Albany International (NYSE:AIN) Updates FY24 Earnings Guidance

Albany International (NYSE:AIN) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $3.55 to $4.05 for the period, compared to the consensus earnings per share estimate of $3.85. The company issued revenue guidance of $1.26 billion to $1.33 billion, compared to the consensus revenue estimate of $1.29 billion. Albany International also updated its FY 2024 guidance to 3.550-4.050 EPS.

Albany International Price Performance

Shares of NYSE:AIN traded down $0.72 during midday trading on Friday, reaching $88.36. The company’s stock had a trading volume of 15,929 shares, compared to its average volume of 144,964. Albany International has a fifty-two week low of $78.20 and a fifty-two week high of $99.41. The company has a market capitalization of $2.76 billion, a P/E ratio of 25.02, a P/E/G ratio of 2.65 and a beta of 1.26. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.99 and a quick ratio of 3.20. The business’s fifty day simple moving average is $86.59 and its 200-day simple moving average is $89.00.

Albany International (NYSE:AIN) last announced its quarterly earnings data on Tuesday, August 6th. The textile maker reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The firm had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. Albany International had a return on equity of 13.40% and a net margin of 9.35%. Albany International’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 earnings per share. As a group, equities research analysts expect that Albany International will post 3.79 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Bank of America lowered their price objective on Albany International from $95.00 to $90.00 and set an underperform rating for the company in a research report on Wednesday, May 29th. JPMorgan Chase & Co. reduced their target price on Albany International from $98.00 to $96.00 and set a neutral rating on the stock in a report on Friday, May 3rd. Truist Financial reduced their target price on Albany International from $104.00 to $101.00 and set a buy rating on the stock in a report on Wednesday, July 17th. TD Cowen reduced their target price on Albany International from $106.00 to $95.00 and set a buy rating on the stock in a report on Wednesday, May 1st. Finally, StockNews.com cut Albany International from a buy rating to a hold rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $95.50.

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.