Albany International (NYSE:AIN) Updates FY24 Earnings Guidance

Albany International (NYSE:AIN) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.90-3.40 for the period, compared to the consensus estimate of $3.76. The company issued revenue guidance of $1.22-1.26 billion, compared to the consensus revenue estimate of $1.29 billion. Albany International also updated its FY 2024 guidance to 2.900-3.400 EPS.

Albany International Trading Down 0.7 %

Shares of AIN opened at $86.89 on Thursday. The firm’s fifty day moving average is $88.52 and its two-hundred day moving average is $88.04. The stock has a market cap of $2.71 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 2.42 and a beta of 1.26. The company has a quick ratio of 2.87, a current ratio of 3.59 and a debt-to-equity ratio of 0.38. Albany International has a 52-week low of $78.20 and a 52-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 (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.02). Albany International had a net margin of 8.76% and a return on equity of 13.13%. The business had revenue of $331.99 million for the quarter, compared to analysts’ expectations of $318.17 million. During the same period in the prior year, the company posted $0.90 EPS. The firm’s revenue was up 21.1% on a year-over-year basis. Research analysts forecast that Albany International will post 3.71 earnings per share for the current fiscal year.

Albany International Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Truist Financial dropped their price objective on shares of Albany International from $104.00 to $101.00 and set a buy rating for the company in a report on Wednesday, July 17th. StockNews.com raised shares of Albany International from a hold rating to a buy rating in a research note on Thursday, August 15th. One research 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 MarketBeat, Albany International presently has an average rating of Hold and an average target price 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.