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

Albany International (NYSE:AIN) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.900-3.400 for the period, compared to the consensus EPS 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.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AIN. Truist Financial lowered 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 Albany International from a hold rating to a buy rating in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $95.50.

Albany International Price Performance

Shares of NYSE AIN opened at $86.89 on Thursday. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 2.42 and a beta of 1.26. The business has a 50-day moving average of $88.52 and a 200-day moving average of $88.04. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.59 and a quick ratio of 2.87. 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 announced its quarterly earnings data on Tuesday, August 6th. The textile maker reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.02). The company had revenue of $331.99 million during the quarter, compared to the consensus estimate of $318.17 million. Albany International had a net margin of 8.76% and a return on equity of 13.13%. Albany International’s revenue was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 EPS. As a group, sell-side analysts predict that Albany International will post 3.71 earnings per share for the current fiscal year.

Albany International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 3rd. Albany International’s payout ratio is 29.21%.

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.