Albany International (NYSE:AIN) Issues FY24 Earnings Guidance

Albany International (NYSE:AIN) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $3.55-4.05 for the period, compared to the consensus EPS estimate of $3.97. The company issued revenue guidance of $1.26-1.33 billion, compared to the consensus revenue estimate of $1.30 billion. Albany International also updated its FY 2024 guidance to 3.550-4.050 EPS.

Albany International Stock Performance

NYSE:AIN opened at $81.63 on Thursday. Albany International has a 52-week low of $78.20 and a 52-week high of $99.41. The business’s fifty day moving average is $90.98 and its 200 day moving average is $89.65. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.85 and a current ratio of 3.53. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 22.93, a PEG ratio of 2.28 and a beta of 1.25.

Albany International (NYSE:AIN) last posted its earnings results on Tuesday, April 30th. The textile maker reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.03. Albany International had a net margin of 9.35% and a return on equity of 13.54%. The business had revenue of $313.33 million for the quarter, compared to analysts’ expectations of $313.41 million. During the same period in the prior year, the company posted $0.91 EPS. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. Research analysts predict that Albany International will post 3.93 EPS for the current year.

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.27%. The ex-dividend date was Thursday, March 14th. Albany International’s dividend payout ratio is currently 29.21%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Truist Financial lowered their price objective on Albany International from $121.00 to $104.00 and set a buy rating for the company in a research report on Wednesday. Bank of America restated an underperform rating and set a $95.00 price target (down from $105.00) on shares of Albany International in a research report on Thursday, March 28th. Finally, TD Cowen decreased their price objective on Albany International from $106.00 to $95.00 and set a buy rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $103.50.

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.