Albany International (NYSE:AIN) Releases FY 2024 Earnings Guidance

Albany International (NYSE:AIN) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.900-3.400 for the period, compared to the consensus estimate of 3.740. The company issued revenue guidance of $1.2 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion. Albany International also updated its FY24 guidance to $2.90-3.40 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AIN. Truist Financial dropped their target price on Albany International from $101.00 to $91.00 and set a buy rating on the stock in a report on Thursday. StockNews.com raised shares of Albany International from a hold rating to a buy rating in a research note on Thursday, August 15th. Finally, TD Cowen decreased their target price on shares of Albany International from $95.00 to $81.00 and set a buy rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $89.50.

Albany International Price Performance

Shares of Albany International stock opened at $77.72 on Friday. The firm has a market cap of $2.42 billion, a PE ratio of 21.83, a P/E/G ratio of 2.42 and a beta of 1.25. Albany International has a twelve month low of $77.07 and a twelve month high of $99.41. 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 business has a 50-day moving average price of $87.95 and a 200 day moving average price of $87.84.

Albany International (NYSE:AIN) last posted 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). Albany International had a net margin of 8.76% and a return on equity of 13.13%. The business had revenue of $331.99 million during the quarter, compared to analysts’ expectations of $318.17 million. During the same quarter last year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. Sell-side analysts predict that Albany International will post 3.71 earnings per share for the current fiscal year.

Albany International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd will be given a $0.26 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 1.34%. Albany International’s dividend payout ratio (DPR) is 29.21%.

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.