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

Albany International (NYSE:AIN) issued an update on its FY 2024 earnings guidance on Thursday morning. 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.

Albany International Trading Up 0.5 %

Shares of AIN opened at $77.72 on Friday. The firm’s fifty day moving average is $87.95 and its two-hundred day moving average is $87.84. The stock has a market cap of $2.42 billion, a PE ratio of 21.83, a price-to-earnings-growth ratio of 2.42 and a beta of 1.25. 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 $77.07 and a 52-week high of $99.41.

Albany International (NYSE:AIN) last posted its quarterly 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 business had revenue of $331.99 million for the quarter, compared to analyst estimates of $318.17 million. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The business’s revenue was up 21.1% compared to the same quarter last year. Research analysts forecast that Albany International will post 3.71 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 1.34%. Albany International’s payout ratio is 29.21%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AIN shares. StockNews.com upgraded Albany International from a hold rating to a buy rating in a report on Thursday, August 15th. Truist Financial reduced their target price on shares of Albany International from $101.00 to $91.00 and set a buy rating on the stock in a research note on Thursday. Finally, TD Cowen dropped their price target on shares of Albany International from $95.00 to $81.00 and set a buy rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $89.50.

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.