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

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

Albany International Trading Up 2.4 %

Shares of AIN traded up $1.61 during trading hours on Friday, reaching $69.53. The stock had a trading volume of 307,095 shares, compared to its average volume of 156,312. The firm has a 50-day moving average of $81.30 and a 200 day moving average of $85.22. The company has a quick ratio of 2.87, a current ratio of 3.59 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.17 billion, a P/E ratio of 21.73, a P/E/G ratio of 2.36 and a beta of 1.25. Albany International has a 52 week low of $67.39 and a 52 week high of $99.41.

Albany International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.50%. Albany International’s dividend payout ratio is 32.50%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. TD Cowen decreased their price target on Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a report on Friday, October 4th. StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Finally, Truist Financial cut their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $88.00.

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.