216 Airport DriveRochesterNew HampshireFALSE0000819793NYSE00008197932024-10-302024-10-300000819793ain:ClassACommonStockMember2024-10-302024-10-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report:    October 30, 2024
(Date of earliest event reported)
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
Delaware
1-10026
14-0462060
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S Employer
Identification No.)
216 Airport Drive Rochester, New Hampshire
03867
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code       603-330-5850
None
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Class A Common Stock, $0.001 par value per share
AIN
The New York Stock Exchange (NYSE)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
☐    Emerging growth company
¨    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act




Item 2.02.  Results of Operations and Financial Condition.
On October 30, 2024 Albany International issued a news release reporting third quarter 2024 financial results. The Company will host a webcast to discuss earnings at 9:00 a.m. Eastern Time on Thursday October 31, 2024. The news release is furnished as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
(d)    Exhibits. The following exhibit is being furnished herewith:
99.1    News release dated October 30, 2024 reporting third-quarter 2024 financial results.



Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ALBANY INTERNATIONAL CORP.
By:
/s/ Robert D. Starr
Name:
Robert D. Starr
Title:
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: October 30, 2024


EXHIBIT INDEX




Exhibit 99.1

image.jpg
Albany International Reports Third-Quarter 2024 Results
ROCHESTER, N.H.--(BUSINESS WIRE)--October 30, 2024 — Albany International Corp. (NYSE:AIN) today reported operating results for its third quarter of 2024, which ended September 30, 2024.

"I am pleased with the overall results of the quarter as we focused on operational excellence evidenced by strong results at Machine Clothing and Free Cash Flow generation of $78 million year-to-date. We are addressing the issues announced earlier this month, with specific emphasis on our Salt Lake Facility. Revenues of $298 million was up $17 million or 6.1% over prior year," said President and CEO, Gunnar Kleveland.

"In Machine Clothing, revenues of $183 million grew year-over-year, driven by our Heimbach acquisition. Our global order backlog remains stable and we continue to make progress with the integration at Heimbach.

"In Engineered Composites, we recorded revenues of $115 million, while our profitability was impacted by our previously announced EAC adjustments. Our backlog is well over $1 billion and longer term we continue to see growth in our defense and commercial programs" concluded Kleveland.


For the third quarter ended September 30, 2024:
•Net revenues were $298 million, up 6.1%, or 5.8% after adjusting for currency translation, when compared to the prior year. MC's net revenues increased 9.9%, reflecting a full quarter of Heimbach Net revenues, which was partially offset by lower net revenues in the rest of the segment due to decreased sales in packaging and publication grades. AEC's net revenues were largely in line with the prior year, increasing 0.7%, primarily driven by growth on certain commercial and space programs, which was partially offset by lower revenues on CH-53K and other defense programs.
•Gross profit of $90 million was 11.2% lower than the $102 million reported for the same period of 2023; overall gross margin declined nearly 6.0% driven by changes in the estimated profitability of long-term contracts at AEC.
•Selling, General, and Administrative (SG&A) expenses were $52 million, largely in line with prior year.
•Operating income was $25 million, compared to $40 million in the prior year, the result of lower Gross profit at AEC and increased Technical, Research and Restructuring expenses at MC.
•Effective tax rate for the quarter was 6.6%, compared to 25.3% for the third quarter of 2023. The 2024 rate was lower primarily due to favorable discrete tax adjustments in the current period exceeding favorable discrete tax adjustments in the prior period.
•Net income attributable to the Company was $18 million ($0.57 per share), compared to $27 million ($0.87 per share) in the third quarter of 2023; Adjusted diluted earnings per share (or Adjusted diluted EPS, a non-GAAP measure) was $0.80 per share in the third quarter of 2024, compared to $1.02 per share in the third quarter of 2023. Adjusted EBITDA (a non-GAAP measure) was $54 million, compared to $65 million in the third quarter of 2023, a decrease of 17.2%.

Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.










Outlook for Full-Year 2024

The company is updating its guidance for the full year of 2024 as follows:
•Total company revenue between $1.23 billion to $1.25 billion;
•Effective income tax rate of approximately 27%;
•Capital expenditures in the range of $85 to $90 million;
•Adjusted diluted earnings per share between $3.10 and $3.30;
•Total company Adjusted EBITDA between $237 million to $247 million;
•Machine Clothing revenue between $745 million to $755 million;
•Machine Clothing Adjusted EBITDA between $238 million and $243 million;
•Albany Engineered Composites revenue between $485 million to $495 million; and
•Albany Engineered Composites Adjusted EBITDA between $68 million to $73 million.


ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net revenues$298,386 $281,106 $943,710 $824,325 
Cost of goods sold208,002 179,271 632,257 520,468 
Gross profit90,384 101,835 311,453 303,857 
Selling, general, and administrative expenses52,097 51,975 162,447 147,214 
Technical and research expenses10,844 9,708 35,369 30,303 
Restructuring expenses, net2,272 82 6,584 227 
Operating income25,171 40,070 107,053 126,113 
Interest expense/(income), net2,411 3,653 8,680 10,049 
Other (income)/expense, net3,257 56 5,932 (4,910)
Income before income taxes19,503 36,361 92,441 120,974 
Income tax expense1,282 9,207 22,131 39,908 
Net income18,221 27,154 70,310 81,066 
Net income attributable to the noncontrolling interest192 45 366 396 
Net income attributable to the Company$18,029 $27,109 $69,944 $80,670 
Earnings per share attributable to Company shareholders - Basic$0.58 $0.87 $2.24 $2.59 
Earnings per share attributable to Company shareholders - Diluted$0.57 $0.87 $2.23 $2.58 
Shares of the Company used in computing earnings per share:
Basic31,251 31,185 31,234 31,163 
Diluted31,367 31,283 31,333 31,256 
Dividends declared per Class A share$0.26 $0.25 $0.78 $0.75 


ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
September 30, 2024December 31, 2023
Assets
Cash and cash equivalents$127,222 $173,420 
Accounts receivable, net271,975 287,781 
Contract assets, net195,782 182,281 
Inventories160,617 169,567 
Income taxes prepaid and receivable8,316 11,043 
Prepaid expenses and other current assets40,399 53,872 
Total current assets$804,311 $877,964 
Property, plant and equipment, net583,455 601,989 
Intangibles, net40,996 44,646 
Goodwill180,912 180,181 
Deferred income taxes26,979 22,941 
Noncurrent receivables, net— 4,392 
Other assets116,548 102,901 
Total assets$1,753,201 $1,835,014 
Liabilities and Shareholders' Equity
Accounts payable$77,873 $87,104 
Accrued liabilities138,700 142,988 
Current maturities of long-term debt555 4,218 
Income taxes payable1,593 14,369 
Total current liabilities218,721 248,679 
Long-term debt361,639 452,667 
Other noncurrent liabilities154,634 139,385 
Deferred taxes and other liabilities21,531 26,963 
Total liabilities756,525 867,694 
Commitments and Contingencies
Shareholders' Equity:
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued— — 
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,916,568 issued in 2024 and 40,856,910 in 202341 41 
Additional paid in capital452,656 448,218 
Retained earnings1,056,514 1,010,942 
Accumulated items of other comprehensive income:
Translation adjustments(137,373)(124,901)
Pension and postretirement liability adjustments(17,341)(17,346)
Derivative valuation adjustment1,165 9,079 
Treasury stock (Class A), at cost; 9,661,845 shares in 2024 and 2023(364,665)(364,665)
Total shareholders' equity990,997 961,368 
Noncontrolling interest5,679 5,952 
Total equity996,676 967,320 
Total liabilities and shareholders' equity$1,753,201 $1,835,014 


ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September 30,
20242023
Cash flows from operating activities:
Net income$70,310 $81,066 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation61,813 50,164 
Amortization5,190 4,614 
Change in deferred taxes and other liabilities(7,552)(1,264)
Impairment of property, plant and equipment1,425 577 
Non-cash interest expense769 1,148 
Compensation and benefits paid or payable in Class A Common Stock4,438 5,189 
Provision/(recovery) for credit losses from uncollected receivables and contract assets40 641 
Foreign currency remeasurement loss/(gain) on intercompany loans2,263 (4,704)
Fair value adjustment on foreign currency contracts1,105 581 
Gain on sale of assets(515)— 
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:
Accounts receivable17,980 (18,172)
Contract assets(15,194)(16,550)
Inventories5,918 (293)
Prepaid expenses and other current assets2,768 (3,030)
Income taxes prepaid and receivable2,602 1,597 
Accounts payable7,316 (6,661)
Accrued liabilities(8,320)(16,454)
Income taxes payable(11,995)(5,810)
Noncurrent receivables(579)2,276 
Other noncurrent liabilities(17)(3,602)
Other, net220 2,499 
Net cash provided by operating activities139,985 73,812 
Cash flows from investing activities:
Purchase of business, net of cash acquired— (133,470)
Purchases of property, plant and equipment(61,985)(48,850)
Purchased software(101)(276)
Proceeds received from sale of assets1,033 — 
Net cash used in investing activities(61,053)(182,596)
Cash flows from financing activities:
Proceeds from borrowings48,106 71,249 
Principal payments on debt(142,691)(51,479)
Debt acquisition costs— (4,108)
Taxes paid in lieu of share issuance(2,832)(3,136)
Dividends paid(24,356)(23,365)
Net cash (used in)/provided by financing activities(121,773)(10,839)
Effect of exchange rate changes on cash and cash equivalents(3,357)(647)
(Decrease)/increase in cash and cash equivalents(46,198)(120,270)
Cash and cash equivalents at beginning of period173,420 291,776 
Cash and cash equivalents at end of period$127,222 $171,506 






The following table presents the reconciliation of Net revenues to net revenues excluding the effect of changes in currency translation rates, a non-GAAP measure:
(in thousands, except percentages)Net revenues as reported, Q3 2024(Decrease)/ increase due to changes in currency translation ratesQ3 2024 revenues on same basis as Q3 2023 currency translation ratesNet revenues as reported, Q3 2023% Change compared to Q3 2023, excluding currency rate effects
Machine Clothing$183,033 $727 $182,306 $166,588 9.4 %
Albany Engineered Composites115,353 159 115,194 114,518 0.6 %
Consolidated total$298,386 $886 $297,500 $281,106 5.8 %
(in thousands, except percentages)Net revenues as reported, YTD 2024(Decrease)/ increase due to changes in currency translation ratesYTD 2024 revenues on same basis as 2023 currency translation ratesNet revenues as reported, YTD 2023% Change compared to 2023, excluding currency rate effects
Machine Clothing$561,828 $(999)$562,827 $479,027 17.5 %
Albany Engineered Composites381,882 161 381,721 345,298 10.5 %
Consolidated total$943,710 $(838)$944,548 $824,325 14.6 %

The following table presents Gross profit and Gross profit margin:
(in thousands, except percentages)Gross profit,
Q3 2024		Gross profit margin, Q3 2024Gross profit,
Q3 2023		Gross profit margin, Q3 2023
Machine Clothing$88,921 48.6 %$79,257 47.6 %
Albany Engineered Composites1,463 1.3 %22,578 19.7 %
Consolidated total$90,384 30.3 %$101,835 36.2 %
(in thousands, except percentages)Gross profit,
YTD 2024		Gross profit margin, YTD 2024Gross profit,
YTD 2023		Gross profit margin, YTD 2023
Machine Clothing$262,449 46.7 %$238,031 49.7 %
Albany Engineered Composites49,004 12.8 %65,826 19.1 %
Consolidated total$311,453 33.0 %$303,857 36.9 %



























A reconciliation from Net income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods has been calculated as follows:

Three months ended September 30, 2024
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$51,481 $(10,293)$(22,967)$18,221 
Interest expense/(income), net— — 2,411 2,411 
Income tax expense— — 1,282 1,282 
Depreciation and amortization expense8,094 13,154 1,062 22,310 
EBITDA (non-GAAP)59,575 2,861 (18,212)44,224 
Restructuring costs2,976 34 31 3,041 
Foreign currency revaluation (gains)/losses (a)1,435 (348)1,793 2,880 
Other transition expenses— 993 (509)484 
Strategic/integration costs410 — 2,559 2,969 
Pre-tax (income) attributable to noncontrolling interest (41)(8)— (49)
Adjusted EBITDA (non-GAAP)$64,355 $3,532 $(14,338)$53,549 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)35.2 %3.1 %— 17.9 %
Three months ended September 30, 2023
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$50,710 $9,374 $(32,930)$27,154 
Interest expense/(income), net— — 3,653 3,653 
Income tax expense— — 9,207 9,207 
Depreciation and amortization expense5,976 12,510 975 19,461 
EBITDA (non-GAAP)56,686 21,884 (19,095)59,475 
Restructuring costs82 — — 82 
Foreign currency revaluation (gains)/losses (a)(656)19 516 (121)
CEO transition expenses— — 2,052 2,052 
Inventory step-up impacting Cost of goods sold1,370 — — 1,370 
Strategic/integration costs— 273 1,642 1,915 
Pre-tax (income) attributable to noncontrolling interest— (73)— (73)
Adjusted EBITDA (non-GAAP)$57,482 $22,103 $(14,885)$64,700 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)34.5 %19.3 %— 23.0 %


