:AIN) last announced its earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). Albany International had a net margin of 8.76% and a return on equity of 13.13%. The firm had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. During the same period in the prior year, the business posted $0.90 EPS. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. Sell-side analysts anticipate that Albany International will post 3.71 earnings per share for the current fiscal year.

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Tuesday, September 3rd will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Tuesday, September 3rd. Albany International’s dividend payout ratio is presently 29.21%.

Analyst Ratings Changes

Several research analysts have weighed in on AIN shares. Truist Financial lowered their price target on Albany International from $101.00 to $91.00 and set a buy rating on the stock in a research report on Thursday. StockNews.com raised Albany International from a hold rating to a buy rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $93.00.

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.