Albany International (NYSE:AIN) Issues FY24 Earnings Guidance

Albany International (NYSE:AIN) updated its FY24 earnings guidance on Thursday. 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 Price Performance

Shares of AIN stock opened at $77.72 on Friday. The company has a market capitalization of $2.42 billion, a PE ratio of 21.83, a price-to-earnings-growth 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 has a 12 month low of $77.07 and a 12 month high of $99.41. The firm’s 50-day moving average is $87.95 and its two-hundred day moving average is $87.87.

Albany International (NYSE:AIN) last announced its earnings results 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 business had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. Albany International had a net margin of 8.76% and a return on equity of 13.13%. The business’s revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. Analysts predict that Albany International will post 3.71 earnings per share for the current year.

Albany International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Tuesday, September 3rd. Albany International’s dividend payout ratio is currently 29.21%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. StockNews.com raised shares of Albany International from a hold rating to a buy rating in a research report on Thursday, August 15th. TD Cowen dropped their price objective on shares of Albany International from $95.00 to $81.00 and set a buy rating for the company in a research report on Friday. Finally, Truist Financial decreased their target price on Albany International from $101.00 to $91.00 and set a buy rating for the company in a research report on Thursday. 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 company. According to data from MarketBeat, the company has an average rating of Hold and an average target price of $89.50.

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.