Nine months ended September 30, 2024
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$153,276 $8,329 $(91,295)$70,310 
Interest expense/(income), net— — 8,680 8,680 
Income tax expense— — 22,131 22,131 
Depreciation and amortization expense24,276 39,374 3,353 67,003 
EBITDA (non-GAAP)177,552 47,703 (57,131)168,124 
Restructuring costs4,581 3,144 146 7,871 
Foreign currency revaluation (gains)/losses (a)(1,247)(110)636 (721)
Other transition expenses— 993 984 1,977 
Strategic/integration costs1,468 182 3,409 5,059 
Pre-tax (income) attributable to noncontrolling interest (110)(193)— (303)
Adjusted EBITDA (non-GAAP)$182,244 $51,719 $(51,956)$182,007 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues-non-GAAP)32.4 %13.5 %— 19.3 %
Nine months ended September 30, 2023
(in thousands)Machine ClothingAlbany Engineered
Composites		Corporate expenses
and other		Total Company
Net income/(loss) (GAAP)$153,400 $27,460 $(99,794)$81,066 
Interest expense/(income), net— — 10,049 10,049 
Income tax expense— — 39,908 39,908 
Depreciation and amortization expense15,682 36,246 2,850 54,778 
EBITDA (non-GAAP)169,082 63,706 (46,987)185,801 
Restructuring costs227 — — 227 
Foreign currency revaluation (gains)/losses (a)1,870 19 (3,609)(1,720)
CEO transition expenses— — 2,052 2,052 
Inventory step-up impacting Cost of goods sold1,370 — — 1,370 
Strategic/integration costs— 813 2,005 2,818 
Pre-tax (income) attributable to noncontrolling interest — (474)— (474)
Adjusted EBITDA (non-GAAP)$172,549 $64,064 $(46,539)$190,074 
Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues-non-GAAP)36.0 %18.6 %— 23.1 %
Per share impact of the adjustments to earnings per share are as follows:
Three months ended September 30, 2024
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring costs$3,041 $345 $2,696 $0.09 
Foreign currency revaluation (gains)/losses (a)2,880 1,000 1,880 0.06 
Other transition expenses484 121 363 0.01 
Strategic/integration costs2,969 799 2,170 0.07 


Three months ended September 30, 2023
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring costs$82 $21 $61 $0.00 
Foreign currency revaluation (gains)/losses (a)(121)(35)(86)0.00 
CEO transition expenses2,052 — 2,052 0.07 
Inventory step-up impacting Cost of goods sold1,370 411 959 0.03 
Strategic/integration costs1,915 476 1,439 0.05 

Nine months ended September 30, 2024
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring costs$7,871 $1,511 $6,360 $0.20 
Foreign currency revaluation (gains)/losses (a)(721)(262)(459)(0.01)
Other transition expenses1,977 443 1,534 0.05 
Strategic/integration costs5,059 1,373 3,686 0.12 
Nine months ended September 30, 2023
(in thousands, except per share amounts)		Pre tax
Amounts		Tax
Effect		After tax
Effect		Per share
Effect
Restructuring costs$227 $68 $159 $0.01 
Foreign currency revaluation (gains)/losses (a)(1,720)(504)(1,216)(0.04)
CEO transition expenses2,052 — 2,052 0.07 
Withholding tax related to internal restructuring— (3,026)3,026 0.10 
Inventory step-up impacting Cost of goods sold1,370 411 959 0.03 
Strategic/integration costs2,818 725 2,093 0.07 
The following table provides a reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share:
Three months ended September 30,Nine months ended September 30,
Per share amounts (Diluted)2024202320242023
Earnings per share attributable to Company shareholders - Basic (GAAP)$0.58 $0.87 $2.24 $2.59 
Effect of dilutive stock-based compensation plans(0.01)— (0.01)(0.01)
Earnings per share attributable to Company shareholders - Diluted (GAAP)$0.57 $0.87 $2.23 $2.58 
Adjustments, after tax:
Restructuring costs0.09 — 0.20 0.01 
Foreign currency revaluation (gains)/losses (a)0.06 — (0.01)(0.04)
CEO and other transition expenses0.01 0.07 0.05 0.07 
Withholding tax related to internal restructuring— — — 0.10 
Inventory step-up impacting Cost of goods sold— 0.03 — 0.03 
Strategic/integration costs0.07 0.05 0.12 0.07 
Adjusted Diluted Earnings per share (non-GAAP)$0.80 $1.02 $2.59 $2.82 




