Albany International (NYSE:AIN) Issues 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 guidance of 2.900-3.400 for the period, compared to the consensus earnings per share 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.

Albany International Trading Down 0.7 %

Shares of NYSE:AIN opened at $86.89 on Thursday. The company has a 50 day moving average of $88.52 and a 200-day moving average of $88.04. The company has a current ratio of 3.59, a quick ratio of 2.87 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2.71 billion, a P/E ratio of 24.41, a P/E/G ratio of 2.42 and a beta of 1.26. Albany International has a twelve month low of $78.20 and a twelve month high of $99.41.

Albany International (NYSE:AIN) last released its earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). Albany International had a return on equity of 13.13% and a net margin of 8.76%. The firm had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. During the same quarter last year, the company earned $0.90 earnings per share. The business’s revenue for the quarter was up 21.1% on a year-over-year basis. As a group, analysts anticipate that Albany International will post 3.71 earnings per share for the current fiscal year.

Albany International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.20%. The ex-dividend date is Tuesday, September 3rd. Albany International’s dividend payout ratio (DPR) is presently 29.21%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AIN. Truist Financial reduced their price objective on shares of Albany International from $104.00 to $101.00 and set a buy rating for the company in a research report on Wednesday, July 17th. StockNews.com upgraded shares of Albany International from a hold rating to a buy rating in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $95.50.

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.