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

Albany International (NYSE:AIN) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 3.550-4.050 for the period, compared to the consensus estimate of 3.970. The company issued revenue guidance of $1.3 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion. Albany International also updated its FY24 guidance to $3.55-4.05 EPS.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AIN. Bank of America reaffirmed an underperform rating and set a $95.00 price objective (down from $105.00) on shares of Albany International in a research report on Thursday, March 28th. Truist Financial lifted their price objective on shares of Albany International from $105.00 to $121.00 and gave the company a buy rating in a report on Wednesday, January 10th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $110.50.

Albany International Stock Performance

NYSE AIN traded up $0.62 during trading on Monday, reaching $88.30. 161,251 shares of the company’s stock were exchanged, compared to its average volume of 138,946. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.53 and a quick ratio of 2.85. The business has a 50 day moving average price of $91.56 and a 200-day moving average price of $89.73. The stock has a market capitalization of $2.75 billion, a P/E ratio of 24.87, a PEG ratio of 2.26 and a beta of 1.26. Albany International has a fifty-two week low of $78.20 and a fifty-two week high of $99.41.

Albany International (NYSE:AIN) last posted its earnings results on Tuesday, February 27th. The textile maker reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.38. The business had revenue of $323.60 million for the quarter, compared to analyst estimates of $298.17 million. Albany International had a return on equity of 13.70% and a net margin of 9.68%. The firm’s revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.75 EPS. Sell-side analysts forecast that Albany International will post 3.93 earnings per share for the current fiscal year.

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was Thursday, March 14th. Albany International’s dividend payout ratio is currently 29.30%.

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.