The calculations of net debt are as follows:
(in thousands)September 30, 2024December 31, 2023September 30, 2023
Current maturities of long-term debt$555 $4,218 $27,246 
Long-term debt361,639 452,667 463,339 
Total debt362,194 456,885 490,585 
Cash and cash equivalents127,222 173,420 171,506 
Net debt (non-GAAP)$234,972 $283,465 $319,079 


The calculation of net leverage ratio as of September 30, 2024 is as follows:
Total Company
Twelve months ended Nine months endedTrailing twelve months ended
(in thousands)December 31, 2023September 30, 2023September 30, 2024September 30, 2024 (non-GAAP) (b)
Net income/(loss) (GAAP)$111,610 $81,066 $70,310 $100,854 
Interest expense/(income), net13,601 10,049 8,680 12,232 
Income tax expense48,846 39,908 22,131 31,069 
Depreciation and amortization expense76,733 54,778 67,003 88,958 
EBITDA (non-GAAP)250,790 185,801 168,124 233,113 
Restructuring costs282 227 7,871 7,926 
Foreign currency revaluation (gains)/losses (a)1,296 (1,720)(721)2,295 
CEO and other transition expenses2,719 2,052 1,977 2,644 
Inventory step-up impacting Cost of goods sold5,480 1,370 — 4,110 
Strategic/integration costs5,194 2,818 5,059 7,435 
Pre-tax (income) attributable to noncontrolling interest(665)(474)(303)(494)
Adjusted EBITDA (non-GAAP)$265,096 $190,074 $182,007 $257,029 
(in thousands, except for net leverage ratio)September 30, 2024
Net debt (non-GAAP)$234,972 
Trailing twelve months Adjusted EBITDA (non-GAAP)257,029 
Net leverage ratio (non-GAAP)0.91 
(a) Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.
(b) Calculated as amounts incurred during the twelve months ended December 31, 2023, less those incurred during the nine months ended September 30, 2023, plus those incurred during the nine months September 30, 2024.








The tables below provide a reconciliation of forecasted full-year 2024 Adjusted EBITDA and Adjusted Diluted EPS (non-GAAP measures) to the comparable GAAP measures.
Forecast of Full Year 2024 Adjusted EBITDAMachine ClothingEngineered Composites
(in millions)LowHighLowHigh
Net income attributable to the Company (GAAP) (c)$198 $203 $11 $17 
Income attributable to the noncontrolling interest— — (1)(1)
Interest expense/(income), net— — — — 
Income tax expense— — — — 
Depreciation and amortization32 32 53 52 
EBITDA (non-GAAP)230 235 63 68 
Restructuring costs7 7 3 3 
Foreign currency revaluation (gains)/losses (d)(1)(1)— — 
Strategic/integration costs2 2 — — 
Other transition expenses— — 1 1 
Pre-tax (income)/loss attributable to non-controlling interest— — 1 1 
Adjusted EBITDA (non-GAAP)$238 $243 $68 $73 
(c) Interest, Other income/expense and Income taxes are not allocated to the business segments
Forecast of Full Year 2024 Adjusted EBITDATotal Company
(in millions)LowHigh
Net income attributable to the Company (GAAP)$84 $90 
Income attributable to the noncontrolling interest(1)(1)
Interest expense/(income), net15 15 
Income tax expense31 34 
Depreciation and amortization91 92 
EBITDA (non-GAAP)220 230 
Restructuring costs10 10 
Foreign currency revaluation (gains)/losses (d)(1)(1)
Strategic/integration costs5 5 
Other transition expenses2 2 
Pre-tax (income)/loss attributable to non-controlling interest1 1 
Adjusted EBITDA (non-GAAP)$237 $247 
Total Company
Forecast of Full Year 2024 Earnings per share (diluted) (e)LowHigh
Net income attributable to the Company (GAAP)$2.69 $2.89 
Restructuring costs0.26 0.26 
Foreign currency revaluation (gains)/losses (d)(0.01)(0.01)
Other transition expenses0.03 0.03 
Strategic/integration costs0.13 0.13 
Adjusted Diluted Earnings per share (non-GAAP)$3.10 $3.30 
(d)  Due to the uncertainty of these items, we are unable to forecast the full year impact for 2024. Amounts above represent actual results for the nine months ended September 30, 2024.
(e) Calculations based on weighted average shares outstanding estimate of approximately 31.3 million


