Albany International (NYSE:AIN) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Albany International (NYSE:AIN) announced its earnings results on Monday. The textile maker reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.03, Yahoo Finance reports. Albany International had a net margin of 9.68% and a return on equity of 13.70%. The company had revenue of $313.33 million for the quarter, compared to analysts’ expectations of $313.41 million. During the same quarter in the previous year, the company posted $0.91 EPS. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. Albany International updated its FY24 guidance to $3.55-4.05 EPS and its FY 2024 guidance to 3.550-4.050 EPS.

Albany International Price Performance

NYSE:AIN opened at $88.30 on Tuesday. Albany International has a 52 week low of $78.20 and a 52 week high of $99.41. The stock’s fifty day moving average is $91.45 and its two-hundred day moving average is $89.74. The company has a market capitalization of $2.75 billion, a P/E ratio of 24.87, a P/E/G ratio of 2.26 and a beta of 1.26. The company has a quick ratio of 2.85, a current ratio of 3.53 and a debt-to-equity ratio of 0.47.

Albany International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a $0.26 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.04 annualized dividend and a yield of 1.18%. Albany International’s payout ratio is 29.30%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Truist Financial boosted their price target on shares of Albany International from $105.00 to $121.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Bank of America restated an “underperform” rating and set a $95.00 target price (down from $105.00) on shares of Albany International in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, Albany International presently has an average rating of “Moderate Buy” and an average target price of $110.50.

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.