Albany International Q3 revenue jumps 34% on engineered composites growth, CH-53K contract adjustments

By Reuters News


Overview

  • U.S. engineered components maker's Q3 revenue rose 34% yr/yr

  • Adjusted EPS swung to profit from loss last yr, reflecting improved profitability

  • Revenue growth driven by Engineered Composites and CH-53K contract adjustments


Outlook

  • Company sees Q4 net revenue between $325 mln and $335 mln

  • Machine Clothing Q4 net revenue expected between $170 mln and $175 mln

  • Engineered Composites Q4 net revenue expected between $155 mln and $160 mln

  • Company expects Q4 adjusted EPS between $0.65 and $0.75


Result Drivers

  • ENGINEERED COMPOSITES GROWTH - Co said higher volume in Engineered Composites, with strength across commercial and defense programs, drove revenue increase

  • CH-53K CONTRACT ADJUSTMENTS - Favorable contract modifications and reversal of loss provisions on CH-53K program contributed to improved profitability

  • MACHINE CLOTHING CYCLICAL DECLINES - Co said Machine Clothing revenues fell 3% after adjusting for currency, mainly due to cyclical declines in the Americas


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Sales

$349.53 mln

Q3 Net Income

$41.89 mln

Q3 Gross Profit

$140.38 mln

Q3 Operating Income

$59.40 mln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the industrial machinery & equipment peer group is "buy."

  • Wall Street's median 12-month price target for Albany International Corp is $67.00, about 7.3% above its October 28 closing price of $62.47

  • The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 25 three months ago


Reuters Recommended Reads

  • Oct 27 - Engineered components maker Crane's Q3 sales beat, partly on acquisitions

  • Oct 28 - Littelfuse Q3 sales rise 23% on electronics segment strength

  • Oct 27 - Boeing Q3 revenue beats estimates on defense volumes


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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