About Albany International Corp.

Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications. Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 32 facilities in 14 countries, employs approximately 6,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

Non-GAAP Measures

This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, that should not be considered in isolation or as a substitute for the related GAAP measures. Such non-GAAP measures include net revenues and percent change in net revenues, excluding the impact of currency translation effects; EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin; Net debt; Net leverage ratio; and Adjusted diluted earnings per share (or Adjusted Diluted EPS). Management believes that these non-GAAP measures provide additional useful information to investors regarding the Company’s operational performance.

Presenting Net revenues and change in Net revenues, after currency effects are excluded, provides management and investors insight into underlying revenues trends. Net revenues, or percent changes in net revenues, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These amounts are then compared to the U.S. dollar amount as reported in the current period.

EBITDA (calculated as net income excluding interest, income taxes, depreciation and amortization), Adjusted EBITDA, and Adjusted Diluted EPS are performance measures that relate to the Company’s continuing operations. The Company defines Adjusted EBITDA as EBITDA excluding costs or benefits that are not reflective of the Company’s ongoing or expected future operational performance. Excluded costs or benefits, such as restructuring costs, foreign currency revaluation gains and losses, and costs related to strategic, acquisition, integration and other transition-related initiatives that the Company may take, do not consist of normal, recurring cash items necessary to generate revenues or operate our business. Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of net revenues.

The Company defines Adjusted Diluted EPS as diluted earnings per share (GAAP), adjusted by the after tax per share amount of costs or benefits not reflective of the Company’s ongoing or expected future operational performance. The income tax effects are calculated using the applicable statutory income tax rate of the jurisdictions where such costs or benefits were incurred or the effective tax rate applicable to total company results.

The Company’s Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Diluted EPS may not be comparable to similarly titled measures of other companies.

Net debt aids investors in understanding the Company’s debt position if all available cash were applied to pay down indebtedness.

Net leverage ratio informs the investors of the Company's financial leverage at the end of the reporting period, providing an indicator of the Company's ability to repay its debt.

We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Forward-Looking Statements

This press release may contain statements, estimates, guidance or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “look for,” “guidance,” “guide,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements.

Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic conditions, including inflationary cost pressures, as well as global events, which include but are not limited to
geopolitical events; paper-industry trends and conditions during the current year and in future years; expectations in the current period and in future periods of revenues, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net revenues), Adjusted Diluted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company’s businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and the revenues growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.



Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases.

Investor / Media Contact:
JC Chetnani
VP-Investor Relations and Treasurer
jc.chetnani@albint.com


v3.24.3
Cover Page
Oct. 30, 2024
Document Type 8-K
Document Period End Date Oct. 30, 2024
Entity File Number 1-10026
Entity Registrant Name ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 216 Airport Drive
Entity Tax Identification Number 14-0462060
Entity Address, Postal Zip Code 03867
City Area Code 603
Local Phone Number 330-5850
Entity Emerging Growth Company false
Entity Central Index Key 0000819793
Amendment Flag false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Address, City or Town Rochester
Entity Address, State or Province NH
Class A Common Stock  
Trading Symbol AIN
Security Exchange Name NYSE
Title of 12(b) Security Class A Common Stock, $0.001 par value per share
Albany (NYSE:AIN)
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